VietnamCredit
VietnamCredit About Us Cafe€redit Contact Us
Login
0
USD
Go to cart
Checkout
Vietnam’s monthly economic overview (November, 2021)

Vietnam’s monthly economic overview (November, 2021)

Saturday 04, 12 2021
The numbers of newly registered enterprises and businesses returning to operation in November increased significantly compared to the previous month. This shows the recovery of production and business activities after more than a month of implementing Resolution 128/NQ-CP.

Covid 19Agriculture

forestryFishery

1. Industrial production

The Index of Industrial Production (IIP) in November 2021 was estimated to increase by 5.5% over the previous month and by 5.6% over the same period last year. In particular, the mining industry increased by 2.2%; processing and manufacturing increased by 6.4%; electricity production and distribution by 2.2%; water supply, management and treatment of waste and wastewater increased by 1.2%.

For the first 11 months of 2021, IIP was estimated to increase by 3.6% over the same period last year (higher than the 3% growth rate of the same period in 2020). Specifically, the processing and manufacturing industry increased by 4.8%, contributing 4.2 percentage points to the overall growth; electricity production and distribution increased by 3.8%, contributing 0.3 percentage points; water supply industry, water supply, management and treatment of waste and wastewater increased by 3%, contributing 0.1 percentage points; the mining industry decreased by 6%, reducing 1 percentage point in the overall increase.

Industrial production

2. Business registration

In November, there were 11,902 newly established enterprises with a registered capital of 149.9 trillion VND and a registered number of employees of 76.6 thousand, an increase of 44.6% in the number of enterprises, 38% in registered capital and 30.2% in the number of employees compared to October 2021. Compared with the same period in 2020, there was a decrease of 9.1% in the number of enterprises, a decrease of 47.4% in the registered capital and a decrease of 36% in the number of employees. The average registered capital of a newly established enterprise in November was 12.6 billion VND, down 4.5% over the previous month and 42.1% over the same period in 2020. In the same period, there were 4,958 businesses returning to operation, up 15.2% over the previous month and down 6.7% over the same period in 2020.

Generally, in the first 11 months of 2021, there were 105.6 thousand newly registered enterprises with a total registered capital of 1,454.2 trillion VND and total registered employees of 784.2 thousand. This has resulted in a decrease of 15% in the number of enterprises, a decrease of 22.6% in registered capital and a drop of 19.2% in the number of employees over the same period last year. The average registered capital of a newly established enterprise in 11 months reached 13.8 billion VND, down 8.9% over the same period last year.

Business registration

In addition, there were 40.5 thousand enterprises returning to operation, a decrease of 0.7% compared to the first 11 months of 2020. On average, there were 13.3 thousand newly established enterprises a month.

Also in November, there were 3,523 enterprises registered to suspend business operation temporarily, up 0.9% over the previous month and 27.1% over the same period in 2020. There were 4,642 enterprises about to dissolve and 1,256 enterprises having completed dissolution procedures.

Generally, in 11 months, the number of enterprises suspending business for a definite time was 52.1 thousand enterprises, up 17.3% over the same period last year. Nearly 39.5 thousand enterprises stopped operating and were about to dissolve. There were 14.9 thousand enterprises having completed dissolution procedures. On average, nearly 9.7 thousand businesses withdrew from the market every month.

3. Investment

The realized investment capital from the State budget in November 2021 was estimated at 48.5 trillion VND, down 12.9% over the same period last year.

As of November 20, 2021, the total foreign investment capital registered in Vietnam including newly registered capital, adjusted registered capital and capital contribution and share purchase by foreign investors reached 26.46 billion USD, up 0.1% over the same period last year.

The realized foreign direct investment in Vietnam in 11 months of 2021 was estimated at 17.1 billion USD, down 4.2% over the same period last year.

Investment

4. Trade

The total retail sales of consumer goods and services in November 2021 were estimated at 397.1 trillion VND, up 6.2% over the previous month and down 12.2% over the same period last year. Generally, the figure for the first 11 months of 2021 was 4,128.5 trillion VND, down 8.7% compared to the same period last year. If the price factor is excluded, it will decrease by 10.4%.

Retail

The export turnover of goods in October 2021 reached 28.87 billion USD, which is 1.57 billion USD higher than the estimate. It is estimated that in November 2021, export turnover of goods will reach 29.9 billion USD, up 3.6% over the previous month and up 18.5% over the same period last year.

Generally for the first 11 months of 2021, export turnover of goods is estimated at 299.67 billion USD, up 17.5% over the same period last year. In the first 11 months of 2021, there are 34 items with export turnover of over 1 billion USD, accounting for 93.5% of total export turnover.

Regarding the structure of export products in the first 11 months of 2021, export value of fuels and minerals was estimated at 3.57 billion USD, up 27.8% over the same period last year. That of processed industrial products was estimated at 266.75 billion USD, up 18%. Export turnover of agricultural and forestry products reached 21.4 billion USD, up 15.4 while that of seafood products reached 7.95 billion USD, up 3.5%.

The United States is Vietnam's largest export market with a turnover of 84.8 billion USD in the first 11 months of the year, up 22.2% over the same period last year. Following is China with 50.5 billion USD, up 16.8%; the EU market with 35.7 billion USD, up 11.9%; ASEAN market with 25.9 billion USD, up 23.3%; Korea with 20 billion USD, up 14.6%; Japan with 18 billion USD, up 3%.

Import & Export

Import turnover of goods in October 2021 reached 26.13 billion USD, which is 67 million USD lower than the estimate. It is estimated that in November 2021, the import turnover of goods will reach 29.8 billion USD, up 14% compared to the previous month and up 20.8% over the same period last year. In the first 11 months of 2021, the import turnover of goods was estimated at 299.45 billion USD, up 27.5% over the same period last year.

As for the structure of imported goods in the first 11 months of 2021, import value of raw materials for production is estimated at 280.2 billion USD, up 27.9% over the same period last year and accounting for 93.6% of the total import turnover of goods. That of consumer goods is estimated at 19.25 billion USD, up 22.2% and accounting for 6.4%.

In terms of import markets in the first 11 months of 2021, China is Vietnam's largest import market with a turnover of 98.5 billion USD, up 32% over the same period last year, followed by the Korean market with 50.3 billion USD, up 20.3%; ASEAN market with 37 billion USD, up 36.1%; Japan with 20.3 billion USD, up 10.1%; the EU market with 15.5 billion USD, up 18.2%; the United States with 14.2 billion USD, up 14.6%.

With such results, Vietnam saw a trade surplus of 2.74 billion USD in October. In the first 11 months of 2021, the trade balance of goods had a trade surplus of 225 million USD.

5. Consumer price index and inflation

The increase in petrol and gas prices and higher demand for consumer goods and services were the main reasons why the consumer price index (CPI) in November 2021 increased by 0.32% compared to the previous month and by 2.1% compared to November 2020. In the first 11 months of 2021, CPI increased by 1.84% over the same period last year, the lowest increase since 2016. The core inflation in 11 months increased by 0.82%.

End

Source: GSO

 

Categories
Vietnam Economy

You may also like

Which bank is growing in bond investment?
Friday 18, 10 2019

Which bank is growing in bond investment?

Outstanding bonds of economic organizations, apart from the sharp increase...
Bank M&A returns
Friday 18, 10 2019

Bank M&A returns

Vietnamese banks in particular and its economy in general is expected to...
63
61
+84 981861066