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Vietnam’s monthly economic overview (October, 2023)

Vietnam’s monthly economic overview (October, 2023)

Tuesday 31, 10 2023
Total import and export turnover of goods of Vietnam in the first ten months of the year reached 557.95 billion USD, down 9.6% over the same period last year.

1. Agriculture, forestry and fishery production

a) Agriculture

The cultivation area of winter rice crop in 2023 is estimated to reach 1,544.5 thousand hectares, equal to 99.5% of the previous year's crop. As of mid-October, 1,028.3 thousand hectares of winter rice had been harvested, accounting for 66.6% of the cultivated area and equal to 106.9% of the same period last year.

Localities across the country have completed summer-autumn rice production with an estimated harvest area of 1,912.8 thousand hectares, down 1.9 thousand hectares compared to the summer-autumn crop in 2022. Productivity is estimated at 57.6 tons/ha, an increase of 0.1 tons/ha. Output reached 11 million tons, an increase of 173 thousand tons.

Agriculture

By mid-October, the Mekong Delta region had cultivated 692.9 thousand hectares of autumn-winter rice crop, equal to 106.9% of the same period last year. To date, the harvested area is estimated at 247 thousand hectares, accounting for 35.6% of the cultivated area and equal to 88.0%.

Farmers in northern localities are taking advantage of favorable weather condition to plant vegetables and winter crops, so this year's winter crop planting progress is faster than the same period last year.

Cattle and poultry farming during the month developed stably while diseases were basically controlled. The total number of pigs by the end of October 2023 is estimated to increase by 3.4% compared to the same period in 2022.

b) Forestry

The area of newly planted forests nationwide in October 2023 is estimated to reach 31.3 thousand hectares, down 5.6% over the same period last year. In the first 10 months of 2023, the area of newly concentrated planted forests is estimated to reach 229.3 thousand hectares, down 0.8% over the same period last year. The number of scattered forestry trees reached 83.7 million trees, an increase of 4.7%. Timber output reached 16.2 million m3, an increase of 3.2%. Damaged forest area was 1,662.8 hectares, an increase of 68.1%, of which the area of cut and destroyed forest was 983.2 hectares, an increase of 2.1% while the area of burned forest was 679.6 hectares, 25.7 times higher.

Forestry

c) Fishery

October’s aquatic product output is estimated at 848.5 thousand tons, up 3.0% over the same period last year, of which aquaculture output is estimated at 544.4 thousand tons, up 4.5% while fishery output reached 304.1 thousand tons, an increase of 0.5%.

In the first 10 months of 2023, seafood production is estimated to reach 7,645.2 thousand tons, up 2.2% over the same period last year. Specifically, fish output reached 5,455.9 thousand tons, up 1.9%; output of shrimp reached 1,091.4 thousand tons, an increase of 4.4%, while that of other aquatic products reached 1,097.9 thousand tons, an increase of 1.7%.

Fishery

2. Industrial production

The index of industrial production (IIP) in October 2023 was estimated to increase by 5.5% over the previous month and by 4.1% over the same period last year. Overall, for the first 10 months of 2023, IIP was estimated to increase by 0.5% over the same period last year. To be more specific, the processing and manufacturing industry increased by 0.5%, contributing 0.7 percentage points to the overall increase; the electricity production and distribution industry increased by 2.6%, contributing 0.2 percentage points; water supply, waste and wastewater management and treatment activities increased by 5%, contributing 0.1 percentage point.

As of October 1, 2023, the number of workers working in industrial enterprises increased by 1.0% compared to last month and decreased by 1.4% compared to the same period last year.

Industrial production

3.Business Registration

In October, there were more than 15.4 thousand newly established businesses, an increase of 21.7% over the previous month and 18.5% over the same period last year. In addition, there were also 5.6 thousand businesses returning to operation, down 3.1% over the previous month and up 44.2% over the same period in 2022. There were 5,501 businesses registered to temporarily suspend business for a certain period of time, an increase of 33.4% and 35.6% compare to the previous month and the same period last year, respectively. There were 4,898 businesses that stopped operating waiting for dissolution procedures, down 7.1% and up 16.6%. There were 1,501 enterprises completing dissolution procedures, an increase of 4.2% and a decrease of 6.3%.

Business Registration

During the first 10-month-period of 2023, there were 183.6 thousand enterprises that were newly established and returned to operation, an increase of 2.9% over the same period last year. On average, there were nearly 18.4 thousand new businesses established and returned to operation each month. The number of businesses withdrawing from the market was 146.6 thousand businesses, an increase of 20% over the same period last year. This means, 14.7 thousand businesses withdrew from the market every month.

4. Investment

Investment capital realized from the State budget in October was estimated at 65.7 trillion VND, up 20.7% over the same period last year. Overall, for the first 10 months of 2023, realized investment capital from the State budget was estimated to reach 479.3 trillion VND, equal to 65.8% of the yearly plan and an increase of 22.6% over the same period last year.

Total foreign investment capital registered in Vietnam as of October 20, 2023 including newly registered capital, adjusted registered capital and capital contributions and share purchases of foreign investors reaching nearly 25.76 billion USD, an increase of 14.7% over the same period last year.

Investment

Foreign direct investment capital in Vietnam in the first 10 months of 2023 was estimated to reach 18 billion USD, up 2.4% over the same period last year.

Regarding Vietnam's investment abroad in the first 10 months of 2023, there were 95 projects newly granted investment certificates with a total capital of 251.2 million USD from Vietnamese investors, down 36.6% over the same period last year. There were 19 projects with capital adjusted with an increased capital of 173 million USD, nearly 2.8 times higher. Overall, Vietnam's total investment capital abroad (new and adjusted capital) reached 424.4 million USD, down 6.1% 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 October were estimated at 536.3 trillion VND, up 1.5% over the previous month and up 7% over the same period last year. Overall, for the first 10 months of 2023, total retail sales of consumer goods and services at current prices were estimated to reach 5,105.4 trillion VND, an increase of 9.4% over the same period last year.

Retail sales of consumer goods and services

b) Exports & imports of goods

– Exports of goods

Export turnover of goods in October 2023 was estimated to reach 32.31 billion USD, up 5.3% over the previous month and up 5.9% over the same period last year. Overall, for the first 10 months of this year, export turnover of goods was estimated at 291.28 billion USD, down 7.1% over the same period last year.

In terms of the structure of export goods in the first 10 months of this year, export value of processed industrial goods was estimated to reach 257.42 billion USD, accounting for 88.3%.

Exports & imports of goods

– Imports of goods

Import turnover of goods in October 2023 was estimated to reach 29.31 billion USD, up 2.9% over the previous month and up 5.2% over the same period last year. In the first 10 months of 2023, goods import turnover was estimated to reach 266.67 billion USD, down 12.3% over the same period last year.

Regarding the structure of imported goods in the first 10 months of 2023, import value of capital goods was estimated to reach 250.12 billion USD, accounting for 93.8%.

– Export and import market of goods: in the first 10 months of 2023, the United States was Vietnam's largest export market with an estimated turnover of 78.6 billion USD. China was Vietnam's largest import market with an estimated turnover of 89.8 billion USD.

Trade balance: October's estimated trade surplus was 3 billion USD. Overall, for the first 10 months of 2023, the trade balance of goods was estimated to have a trade surplus of 24.61 billion USD. Of which, the domestic economic sector's saw a trade deficit of 17.99 billion USD while the foreign invested sector (including crude oil) had a trade surplus of 42.6 billion USD.

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

The consumer price index (CPI) in October 2023 increased slightly by 0.08% compared to the previous month. Compared to December 2022, October’s CPI increased by 3.2% and compared to the same period last year, it increased by 3.59%. On average in the 10 months of 2023, CPI increased by 3.2% over the same period last year. Core inflation increased by 4.38%.

Gold price index in October 2023 increased by 0.92% compared to the previous month, by 5.87% compared to December 2022, and by 8.28% over the same period last year.

The US dollar price index in October 2023 increased by 1.2% compared to the previous month, by 1.56% compared to December 2022, and by 1.79% over the same period last year. The average increase in the first 10 months of 2023 was 2.24%.

Source: GSO

Compiled by VietnamCredit

VietnamCredit

 

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Vietnam Economy

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