Industrial index up 6.5 percent in seven months

The latest data from the General Statistics Office (GSO) reveals that State budget revenue for this year as at July 15 stood at VND584.6 trillion ($25.7 billion), equal to 48.2 per cent of the annual plan. Of the VND462.6 trillion ($20.35 billion) in domestic contributions, collections from crude oil totaled VND24.6 trillion ($1.08 billion) while import-export activities generated VND96.1 trillion ($4.23 billion). Environmental tax contributed some VND20.4 trillion ($897.6 million), while personal income tax payments brought in VND43.8 trillion ($1.93 billion). Contributions from both the foreign direct investment (FDI) sector and the State-owned enterprise (SOE) sector were lower than expected, at VND84.2 trillion ($3.7 billion) and VND95 trillion ($4.18 billion), respectively. State spending, meanwhile, was estimated at VND646.4 trillion ($28.44 billion) in the period, equal to 46.5 per cent of the annual plan, with regular expenditure and spending on interest payments at VND474 trillion ($20.85 billion) and VND60.1 trillion ($2.64 billion), respectively. Spending on investment and development was VND110.4 trillion ($4.85 billion), or 30.9 per cent of the annual plan, while spending on debt repayments was coincidentally the same, at VND110.4 trillion ($4.85 billion), or 53.8 per cent of the annual plan. The government has put aside approximately VND170.5 trillion ($7.5 billion) on repaying debts and interest payments to date. The State budget deficit as at July 15 was therefore VND61.8 trillion ($2.72 billion); the lowest in many years and significantly lower than the VND78.5 trillion ($3.45 billion) recorded in the same period last year. But while this can be…... [read more]

CPI experiences slight rise in July (Photo: VNA) Hanoi (VNA) - Vietnam’s consumer price index (CPI) in July rose again by 0.11 percent, following the rebound of food prices, according to the General Statistics Office (GSO). The rise was reported after the index slid or remained unchanged for three months. In April, the monthly CPI remained unchanged, and it dropped by 0.53 percent and 0.17 percent in May and June, respectively. Compared to the same period last year, the index increased 2.52 percent, the office reported. However, the monthly rise of CPI in July was still the lowest in the past nine years. The figure from 2008 to 2016 was between 0.13 percent and 1.17 percent. According to deputy director of GSO’s Consumer Price Index Department Do Thi Ngoc, the increase in CPI for July was mainly driven by the 3.19 percent price hike of food, including the increase in the price of pork, following six-months of declining prices, and the price rise in vegetables due to the impact of rainstorms and floods. Pork prices are from 40,000 VND to 49,000 VND (1.8-2.1 USD) per kilo, increasing from 25,000 VND per kilo of the last three months following programmes to stimulate demand and to control the number of pigs raised by farmers, according to the Ministry of Agriculture and Rural Development. Besides this, another reason was the higher prices of housing and construction materials, which was due to the tightened management…... [read more]

Customers shop at a supermarket in Ha Noi. — VNS Photo Viet Nam’s monthly consumer price index (CPI) in July rose again by 0.11 per cent, following the rebound of food prices, according to the General Statistics Office (GSO). The rise was reported after the index slid or remained unchanged for three months. In April, the monthly CPI remained unchanged, and it dropped by 0.53 per cent and 0.17 per cent in May and June, respectively. Compared with the same period last year, the index increased 2.52 per cent, the office reported. However, the monthly rise of CPI in July was still the lowest in the past nine years. The increasing rate from 2008 to 2016 was between 0.13 per cent and 1.17 per cent. According to deputy director of GSO’s Consumer Price Index Department Do Thi Ngoc, the increase in CPI for July was mainly driven by the 3.19 per cent price hike of food, including the increase in the price of pork, following six-months of declining prices, and the price rise in vegetables due to the impact of rainstorms and floods. Pork prices are from VND40,000 to VND49,000 (US$1.8-$2.1) per kilo, increasing from VND25,000 per kilo of the last three months following programmes to stimulate demand and to control the number of pigs raised by farmers, according to the Ministry of Agriculture and Rural Development. Besides this, another reason was the higher prices of housing and construction materials, which was…... [read more]

There are concerns that Vietnam’s exports to the US could be hurt by the growing US protectionism, its withdrawal from the TPP trade deal and Vietnam’s inclusion on a list of countries with which the US runs a trade deficit. However, thus far Vietnam’s exports to the US have remained strong. Strong export growth to the US According to the General Statistics Office, the US remained the largest market for Vietnamese exports in the first half of 2017, at US$19.6 billion, up 9.5% annually, lower than the 12.8% growth rate during the same period of 2016. But the Ministry of Industry and Trade (MOIT) explained that the reason behind the slowdown in growth is a result of slower-than-expected growth in the US economy, therefore Vietnam’s 9.5% growth in exports to the US is a respectable performance. Vinatex General Director Le Tien Truong said that as the world economy remained unstable and the global textile sector remained fairly subdued, the main importers of garments, including the US, all witnessed a slowdown in their imports. The MOIT added that a number of sectors saw slower growth in exports to the US but exports in general remained positive because Vietnam has been trying to diversify its export markets. For example, the export revenue of computers and electronic products to the US reached US$1.05 billion in the first half of the year, up slightly at 0.2%. However, during the same period, phone exports increased by a dramatic 45.8%, with shipments to Slovakia, Turkey and…... [read more]

In five successive months, the number of international visitors to the country reached one million. According to the General Statistics Office of Vietnam, 6.1 million holiday-makers come to Vietnam by air, a year-on-year increase of 31.3 percent while 178,101 voyagers arrived in Vietnam, a rise of 13.3 percent compared to same period last year and 945,886 people by road, a surge of 17.3 percent compared same period last year. The number of Chinese tourists going to Vietnam reached 2.2 million, a 51 percent increase from the number in January 2016. The number of Russian, South Korea, Hong Kong, Spain, Cambodia, the Philippines, and Taiwan also went up with 49.3 percent, 46.8 percent, 30.1 percent, 27.8 percent, 23.6 percent, 23.4 percent, and 20.8 percent respectively. African tourists also increase with 19,973 people, a year-in-year surge of 28.1 percent. It is estimated that local tourists in first seven months were 46.9 million, bringing revenue of VND306,700 billion, up 25.7 percent compared to same period last year. According to the plan, in 2017, the tourism sector has to welcome 13 million tourists from all corner of the world. Head of the Vietnam National Administration of Tourism Nguyen Van Tuan said that the tourism sector adopted some measures. They are promotion campaign in and out of the country, especially concentrating key markets such as China, Northeast Asia, Southeast Asia. In addition, the sector should have more tourism products to attract holiday-makers in Vietnam longer and spend more during the stay. The sector…... [read more]

NDO –The national consumer price index (CPI) in July rose by 0.11% compared to the previous month, the lowest increase in the July CPI over the past five years, according to the General Statistics Office (GSO). Eight out of 11 groups of goods and services posted price increases, including housing and construction materials up 0.03%; apparel, hats and footwear up 0.04%; beverages and cigarettes up 0.04%; education up 0.05%; household equipment and appliances up 0.09%; medicine and medical services up 0.36%; restaurants and catering services up 0.54%; and goods and other services up 0.73%. Meanwhile, three out of the 11 groups of goods and services suffered price decreases, namely traffic down 1.52%; post and telecommunications down 0.06%; and culture, entertainment and tourism down 0.03%. The increase in CPI for July was mainly driven by the higher prices of food, including the increase in the price of pork, following six-months of declining prices, and the price hike of vegetables due to the impact of rainstorms and floods. Another reason was the higher prices of housing and construction materials which was due to the tightened management over sand mining in localities, resulting in a higher price for sand. In addition, the entrance exams to the 10th grade and the national high school graduation exams held in July helped to boost the demand for dining out and beverages, contributing to the CPI increase. In the meantime, the July CPI was subdued due to the abundant supply of food…... [read more]

The number of international visitors to Viet Nam in the first seven months of 2017 was estimated at around 7.24 million, a year-on-year surge of 28.8 per cent. In July, 1.04 million foreigners visited Viet Nam, a year-on-year increase of 21.1 per cent.  While arrivals by air touched 6.12 million passengers, an increase of 31.3 per cent against the same period last year; 945,886 visitors came by road (up 17.3 per cent); and the remaining 178,101 people arrived by sea (up 13.3 per cent), the General Statistics Office (GSO) of Việt Nam said. Of these, around 5.36 million visitors were from Asia, 1.1 million people from Europe and 505,014 people from America, accounting for 73.9 per cent, 15.3 per cent and 6.97 per cent of the total foreign passengers. China continues to rank first in the number of visitors to Việt Nam, with around 2.2 million arrivals, an increase of 51 per cent over the same period in 2016. The GSO also reported a rise in tourist inflow from other key markets, with an increase of 49.3 per cent from Russia, 46.8 per cent from South Korea, 30.1 per cent from Hong Kong, 27.8 per cent from Spain, 23.6 per cent from Cambodia, 23.4 per cent from the Philippines and 20.8 per cent from Taiwan. The number of visitors from Africa also went up slightly, with 19,973 people visiting, which is a significant 28.1 per cent rise compared to the same period last year. In July, 1.04 million foreigners visited…... [read more]

In July, 1.04 million foreigners visit Viet Nam, a year-on-year increase of 21.1 per cent. — Photo baomoi.com The number of international visitors to Viet Nam in the first seven months of 2017 was estimated at around 7.24 million, a year-on-year surge of 28.8 per cent. While arrivals by air touched 6.12 million passengers, an increase of 31.3 per cent against the same period last year; 945,886 visitors came by road (up 17.3 per cent); and the remaining 178,101 people arrived by sea (up 13.3 per cent), the General Statistics Office (GSO) of Viet Nam said. Of these, around 5.36 million visitors were from Asia, 1.1 million people from Europe and 505,014 people from America, accounting for 73.9 per cent, 15.3 per cent and 6.97 per cent of the total foreign passengers. China continues to rank first in the number of visitors to Viet Nam, with around 2.2 million arrivals, an increase of 51 per cent over the same period in 2016. The GSO also reported a rise in tourist inflow from other key markets, with an increase of 49.3 per cent from Russia, 46.8 per cent from South Korea, 30.1 per cent from Hong Kong, 27.8 per cent from Spain, 23.6 per cent from Cambodia, 23.4 per cent from the Philippines and 20.8 per cent from Taiwan. The number of visitors from Africa also went up slightly, with 19,973 people visiting, which is a significant 28.1 per cent rise compared…... [read more]

Localities advocate changes to GDP calculations Bich Van By Bich Van - The Saigon Times Daily DANANG - Leaders of cities and provinces at a conference last week agreed on use of common methods to calculate gross domestic product (GDP) in order to provide exact figures of economic performance in their localities. Speaking at a conference of the Ministry of Investment and Planning in Danang City, Prime Minister Nguyen Tan Dung said the calculations of GDP in a number of localities in the country are not accurate, so they need correcting. Dung said many localities reported their annual GDP growth rates of 9% or even 14%, while the national GDP growth was only 5%. “The calculations of GDP in localities are obviously not accurate. In the context of global integration, we need to calculate the GDP in a standard way, even though it will result in lower growth figures,” he said. Vo Thanh Hao, chairman of Ben Tre Province, said GDP cannot be divided among localities and there should be only a single GDP figure for the country. Therefore, it is necessary to standardize the GDP calculation method nationwide and this move will not cause any impacts on the economic growth of a locality. Hao said GDP should reflect development of a locality correctly so as local authorities can revise development strategies timely. Otherwise, it is impossible to figure out a real GDP number of a locality. Pham Dinh Cu, chairman of Phu Yen Province, said the standardization of GDP…... [read more]

Auto inventories fall sharply By Hong Van - The Saigon Times Daily HCMC - The inventory of automobiles in the country has fallen by a sharp 39.2% against last year, while inventories of 31 categories of manufactured goods were up a slight 0.2%, according to the General Statistics Office (GSO). Earlier reports have mentioned rising stockpiles among local enterprises due to falling overseas orders, but figures by the GSO show the modest rise of 0.2%. The seafood sector's inventory dropped by 2.8%, in which frozen tiger prawn decreased by 12.4%. The sector is also in a critical material shortage as raw prawn prices have surged by VND20,000-30,000 per kilo. Sugar firms also reported a 50% decrease in inventory, a main cause of the sugar price fever in recent times. Pharmaceutical products are expected to increase in prices this month as its inventory dropped by 0.6%. Meanwhile, the inventory of animal feed products surged by 2.5 times year-on-year.... [read more]




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