Highlights in Vietnam’s economy in 7 months

Wednesday, 03/08/2022 17:18
(CPV) – Vietnam continued to gain recovery in many socio-economic fields in the first 7 months of 2022, such as export turnover, investment situation, state budget revenue, and international visitors to Vietnam.
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In the first 7 months, the country continued to gain recovery in many socio-economic fields. (Photo for illustration. Source: vtv.vn) 

Specifically, according to the General Statistics Office (GSO), the index of industrial production (IIP) in July 2022 increased by 1.6% compared to the previous month and by 11.2% compared to the same period last year. Of this, the manufacturing and processing industry rose by 12.8%.

In the first 7 months, IIP is estimated to rise by 8.8% year on year, of which, the manufacturing and processing industry soared by 9.7% year on year.

In addition, in the first 7 months, export turnover of goods is estimated at 216.35 billion USD; up 16.1% year on year. Regarding the structure of export commodity groups during the period, the group of processed industrial products accounted for the most, with 88.7%.

Import turnover in the seven months is estimated at 215.59 billion USD, up 13.6% year on year. The trade balance is estimated to have a trade surplus of 764 million USD, while the trade deficit was 3.31 billion USD in the same period of 2021.

On average, in the first seven months, the consumer price index (CPI) increased by 2.54% over the same period last year. Fluctuations in consumer prices are mainly caused by food and gasoline prices.

Registered foreign direct investment (FDI) capital totalled nearly 15.54 billion USD, down 7.1% from the same period last year. However, realized capital was estimated at 11.57 billion USD, up 10.2%. This is the highest foreign direct investment realized in 7 months over the past 5 years.

Another positive signal of the economy is state budget revenue in the 7 months, estimated at more than 1.09 quadrillion VND (equivalent to 77.5% of the year’s estimate and up 18.1% year on year).

Meanwhile, state budget expenditure reached 842,700 billion VND, equivalent to 47.2% of the year estimate, meeting the needs of socio-economic development, defense, security, state management, and payment of due debts, as well as timely payments to subjects as prescribed.

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International tourist arrivals to Vietnam rose by 10 fold compared to the previous year. 

Notably, the number of international visitors to Vietnam in July rose by 49% compared to the previous month and by 47.2 fold compared to the same period last year, reaching 352.600.

In the 7 months, international visitors to the country numbered 954,600, 10 times higher than the same period last year but still down 90.3% compared to the same period of 2019 when there was no COVID epidemic.

In particular, among the total number of international visitors to Vietnam over the past time, visitors coming by air accounted for nearly 87.1%, 13.5 times higher than the same period last year.

Thus, it can be affirmed that, after opening to international tourism from March 15, 2022, Vietnam's tourism industry has achieved positive signals. The above results of the tourism industry have contributed to boosting the growth of the economy, and improving revenue and profit for businesses operating in the fields of tourism, travel, tourist accommodation and transportation./.

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