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Vietnam Economy Overview: Socio-economic Situation

Vietnam Economy Overview: Socio-economic Situation

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.

The gross domestic product growth rate in the Vietnam economy overview

The gross domestic product growth rate in the Vietnam economy overview

Gross domestic product( GDP) in the first quarter of 2023 was estimated to increase by 3.32 over the same period last time, only more advanced than the growth rate of 3.21 in the first quarter of 2020 in the period 2011- 2023. Which, the husbandry, forestry, and fishery sector increased by2.52, contributing8.85 to the overall growth; the assiduity and construction sector dropped by0.4, reducing by4.76; the service sector increased by6.79, contributing95.91.

In the husbandry, forestry, and fishery sector, agrarian value added in the first quarter of 2023 increased by 2.43 over the same period last time, contributing 0.22 chance points to the increase in aggregate added value. of the whole frugality; the forestry sector increased by 3.66 but reckoned for a low proportion, so it contributed only 0.02 chance points; the fisheries sector increased by 2.68, contributing 0.06 chance points.

In the assiduity and construction sector, the artificial value added in the first quarter of 2023 dropped by0.82 over the same period last time, which is the deepest drop of the same period of the times in period 2011- 2023), reducing0.28 chance points in the increase in total value added of the whole frugality. The processing and manufacturing assiduity dropped by 0.37, dwindling by 0.1 chance points. The mining assiduity dropped by 5.6 ( coal product dropped by 0.5 and crude oil painting product dropped by 6), dropping by 0.2 chance points. The construction assiduity alone increased by 1.95, only more advanced than the growth rate of0.28 and1.41 of the same period in 2011 and 2012 in the period 2011- 2023, contributing.12 chance points.

The gross domestic product growth rate in the Vietnam economy overview

The service sector in the first quarter of 2023 easily showed a recovery thanks to the effectiveness of the domestic consumption encouragement programs, and the policy of continuing the frugality from March 15, 2022, when the epidemic megahit. Covid- 19 is under control, and conditioning to promote and promote Vietnam’s tourism to countries around the world is promoted. The donation of some service diligence to the increase in aggregate added value in the first quarter of this time is as follows Accommodation and catering services increased by 25.98 over the same period last time, contributing 0.64 points in share. hundred; noncommercial and retail increased by8.09, contributing0.85 chance points; fiscal, banking, and insurance conditioning increased by7.65, contributing0.45 chance points; transportation and warehousing increased by6.85, contributing0.43 chance points; information and communication assiduity increased by1.5, contributing0.1 chance points.

Regarding the profitable structure in the first quarter of 2023, the husbandry, forestry, and fishery sector reckoned for11.66; assiduity and construction reckoned for35.47; the service sector reckoned for43.65; product duty disadvantage product subventions reckoned for9.22( corresponding structure of the same period in 2022 was11.57;37.08;42.06;9.29).

Regarding GDP use in the first quarter of 2023, final consumption increased by3.01 over the same period last time, contributing46.11 to the overall growth rate; accumulated means increased by0.02, contributed0.14; exports of goods and services dropped by8.33; import of goods and services dropped by10.52, the difference between import and import of goods and services contributed53.75.

Gross domestic product in businesses and centrally run metropolises( GRDP) in the first quarter of 2023 over the same period last time increased by 58 points and dropped by 5 points across the country.

Agricultural, forestry, and fishery product in the Vietnam economy overview

Agricultural, forestry, and fishery product in the Vietnam economy overview

husbandry

As of mid-March, the whole country planted a thousand hectares of downtime-spring rice, equaling 98.7 of the same period last time. Which, the Mekong River Delta reached a thousand hectares, equaling 98.1, and gathered 792.4 thousand hectares, counting for 53.6 of the cultivated area and equaling 101.9 of the same period last time. ahead, the yield was71.2 quintals/ ha, an increase of0.4 quintals/ ha; affair is estimated at10.5 million tons, down145.4 thousand tons due to a drop of28.1 thousand hectares in cultivated area.

  • In the first quarter of 2023, the yield of numerous imperishable crops increased compared to the same period in 2022 due to favorable rainfall and stable product prices.
  • Parentage Cattle raising in the quarter developed stably. The flesh product is well developed, complaint is under control. gormandizer product has a high growth rate but faces difficulties due to the low selling price of live meat and the high cost of feed.

Forestry

Generally, in the first quarter of 2023, the area of recently concentrated planted timber was estimated at38.7 thousand hectares, up4.7 over the same period last time; timber product reached thousand m3, up4.2; damaged timber area is251.6 ha, up14.2.

Seafood

In the first quarter of 2023, the submarine product was estimated at thousand tons, over1.4 over the same period last time, of which Fish reached thousand tons, over1.4; shrimp reached184.5 thousand tons, up2.2; other submarine products reached300.1 thousand tons, over0.7.

Artificial product in the Vietnam economy overview

Artificial product in the Vietnam economy overview

  • The added value of the whole assiduity in the first quarter of 2023 was estimated to drop by 0.82 over the same period last time. In, the processing and manufacturing assiduity dropped by 0.37, reducing 0.1 the chance points to the overall growth rate of the whole frugality. The IIP indicator is estimated to drop by 2.2 over the same period last time( in the same period in 2022, it increased by 6.8).
  • The consumption indicator of the entire processing and manufacturing assiduity in the first quarter of 2023 dropped by2.9 compared to the same period in 2022( in the same period in 2022, it increased by6.6).
  • The inventory index of the entire processing and manufacturing industry was estimated as of March 31, 2023, increasing by 19.8% compared to the same period last year (increasing by 17.7% at the same time last year). The average inventory rate of the whole processing and manufacturing industry in the first quarter of 2023 was 81.1% (the average in the first quarter of 2022 was 79.9%).
  • The number of employees working in industrial enterprises as of March 1, 2023, increased by 0.8% compared to the same period last month and decreased by 2.2% compared to the same period last year.

You can read the previous article here: Doing Business in Vietnam: Business License

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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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huyho

Professional Content Writter about the office space for lease, coworking, serviced office, retailed space.

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