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Vietnam’s monthly economic overview (November, 2023)

Vietnam’s monthly economic overview (November, 2023)

Thursday 30, 11 2023
The index of industrial production (IIP) in November was estimated to increase by 3% over the previous month and by 5.8% over the same period last year.

1. Agriculture, forestry and fishery production

a) Agriculture

As of November 15, 2023, the entire Mekong Delta region had harvested 317.3 thousand hectares of autumn-winter rice, accounting for 44.8% of the cultivated area and equal to 107.7% of the same period last year. Productivity is estimated at 56.6 tons/ha, an increase of 0.7 tons/ha compared to last year's crop. Output is estimated at 4 million tons, an increase of 392 thousand tons.

In the same period, southern localities have planted 244.8 thousand hectares of early winter-spring rice, equal to 83.5% of the same period last year, concentrated mainly in the Mekong Delta.

Agriculture

This year's winter crop focuses on crops with high economic value and stable output markets such as vegetables, beans, and peas.

Regarding livestock, buffalo and cow husbandry did not fluctuate significantly during the month. Pig farming is facing difficulties due to low pork market prices and high input costs. African swine fever has returned in some localities. The total number of pigs in Vietnam is estimated to increase by 4% by the end of November 2023 compared to the same period in 2022. The total number of cows increased by 0.6%. The total number of buffaloes decreased by 1%. The total number of poultry increased by 3%.

b) Forestry

The area of newly planted forests nationwide in November 2023 was estimated to reach 33.3 thousand hectares, down 2.7% over the same period last year. In the first 11 months of 2023, the area of newly concentrated planted forests was estimated to reach 261.9 thousand hectares, down 1.4% over the same period last year. The number of scattered forestry trees reached 92 million trees, an increase of 4.6%. Timber output reached 18.2 million m3, an increase of 2.9%.

The area of damaged forest was 1,690.7 hectares, an increase of 61.4%, of which the area of cut and destroyed forest was 1,021.1 hectares, an increase of 1.1%. The area of burned forest was 669.6 hectares.

Forestry

c) Fishery

Aquaculture output in November was estimated at 836.3 thousand tons, up 3.2% over the same period last year, of which aquaculture output was estimated at 550.6 thousand tons, up 5.2%. Fishery output reached 285.7 thousand tons, down 0.4%.

Overall, for the first 11 months of 2023, seafood production was estimated to reach 8,473.5 thousand tons, up 2.2% over the same period last year. Specifically, fish output reached 6,024.8 thousand tons, up 1.7%; output of shrimp reached 1,231.6 thousand tons, an increase of 5.2% while that of other aquatic products reached 1,217.1 thousand tons, an increase of 1.8%.

Fishery

2. Industrial production

The index of industrial production (IIP) in November was estimated to increase by 3% over the previous month and by 5.8% over the same period last year. For the first 11 months of 2023, IIP was estimated to increase by 1% compared to the same period last year. In particular, the processing and manufacturing industry increased by 1.1%, contributing 1.1 percentage points to the overall increase; the electricity production and distribution industry increased by 3.2%, contributing 0.2 percentage points; water supply, waste and wastewater management and treatment activities increased by 4.9%, contributing 0.1 percentage point; the mining industry decreased by 2.8%, causing a decrease of 0.4 percentage points.

As of November 1, 2023, the number of employers working in industrial enterprises increased by 0.9% compared to the same time last month and decreased by 0.2% compared to the same time last year.

Industrial production

3.Business registration

In November, there were 14,267 newly established enterprises, down 7.6% over the previous month and up 19.5% over the same period last year. There were 6,562 businesses returning to operation, an increase of 16.6% over the previous month and an increase of 4.7% over the same period last year. About 4,510 businesses registered to temporarily suspend business for a limited time, down 18% and up 12.6%; 6,598 enterprises stopped operating and waited for dissolution procedures, an increase of 34.7% and an increase of 29.5%; 1,443 enterprises completed dissolution procedures, down 3.9% and up 1.5%.

In the first 11 months of 2023, there were 201.5 thousand businesses newly registered and returning to operation, an increase of 3.5% over the same period last year. On average, each month there were 18.3 thousand new businesses established and returning to operation. The number of businesses withdrawing from the market was 158.8 thousand businesses, an increase of 20% over the same period last year. On average, 14.4 thousand businesses withdrew from the market every month.

Business registration

 4. Investment

Investment capital realized from the State budget in November was estimated at 70.3 trillion VND, up 19.9% over the same period last year. Overall, for the first 11 months of 2023, realized investment capital from the State budget was estimated to reach 549.1 trillion VND, equal to 75% of the yearly plan and an increase of 22.1% over the same period last year.

Total foreign investment capital registered in Vietnam as of November 20, 2023 including newly registered capital, adjusted registered capital and capital contributions and share purchases of foreign investors reaching nearly 28.85 billion USD, up 14.8% over the same period last year.

Investment

Realized foreign direct investment capital implemented in Vietnam in the 11 months of 2023 was estimated to reach 20.25 billion USD, up 2.9% over the same period last year.

As for Vietnam's investment abroad in the first 11 months of 2023, there were 117 projects newly granted investment certificates with a total capital of 257.3 million USD from Vietnamese investors, down 35% over the same period last year. There were 24 projects with capital adjusted with an increased capital of 137.7 million USD, 1.8 times higher. Overall, Vietnam's total investment capital abroad (new and adjusted capital) reached 395 million USD, down 16.7% over the same period last year.

5. Trade

a) Retail sales of consumer goods and services

Total retail sales of goods and consumer service in November were estimated at 552.7 trillion VND, up 1.4% over the previous month and up 10.1% over the same period last year. In the first 11 months of 2023, total retail sales of consumer goods and services at current prices were estimated to reach 5,667 trillion VND, an increase of 9.6% over the same period last year.

Retail sales of consumer goods and services

b) Exports & imports of goods

– Exports of goods

The export turnover of goods in the first half of November 2023 reached 14.65 billion USD, up 6.4% over the same period last year. From the beginning of the year to November 15, 2023, the export turnover of goods reached 306.06 billion USD, down 6.4% over the same period last year.

Regarding the structure of goods export, from the beginning of the year to November 15, 2023, the export value of processed industrial goods reached 270.45 billion USD, accounting for 88.4%.

Exports & imports of goods

– Imports of goods

In the same period, the import turnover of goods reached 14.77 billion USD, down 1.5% over the same period last year. From the beginning of the year to November 15, 2023, import turnover of goods reached 281.62 billion USD, down 11.7% over the same period last year.

In terms of the structure of imported goods from the beginning of the year to November 15, 2023, the import value of production materials reached 264.13 billion USD, accounting for 93.8%.

Trade balance: From the beginning of the year to November 15, 2023, the trade surplus was 24.44 billion USD. Of which, the domestic economic sector saw a trade deficit of 19.05 billion USD while the foreign invested sector (including crude oil) had a trade surplus of 43.49 billion USD.

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

The consumer price index (CPI) in November 2023 increased by 0.25% compared to the previous month. Compared to December 2022, November’s CPI increased by 3.46% and compared to the same period last year it increased by 3.45%. On average, in the 11 months of 2023, CPI increased by 3.22% over the same period last year. Core inflation increased by 4.27%.

Gold price index in November 2023 increased by 2.77% compared to the previous month, by 8.8% compared to December 2022, by 9.29% over the same period last year. The average increase in the first 11 months of 2023 is 3.38%.

US dollar price index in November 2023 increased by 0.05% compared to the previous month, by 1.61% compared to December 2022, and decreased by 1.03% over the same period last year. The average increase in the first 11 months of 2023 is 1.94%.

Source: GSO

Compiled by VietnamCredit

 

 

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Vietnam Economy

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