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Vietnam’s monthly economic overview (May, 2022)

Vietnam’s monthly economic overview (May, 2022)

Monday 30, 05 2022
In May, there were 13.4 thousand newly established enterprises, a decrease of 10.9% in the number of enterprises compared to the previous month, and an increase of 15.2% over the same period last year. In addition, there were 5,207 enterprises returning to operation, down 26% from the previous month and up 6.4% over the same period in 2021.

Covid 19

1. Agriculture, forestry and fishery production

a) Agriculture

As of May 15, 2022, 2,991.8 thousand hectares of winter-spring rice crop had been cultivated, equaling 99.5% of the previous crop. This year's yield and output are lower than that of last year due to high fertilizer prices, which means farmers had to limit investment. Along with that was the impact of widespread unseasonal rain.

Provinces in the South have planted 1,154.3 thousand hectares of summer-autumn rice, equaling 105.3% of the same period last year.

As of the middle of May, 2022, the planted area of vegetables and beans was 673.6 thousand hectares, an increase of 1.8% over the same period last year. However, the area of sweet potato, soybean and groundnut continued to decrease over the same period last year mainly due to low economic efficiency.

 Agriculture

Livestock production has been developing stably, pig and poultry production is recovering due to good control of disease. The total number of pigs by the end of May 2022 was estimated to increase by 5.7%; poultry increased by 1.9%. Total number of cows increased by 1.6% while that of buffaloes decreased by 1.5% compared to the same period in 2021.

b) Forestry

In the first 5 months of this year, thanks to favorable weather conditions, the forestry sector achieved many positive results. The area of newly planted forests nationwide reached 93.5 thousand hectares, an increase of 3.8% over the same period last year. The number of scattered forest trees reached 42.4 million trees, up 6.7%. Timber production reached 6.3 million m3, up 5.3% while firewood production reached 7.9 million steres, up 1.3%.

Forestry

The area of damaged forest was 496.7 ha, down 17.8% over the same period last year. Specifically, the area of burnt forest was 23.2 ha, down 86.6% and the area of cleared forest was 473.5 ha, an increase of 9.6%.

c) Fishery

Fishery production in May was estimated at 756.9 thousand tons, up 2.9% over the same period last year. In particular, aquaculture production reached 400.9 thousand tons, up 6.3% over the same period last year, and fishing output reached 356 thousand tons, down 0.7%. Generally, in the first 5 months of 2022, fishery output was estimated at 3,356.9 thousand tons, up 2.3% over the same period last year, of which aquaculture production reached 1,769.3 thousand tons, up 5 ,5%, and fishing output reached 1,587.6 thousand tons, down 1%.

Fishery

2. Industrial production

The Index of Industrial Production (IIP) in May was estimated to increase by 4% over the previous month and by 10.4% over the same period last year, of which the processing and manufacturing sector increased by 12.1%. Generally, in the first 5 months of 2022, IIP was estimated to increase by 8.3% over the same period last year. In particular, the processing and manufacturing industry increased by 9.2%.

Industrial production

As of May 1, 2022, the number of employees working in manufacturing enterprises increased by 1.4% over the same period last month and by 4.4% over the same period last year.

3. Business registration

In May, there were 13.4 thousand newly established enterprises, a decrease of 10.9% in the number of enterprises compared to the previous month, and an increase of 15.2% over the same period last year. In addition, there were 5,207 enterprises returning to operation, down 26% from the previous month and up 6.4% over the same period in 2021. There were 4,964 enterprises registered to temporarily stop operation, down 7.9% from the previous month and up 46% over the same period in 2021. There were 4,186 enterprises shutting down and waiting for dissolution procedures while the number of enterprises that had completed dissolution procedures was 1,339.

Business registration

Generally in the first 5 months of 2022, there were 98.6 thousand newly established enterprises and enterprises returning to operation, up 25.8% over the same period last year. On average, there were 19.7 thousand enterprises newly established and re-operated per month. The number of enterprises withdrawing from the market was 71.8 thousand enterprises, an increase of 20%. On average, 14.4 thousand enterprises withdrew from the market each month.

4. Investment

Realized investment capital from the State budget in May was estimated at VND 38.1 trillion, up 10.3% over the same period last year. Generally, in the first 5 months of 2022, investment capital realized from the State budget was estimated at VND 147.8 trillion, equaling 27.7% of the year plan and increasing by 9.5% over the same period last year.

Total foreign investment capital registered in Vietnam as of May 20, 2022 including newly registered capital, adjusted registered capital and capital contribution and share purchase by foreign investors reached nearly USD 11.71 billion, down 16.3% over the same period last year.

Investment

Realized foreign direct investment in Vietnam in the first 5 months of 2022 was estimated at USD 7.71 billion, up 7.8% over the same period last year.

Vietnam's investment abroad: in the first 5 months of 2022, there were 43 projects newly granted investment certificates with the total capital of the Vietnamese investors reaching USD 293.4 million, more than 2 times higher than the same period last year.

5. Trade

a) Retail sales of consumer goods and services

Total retail sales of consumer goods and services in May was estimated at VND 477.3 trillion, up 4.2% over the previous month and 22.6% over the same period last year. The rate of increase was higher than that of the same period in the years before the Covid-19 epidemic. Generally in the first 5 months of 2022, the total retail sales of consumer goods and services was estimated at VND 2,257.1 trillion, up 9.7% over the same period last year. If excluding the price factor, the increase would be 6.3%.

Retail sales of consumer goods and services

b) Exports & imports of goods

– Exports of goods

The export turnover of goods in May 2022 was estimated at USD 30.48 billion, down 8.5% compared to the previous month. Generally, in the first 5 months of 2022, the export turnover of goods was estimated at USD 152.81 billion, up 16.3% over the same period last year.

Regarding the structure of goods export in the first 5 months of 2022, processed industrial products accounted for the highest proportion, at 88.6%.

Import & Export

– Imports of goods

The import turnover of goods in May 2022 was estimated at USD 32.21 billion, down 0.8% compared to the previous month. Generally in the first 5 months of 2022, import turnover of goods was estimated at USD 152.29 billion, up 14.9% over the same period last year.

Regarding the structure of imported goods in the first 5 months of 2022, materials accounted for the most with 93.9%.

– Export and import market of goods: in the first 5 months of 2022, the United States was the largest export market of Vietnam with an estimated turnover of USD 46.7 billion. China was Vietnam's largest import market with an estimated turnover of USD 49.6 billion.

Trade balance: In May, the trade deficit was estimated at USD 1.73 billion. In the first 5 months of 2022, there was a trade surplus of USD 516 million.

6. Consumer Price Index, Gold Price Index and US Dollar

The consumer price index (CPI) in May increased by 0.38% compared to the previous month, by 2.48% compared to December 2021 and by 2.86% over the same period last year. On average, in the first 5 months of 2022, CPI increased by 2.25% over the same period last year. Core inflation increased by 1.1%.

Gold price index in May decreased by 0.52% compared to the previous month and increased by 9.86% over the same period in 2021. On average, in the first 5 months of 2022, this index increased by 6.48% per month.

US dollar price index in May increased by 0.65% over the previous month and by 0.21% over the same period in 2021.

vietnamcredit

Source: GSO

Compiled by VietnamCredit

 

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Vietnam Economy

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