Việt Nam's Industrial Production Index (IIP) for August increased by 2.9 per cent compared to the previous month and by 2.6 per cent compared to the same period last year.

 

In the first eight months of 2023, the Southeast Asian country's IPP decreased by 0.4 per cent compared to the same period last year, according to the latest report by the General Statistics Office of Vietnam (GSO).

 

Manufacturing and processing decreased by 0.6 per cent compared to the same period last year, electricity production and distribution increased by 1.7 per cent, water supply, and waste treatment increased by 4.8 per cent while mining decreased by 2.5 per cent. Across the country, 49 cities and provinces out of 63 reported increased IPP during the first eight months.

 

Employment increased by 0.9 per cent in August compared to the previous month but decreased by 2.9 per cent compared to the same period last year.

 

In August, more than 14,000 new businesses were registered, a 2.3 per cent increase from July and a 17.9 per cent increase compared to August 2022. In addition, over 6,300 businesses resumed their operations while more than 5,200 closed down.

 

On average, during the first eight months of this year over 18,700 businesses were created or resumed operations per month. Meanwhile, nearly 125,000 businesses closed down, an average of about 15,600 per month.

 

Foreign investment in August, including newly registered capital, adjusted capital, capital contribution and shares acquisition by foreign investors reached nearly US$18.15 billion, an increase of 8.2 per cent compared to the same period last year. During the period, Vietnamese businesses reported an investment amount of $244.4 million in foreign markets in 79 projects, bringing adjusted capital in foreign projects to a total of $416.3 million, a 5.2 per cent increase year-on-year.

 

The State budget's revenue for August was reported at VNĐ88.1 trillion, bringing total revenue for the first eight months to VNĐ1.12 quadrillion, 69.4 per cent of the year's target. Meanwhile, State expenditures for the month were reported at VNĐ139 trillion, bringing total expenditures in 2023 so far to VNĐ1.08 quadrillion, 52.1 per cent of the year's target.

 

Sales of goods and services reached VNĐ515.4 trillion in August, an increase of 0.9 per cent compared to the previous month and a 7.6 per cent increase compared to the same period last year, bringing total sales of goods and services to VNĐ4 quadrillion or a 10 per cent increase from the same period last year.

 

Import, export

 

The report said the country's net import/export value was estimated at $60.92 billion in August, a 6.7 per cent increase compared to the previous month and a 7.9 per cent decrease compared to the same period last year. Overall, in the first eight months of 2023, the total value of goods imports and exports is estimated at $435.23 billion, a decrease of 13.1 per cent compared to the same period last year.

 

The Southeast Asian economy exported $32.37 billion in goods and services in the month of August, a 7.7 per cent increase compared to the previous month and a 7.6 per cent decrease compared to the same period last year, bringing the total figure for the first eight months to $227.71 billion, a 10 per cent decrease compared to the same period last year.

 

Meanwhile, imports in August was estimated at $28.55 billion, a 5.7 per cent increase compared to the previous month and an 8.3 per cent decrease compared to the same period last year. Overall, in the first eight months of 2023, the value of goods imports is estimated at $207.52 billion, a decrease of 16.2 per cent compared to the same period last year. Raw materials and production materials reached an estimated $194.65 billion, or 93.8 per cent of all imports.

 

The US remained Việt Nam's largest export market with an estimated value of $62.3 billion while China remained Việt Nam's largest import market with an estimated value of $68.1 billion. The country maintained a trade surplus of $3.82 billion in August, adding to a total trade surplus of $20.19 billion for the first eight months of 2023.

 

Consumer Price Index (CPI) for August 2023 increased by 0.88 per cent compared to the previous month. Compared to December 2022, the August CPI has increased by 2.02 per cent, and compared to the same period last year, it has increased by 2.96 per cent.

 

In August 2023, Việt Nam welcomed 1.2 million international visitors, a 17.2 per cent increase compared to the previous month, and 2.5 times higher than the same period last year. Overall, in the first eight months of 2023, international visitors to the country reached over 7.8 million people, 5.4 times higher than the same period last year, but still only 69.2 per cent compared to the same period in 2019, a year before the pandemic. — VNS