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Vietnam's main economic performance from January to October 2008

by:Gewinn     2022-06-10
From January to October this year, Vietnam’s economy maintained a good development, with a bumper harvest of food and rapid growth in foreign investment. The national fiscal revenue exceeded the annual budget, prices fell, and the monthly trade deficit continued to be less than US$1 billion. However, it also faced some difficulties and Challenges, such as the slowdown in industrial production growth, the decline in foreign trade exports, the increase in imports, and the low growth in international tourists. From January to October this year, Vietnam's agriculture continued to have a bumper harvest. More than half of the crops in the northern regions were harvested in summer and autumn, and the output increased. The production of crops in winter and spring will also increase. The output value of aquatic products increased by 9.6%, of which aquaculture increased by 19.1%. In terms of attracting foreign investment, as of October 22, the value of newly approved foreign investment contracts in Vietnam reached 583 US dollars, an increase of nearly 5 times compared with the same period last year. With the addition of 1 billion US dollars of capital increase in the original projects, the total foreign investment contract value reached 59.2 billion US dollars, which was the same period last year. 4.3 times. It is estimated that the actual utilization of foreign capital from January to October is about 9.1 billion US dollars, a year-on-year increase of 38.3%, higher than the level of the whole year of 2007. From the beginning of the year to October 15, the national fiscal revenue reached 102.2% of the annual budget, including 96.5% of the mainland revenue, 98.9% of the crude oil revenue, and 121.7% of the import and export trade revenue. Fiscal expenditure is 87.8% of the annual budget. The price level in October was lower than that in September. The average monthly price increase in the past four months was 0.67%, which was lower than the average increase in the first six months of this year (2.83%). The trade deficit was $700 million in October, the fifth straight month the trade deficit was below $1 billion. In the January-October period, while the Vietnamese economy achieved the above-mentioned achievements, it also faced some difficulties and challenges, mainly manifested in: First, the growth rate of industrial production slowed down. From January to September, Vietnam's industrial output increased by 16% year-on-year, while from January to October it only increased by 15.8%. Among them, the output value of state-owned enterprises increased by only 5.5% (the output value of central enterprises increased by 7.7%, and the output value of local enterprises increased by 1.7%), the output value of non-state-owned enterprises increased by 21.1%, and the output value of foreign-funded enterprises increased by 17.8% (for example, excluding the factors of oil and gas decline of 8.2%) , the output value of foreign enterprises increased by 20.6%). The increase in output value is mainly due to the installation and processing industries, such as trucks, passenger cars, adult clothing, washing machines, refrigerators and freezers, etc. Some processed products such as aquatic products and milk powder have increased. The output value of products such as crude oil, coal, blended fabrics, and round steel declined. Second, the growth rate of total retail sales of social services and goods was low. Although the growth rate from January to October reached 30.7%, it only increased by 6.1% excluding the factor of the average price increase (23.15%), which was less than half of the increase in previous years. If calculated on a monthly basis, the increase will decrease month by month. Third, the trade deficit has increased. Vietnam's exports in October were US$5.1 billion, down 3.3% from September, the third consecutive month-on-month decline. The import value was about US$5.8 billion, and the trade deficit was higher than the previous two months. From January to October, Vietnam's export value was about 53.8 billion US dollars, a year-on-year increase of 36.7%, and its import value was about 70.1 billion US dollars, a year-on-year increase of 42.6%, which was higher than the export growth rate. From January to October, the trade deficit reached US$16.3 billion, a year-on-year increase of 66.3%. Fourth, the growth rate of international tourists is low. From January to October, about 3.6 million international tourists visited Vietnam, a year-on-year increase of 3.5%, lower than the increase from January to September (5.9%).
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