VietnamCredit
VietnamCredit About Us Cafe€redit Contact Us
Login
0
USD
Go to cart
Checkout
Vietnam’s monthly economic overview (May, 2023)

Vietnam’s monthly economic overview (May, 2023)

Wednesday 31, 05 2023
In the first 5 months of 2023, Vietnam’s trade balance is estimated to have a trade surplus of USD 9.8 billion while the figure for the same period last year was only USD 0.24 billion.

Vietnamcredit Covid 19

1. Agriculture, forestry and fishery production

a) Agriculture

For the winter-spring rice crop in 2023, 2,952.1 thousand hectares of rice was cultivated, equaling 98.7% of the previous year's result. As of the middle of May, provinces in the South had planted 1,126.7 thousand hectares of summer-autumn rice, equaling 97.9% of the same period last year, of which the Mekong River Delta region reached 1,035 0.6 thousand hectares, equaling 97.4%.

In the same period, 417.3 thousand hectares of maize had been planted, equaling 98.6% over the same period last year. The figures for peanuts was 110 thousand hectares, equaling 94.8%; for sweet potatoes was 49.3 thousand hectares, equaling 94.2%; for soybeans was 12.6 thousand hectares, equaling 92.8%; for vegetables of all kinds was 637.3 thousand hectares, equaling 108%.

As for raising castle, it is estimated that the total number of pigs in Vietnam by the end of May 2023 increased by 2.6% compared to the same period in 2022; total number of cows increased by 1.2%; the total number of buffaloes decreased by 2%; total poultry increased by 1.3%.

Vietnamcredit Agriculture

b) Forestry

Forestry production was stable as new forest trees were planted as planned. Generally, in the first 5 months of the year, the area of newly concentrated planted forest is estimated at 97.9 thousand ha, up 2.5% over the same period last year; the number of scattered forest trees reached 41.7 million trees, up 5.3%. Timber production reached 6,583.2 thousand m3, up 3.3%.

The area of damaged forest was 886.7 ha, up 78% over the same period last year, of which cut and destroyed forest area was 444.5 ha, down 1.4%; burnt forest area was 422.2 ha, 11.7 times higher.

Vietnamcredit Forestry

c) Fishery

Fishery production in May 2023 was estimated at 783.3 thousand tons, up 2.1% over the same period last year. In particular, aquaculture production was estimated at 421 thousand tons, up 2.5% compared to the same period last year; fishing output was estimated at 362.3 thousand tons, up 1.8%.

Generally, in the first 5 months of 2023, fishery output was estimated at 3,420.3 thousand tons, up 1.4% over the same period last year, of which production of fish reached 2,509 thousand tons, up 1.4%; of shrimp reached 385.8 thousand tons, up 1.9%; other aquatic production reached 525.5 thousand tons, up 0.8%.

Vietnamcredit Fishery

2. Industrial production

The index of industrial production (IIP) in May 2023 was estimated to increase by 2.2% over the previous month and by 0.1% over the same period last year. Generally, in the first 5 months of 2023, IIP is estimated to decrease by 2% compared to the same period last year. Specifically, the processing and manufacturing industry decreased by 2.5%, reducing 1.7 percentage points to the general increase; electricity production and distribution increased by 0.8%, contributing 0.1 percentage points; mining industry decreased by 3.5%, reducing 0.5 percentage points; water supply, waste and wastewater treatment and management activities increased by 6.4%, contributing 0.1 percentage points.

The number of employees working in industrial enterprises as of May 1, 2023 increased by 0.8% compared to the same period last month and decreased by 4.8% compared to the same period last year.

Vietnamcredit Industrial production

3.Business registration 

In May, there were more than 12,000 newly established enterprises, down 24.2% over the previous month and down 9.5% over the same period last year. Besides, 5,952 enterprises returned to operation, down 38.1% over the previous month and up 14.3% over the same period in 2022. There were 5,364 enterprises registered to suspend business for a definite time, down 25.1% and up 8.1%; there were 4,717 enterprises shutting down and waiting for dissolution procedures, down 19.2% and up 12.7%; 1,223 enterprises completed dissolution procedures, down 19% and 8.7%.

Generally, in the first 5 months of 2023, there were 95 thousand enterprises registering for new establishment and returning to operation, down 3.7% over the same period last year. The number of enterprises withdrawing from the market was 88,000 enterprises, an increase of 22.6% over the same period last year.

Vietnamcredit Business registration 

4. Investment

Realized investment capital from the State budget in May was estimated at VND 45.1 trillion, up 18% over the same period last year. For the first 5 months of 2023, investment capital realized from the State budget is estimated at more than VND 177 trillion, equaling 25.5% of the year plan and increasing by 18.4% over the same period last year.

Total foreign investment capital registered in Vietnam as of May 20, 2023 including newly registered capital, adjusted registered capital and capital contribution and share purchase by foreign investors reached USD 10.86 billion, down 7.3% over the same period last year.

Realized foreign direct investment capital in Vietnam in the first five months of 2023 was estimated at USD 7.65 billion, down 0.8% over the same period last year.

Vietnamcredit Investment

5. Trade

a) Retail sales of consumer goods and services

Total retail sales of consumer goods and services in May was estimated at VND 519 trillion, up 1.5% over the previous month and up 11.5% over the same period last year. Generally, in the first 5 months of 2023, the total retail sales of consumer goods and services is estimated at VND 2,527.1 trillion, up 12.6% over the same period last year.

Total retail sales of consumer goods and services in the first 5 months of 2023 at current prices achieved the highest growth rate compared to the same period of years from 2015 onwards and increased by 28.3% compared to the first 5 months of 2019 - the year before the Covid-19 epidemic.

Vietnamcredit Retail sales

b) Exports & imports of goods

– Exports of goods

Export turnover of goods in May 2023 was estimated at USD 29.05 billion, up 4.3% over the previous month and down 5.9% over the same period last year. Generally, in the first 5 months of 2023, export turnover of goods was estimated at USD 136.17 billion, down 11.6% over the same period last year.

Regarding the structure of goods export in the first 5 months of 2023, export value of processed industrial products is estimated at USD 120.24 billion, accounting for 88.3%.

Vietnamcredit Export & Import

– Imports of goods

Import turnover of goods in May 2023 was estimated at USD 26.81 billion, up 6.4% over the previous month and down 18.4% over the same period last year. Generally, in the first five months of 2023, import turnover of goods was estimated at USD 126.37 billion, down 17.9% over the same period last year.

As for the structure of imported goods in the first 5 months of 2023, import value of production materials is estimated at USD 118.31 billion, accounting for 93.6%.

– Export and import market of goods: in the first 5 months of 2023, the United States was the largest export market of Vietnam with an estimated turnover of USD 37.2 billion. China was Vietnam's largest import market with an estimated turnover of USD 43.4 billion.

Trade balance: in the first 5 months of 2023, the trade balance is estimated to have a trade surplus of USD 9.8 billion. In particular, the domestic economic sector had a trade deficit of USD 8.76 billion while the FDI sector had a trade surplus of USD 18.56 billion.

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

The consumer price index (CPI) in May 2023 increased by 0.01% compared to the previous month. Compared to December 2022, CPI increased by 0.4% and over the same period last year by 2.43%. On average, in the first 5 months of 2023, CPI increased by 3.55% over the same period last year; core inflation increased by 4.83%, higher than the general average CPI.

Gold price index in May 2023 increased by 1.02% compared to the previous month, by 3.97% compared to December 2022 and by 0.44% over the same period last year.

The US dollar price index in May 2023 decreased by 0.11% compared to the previous month; down 2.37% compared to December 2022; increased by 1.73% over the same period last year.

 

Source: GSO

Compiled by VietnamCredit

Vietnamcredit

 

Categories
Vietnam Economy

You may also like

Banking system outlook stable: Moody's
Tuesday 24, 12 2019

Banking system outlook stable: Moody's

HA NOI (VNS) — The outlook for the Vietnamese banking system is stable,...
Integration Requires Reforms: Minister
Tuesday 24, 12 2019

Integration Requires Reforms: Minister

HA NOI (VNS) — There needs to be more improvement on administrative reform...
44
44
+84 981861066