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Vietnam Economy Overview: Socio-economic Part Two

Vietnam Economy Overview: Socio-economic Part Two

The following is the Vietnam Economy Overview report on the socio-profitable situation in the first quarter of 2023, all information similar to the growth rate of gross domestic product or the product of husbandry, forestry, and fishery are epitomized in this composition.

Business Conditioning in Vietnam economy overview

Business Conditioning in Vietnam economy overview

Status of business enrollment

– In March, the whole country had14.2 thousand recently established enterprises, up60.9 over the former month and down0.6 over the same period last time; nearly6.3 a thousand enterprises returned to operation, and up60.1 and46.2, 147 enterprises registered to suspend business for a definite time, up9.1 and39.3, 452 enterprises stopped operating staying for dissolution procedures, over 31 and39.5; there were,412 enterprises completed dissolution procedures, over 21 and over31.1.

– In the first quarter of 2023, the whole country had,000 enterprises registered for new establishment and returned to operation, down5.4 over the same period last time; On average, nearly,000 businesses are recently established Andre-operated per month. The number of enterprises withdrawing from the request was 60.2 thousand enterprises, an increase of 17.4 over the same period last time; on average, nearly 20.1 thousand enterprises withdraw from the request every month.

Business trends of the enterprise

The results of the check on business trends of enterprises in the processing and manufacturing assiduity in the first quarter of 2023 showed that the number of enterprises that assessed their product and business situation more was much lower than in the diggings of 2022( only in the first quarter of 2023).24.3) but it’s anticipated that in the alternate quarter of 2023,44.1 of enterprises suppose the trend will be better compared to the first quarter of 2023.

Service conditioning

Service conditioning

Total retail deals of consumer goods and services in March were estimated at VND501.3 trillion, up2.0 from the former month and up13.4 over the same period last time. In the first quarter of 2023, the total retail deals of consumer goods and services were estimated at a trillion VND, up 13.9 over the same period last time. 3.

Passenger transport in March was estimated at 372.4 million passengers, over0.7 over the former month, and rotated21.6 billion passengers- kilometers, up2.2. Generally, in the first quarter of 2023, passenger transport was estimated at million passengers, up 28.8 over the same period last time, and 63.7 billion passengers- kilometers in rotation, an increase of 66.5. Cargo transportation in March 2023 was estimated at184.9 million tons of transported goods, up2.1 over the former month and a gyration of40.1 billion tons.km, up1.7. Generally, in the first quarter of 2023, freight transport was estimated at 549.8 million tons of transported goods, up 16.2 over the same period last time, and 117.4 billion tons- kilometers in rotation, up 21.9.

International callers to Vietnam economy overview in March were estimated at 895.4 thousand advents, down 4 compared to the former month and 21.5 times advanced than the same period last time. In the first quarter of 2023, transnational callers to our country were estimated at further than a thousand advent,29.7 times more advanced than the same period last time but still, only 60 compared to the same period in 2019- the time there was no epidemic. Covid- 19.

Banking, insurance, stock request conditioning

  • As of March 20, 2023, the total means of payment increased by 0.57 compared to the end of 2022; capital rallying from credit institutions increased by 0.77; credit growth of frugality reached 1.61.
  • Total decoration profit in the first quarter of 2023 was estimated at VND,458 billion, over 6.8 over the same period in 2022.
  • In the first quarter of 2023, the average trading value on the stock request reached,437 billion VND/ session, down43.3 compared to the normal in 2022; The average trading value on the bond request reached VND,740 billion/ session, down38.3.

Development Investment in Vietnam economy overview

Development Investment in Vietnam economy overview

Realized social investment capital in the first quarter of 2023 at current prices was estimated at583.1 trillion dongs, over3.7 over the same period last time, of which state capital increased11.5 each time. saw the determination and sweat of the Government, ministries, sectors, and points in drastically boosting the perpetration of public investment capital right from the first months of the time in order to produce a driving force to promote profitable growth.

Total foreign investment capital registered in Vietnam as of March 30, 2023, including recently registered capital, acclimated registered capital and value of the capital donation and share purchase by foreign investors reached 7, 8 billion USD, down 19.3 over the same period last time. Realized foreign direct investment capital in Vietnam in the first three months of 2023 was estimated at$4.32 billion, down 2.2 over the same period last time.

State budget profit and expenditure

Total state budget profit in the first quarter of 2023 was estimated at 491.5 trillion VND, equaling 30.3 of the monthly estimate and adding by 1.3 over the same period last time.

Total state budget expenditure in the first quarter of 2023 was estimated at 363.4 trillion VND, equaling 17.5 of the monthly estimate and adding by 7.2 over the same period last time.

Import and import of goods and services

Import and import of goods and services

Import and import of goods

  • Import of goods Export development of goods in March 2023 was estimated atUS$29.57 billion, up 13.5 over the former month and down 14.8 over the same period last time. In the first quarter of 2023, the import development of goods was estimated at 79.17 billion USD, down 11.9 over the same period last time.
  • Import of goods Import development of goods in March 2023 was estimated at 28.92 billion USD, up 24.4 over the former month and down 11.1 over the same period last time. In the first quarter of 2023, the import development of goods was estimated at 75.1 billion USD, down 14.7 over the same period last time.
  • Regarding the import and import requests of goods in the first quarter of 2023, the United States is the largest import request of Vietnam with an estimated development of 20.6 billion USD. China is Vietnam’s largest import request with an estimated development of 23.6 billion USD.
  • The merchandise trade balance in March is estimated to have a trade surplus of USD 0.65 billion. In the first quarter of 2023, the trade balance of goods is estimated to have a trade surplus of 4.07 billion USD (in the same period last year, the trade surplus is 1.9 billion USD).

Export and import of services

In the first quarter of 2023, service export turnover was estimated at US$5.44 billion, up 238.3% over the same period last year; service import turnover was estimated at USD 5.66 billion, down 4.3%. The service trade deficit in the first quarter of 2023 was 216 million USD.

Consumer Price Index, Gold Price Index, and US Dollar Price Index of Vietnam economy overview

Consumer Price Index, Gold Price Index, and US Dollar Price Index of Vietnam economy overview

  • The consumer price index (CPI) in March 2023 decreased by 0.23% compared to the previous month. Compared to December 2022, CPI in March 2023 increased by 0.74% and over the same period last year increased by 3.35%. In the first quarter of 2023, CPI increased by 4.18% over the same period last year; core inflation increased by 5.01%.
  • The gold price index in March decreased by 0.56% compared to the previous month; down 2.36% over the same period last year; On average, in the first quarter of 2023, the domestic gold price index increased by 1.25% over the same period last year.
  • The US dollar price index in March increased by 0.47% compared to the previous month; increased by 3.5% over the same period last year; On average, in the first quarter of 2023, the domestic US dollar price index increased by 3.45% over the same period last year.

Certain social situations

Labor and employment situation in the first quarter of 2023 recovered positively; people’s life is guaranteed; social security work has been timely and effectively implemented by all levels and sectors.

Employed workers aged 15 and over in the first quarter of 2023 were estimated to increase by 1.1 million people over the same period last year; the unemployment rate in working age is estimated to decrease by 0.21 percentage points; the average monthly income of salaried workers is 7.9 million VND/month, an increase of 578 thousand VND.

As of March 20, 2023, the amount of support for social protection beneficiaries under Decree 20/2021/ND-CP dated March 15, 2021, is nearly 1.24 trillion VND; poor households, and near-poor households are more than 2.34 trillion VND; People with meritorious services, relatives of people with meritorious services to the revolution is more than 2.56 trillion VND.

You can read the previous article here: Vietnam Economy Overview: Socio-economic Situation

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Q: What is the currency in Vietnam?

The currency in Vietnam is the Vietnamese dong (VND). The exchange rate as of February 2023 is around 23,000 VND to 1 USD.

Q: What are the main industries driving Vietnam’s economy?

Vietnam’s economy is driven by several key industries, including manufacturing, agriculture, and services.

Q: What is the current state of the economy in Vietnam?

Vietnam’s economy has been experiencing rapid growth in recent years, with a 7.11% growth rate in 2019 before being impacted by the COVID-19 pandemic in 2020.

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