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Vietnam’s monthly economic overview (November, 2022)

Vietnam’s monthly economic overview (November, 2022)

Thursday 01, 12 2022
Total retail sales of consumer goods and services in November was estimated at VND 514.2 trillion, up 2.6% over the previous month and 17.5% over the same period last year.

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1. Agriculture, forestry and fishery production

a) Agriculture

As of mid-November, 1,326.7 thousand hectares of summer rice had been harvested, accounting for 85.4% of the cultivated area and equaling 101.2% of the same period last year. It is estimated that this year's crop yield will reach 52.9 quintals/ha, an increase of 1.3 quintals/ha compared to the previous year's crop; output reached 8.21 million tons, up 152 thousand tons.

The area of autumn-winter rice cultivation in 2022 in the Mekong Delta is estimated at 648.7 thousand hectares, a decrease of 70.6 thousand hectares compared to the previous year's crop. As of November 15, 2022, 323 thousand hectares of autumn-winter rice had been harvested, accounting for 49.8% of the cultivated area and equaling 99.8% over the same period last year. Yield is estimated at 56 quintals/ha, down 0.1 quintals/ha; output is estimated at 3.63 million tons, down 390 thousand tons.

As of November 15, 2022, farmers in the southern localities had sown 308.1 thousand hectares of early winter-spring rice, equaling 86% of the same period last year.

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In the same period, 82.7 thousand hectares of maize had been planted, equaling 95.8% over the same period last year; the figure for sweet potatoes was 17.7 thousand hectares, equaling 97.3%; 4.8 thousand ha of peanuts, equaling 104.7%; 3.6 thousand hectares of soybeans, equaling 109.5%; 152.9 thousand hectares of vegetables of all kinds, equaling 110.2%.

Cattle and poultry raising has developed stably when epidemics were basically controlled. It is estimated that the total number of pigs by the end of November 2022 increased by 12.4% compared to the same period in 2021; the total number of cows increased by 3.5%; the total number of buffalo decreased by 1.2%; the total number of poultry increased by 5.4%.

b) Forestry

Logging activities have actively been implemented. In the first 11 months of 2022, the area of newly concentrated planted forests is estimated at 260.6 thousand hectares, up 4.9% over the same period last year.

Vietnamcredit Forestry

The number of scattered forest trees reached 96.5 million, up 5.3%; firewood production reached 17 million steres, up 1%; timber production reached 17.6 million m3, up 6.6%; damaged forest area was 1,047.6 ha, down 58.4%, of which burnt forest area was 37.9 ha, down 97.5%; the area of cut and cleared forest was 1,009.7 ha, down 1.6%.

c) Fishery

Aquatic production in November was estimated at 802.3 thousand tons, up 3.1% over the same period last year. Specifically, aquaculture production was estimated at 521.6 thousand tons, up 5.1%; fishing output reached 280.7 thousand tons, down 0.4%. Generally, in the first 11 months of 2022, fishery output is estimated at 8,253 thousand tons, up 3.1% over the same period last year.

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2. Industrial production

The index of industrial production (IIP) in November was estimated to increase by 0.3% month-on-month and by 5.3% over the same period last year. In the first 11 months of 2022, IIP is estimated to increase by 8.6% over the same period last year (in the same period in 2021, it increased by 4.2%). In particular, the processing and manufacturing industry increased by 8.9%, contributing 6.8 percentage points to the overall growth; electricity production and distribution increased by 7.7%, contributing 0.7 percentage points; water supply, waste and wastewater treatment and management activities increased by 7.1%, contributing 0.1 percentage points; the mining industry increased by 6.5%, contributing 1 percentage point.

Vietnamcredit Industrial production

As of November 1, 2022, the number of employees working in industrial enterprises increased by 0.4% over the same period last month and by 5.9% over the same period last year.

3. Business registration

In November, there were 11,943 newly established enterprises, down 8.3% over the previous month and up 0.3% over the same period last year. In addition, there were 6,267 enterprises returning to operation, an increase of 60.6% over the previous month and 26.4% over the same period in 2021. There were 4,006 enterprises registered to suspend business for a definite time, down 1.3% and up 13.7%; there were 5,095 enterprises shutting down and waiting for dissolution procedures, up 21.3% and 9.8%; there were 1,422 enterprises completed dissolution procedures, down 11.2% and up 13.2%.

Vietnamcredit Business registration

In the first 11 months of 2022, there were 194.7 thousand newly established enterprises and enterprises returning to operation, up 33.2% over the same period last year. On average, there were 17.7 thousand enterprises newly established and re-operated per month. The number of enterprises withdrawing from the market was 132.3 thousand enterprises, an increase of 24.3%.

4. Investment

Realized investment capital from the State budget in November was estimated at VND 58.5 trillion, up 19.7% over the same period last year. In the first 11 months of 2022, investment capital realized from the State budget is estimated at VND 445.9 trillion, equaling 74.9% of the year plan and increasing by 19.9% over the same period last year.

As of November 20, 2022, total foreign investment capital registered in Vietnam including newly registered capital, adjusted registered capital and capital contribution and share purchase by foreign investors reached nearly USD 25.14 billion, down 5% over the same period last year.

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Realized foreign direct investment capital in Vietnam in the 11 months of 2022 was estimated at USD 19.68 billion, up 15.1% over the same period last year. This is the highest amount of FDI realized in 11 months in the past 5 years.

5. Trade

a) Retail sales of consumer goods and services

Total retail sales of consumer goods and services in November was estimated at VND 514.2 trillion, up 2.6% over the previous month and up 17.5% over the same period last year. In the first 11 months of 2022, the total retail sales of consumer goods and services is estimated at VND 5,180.5 trillion, up 20.5% over the same period last year.

Vietnamcredit Retail sales

Total retail sales of consumer goods and services in the first 11 months of 2022 increased by 14.9% compared to 2019 when the Covid-19 epidemic had not broken out. However, the total retail sales of consumer goods and services in the first 11 months of 2022 reached only 82.5% of this target in normal conditions.

b) Exports & imports of goods

– Exports of goods

The export turnover of goods in November 2022 was estimated at USD 29.18 billion, down 3.9% over the previous month and 8.4% over the same period last year. In the first 11 months of 2022, export turnover of goods was estimated at USD 342.21 billion, up 13.4% over the same period last year.

Regarding the structure of goods export goods, in the first 11 months of 2022, processed industrial products accounted for 89%.

Vietnamcredit Import & Export

– Imports of goods

The import turnover of goods in November 2022 was estimated at USD 28.4 billion, up 1.8% over the previous month and down 7.3% over the same period last year. In the first 11 months of 2022, the import turnover of goods was estimated at USD 331.61 billion, up 10.1% over the same period last year.

Regarding the structure of imported goods in the first 11 months of 2022, capital goods accounted for 93.6%.

– Export and import market of goods: in the first 11 months of 2022, the United States is Vietnam's largest export market with an estimated turnover of USD 101.5 billion. China is Vietnam's largest import market with an estimated turnover of USD 109.9 billion.

Trade balance: it is estimated that in November there will be a trade surplus of USD 0.78 billion. In the first 11 months of 2022, the trade balance of goods is estimated to have a trade surplus of USD 10.6.

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

The consumer price index (CPI) in November 2022 increased by 0.39% compared to the previous month, by 4.56% compared to December 2021 and by 4.37% over the same period last year. On average, in the first 11 months of 2022, CPI increased by 3.02% over the same period last year.

Core inflation increased by 2.38%, lower than the average CPI (increased 3.02%), which reflects the fact that fluctuations in consumer prices is mainly due to food and petrol prices.

Gold price index in November 2022 increased by 1.82% compared to the previous month and by 3.95% over the same period in 2021.

US dollar price index in November 2022 increased by 2.91% over the previous month and by 8.71% over the same period in 2021.

Source: GSO

Compiled by VietnamCredit

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Vietnam Economy

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