The nation recorded the highest level of disbursed FDI over the past 8 months compared to the same period of last 5 years, and the growing number of newly established enterprises and those returning to operation, according to the General Statistics Office (GSO).
Notably, the import and export turnover increased. However, keeping the growth rate in the context of international economic fluctuations is viewed as a new challenge that needs to be identified, and require greater efforts in the coming time.
In the eight-month economic statistics table just released by the GSO, the industrial production index is of interest to many experts as it continues to increase strongly, back to the pre-pandemic growth rate of around 15%.
This figure also shows the resilience of the manufacturing, industrial and agricultural sectors, helping ensure a sustainable and stable supply and contributing to the effort to curb the sudden increase of the consumer price index (CPI).
Export turnover in August was estimated at US$ 33.38 billion, bringhing the overall export turnoer over the past 8 months to US$250.8 billion, up more than 17% on-year, mainly in the group of processed industrial products.
Meanwhile, import turnover of goods in August stood at estimated US$30.96 billion, raising the import turnover during the first 8 months to roughly US$246.84 billion, up 13.6% on-year, primarily in the group of production materials.
Notably, trade surplus in August reached US$2.42 billion, while that of 8 months was estimated at US$3.96 billion.
Dr. Le Duy Binh, director of the Economica Vietnam Center for Economic Research said that this trade surplus has greatly supported the implementation of monetary policies, especially in the quite difficult context of pressures on the Vietnamese dong in recent times.
"In general, the growth rate took place amid the CPI soaring by only about 2.5% and core inflation by about 1.6%, which is a bright spot in the current economic situation when many major economies in the world and many other economies in the region are facing plenty of difficulties, struggling with high consumer price index and high inflation. This is a positive point for the Vietnamese economy in the current context,” Binh went on to say.
One of the other notable indicators is the business registration situation as the whole country had nearly 150,000 enterprises registered for new establishment and returned to operation, an increase of more than 30% compared to the same period last year. On average, every month, 18,700 enterprises are newly established and resume their operations.
However, the number of enterprises withdrawing from the market was 104,300 enterprises, an increase of 22%. On average, 13,000 businesses withdraw from the market every month.
Experts said that, in addition to the positive growth rate in general, it is necessary to clearly analyze and take a deep look at this issue. The fact that many businesses were forced to withdraw from the market because they failed to meet the requirements of the economy or could not endure the difficulties experienced since the pandemic. This indicated that the recovery pace of growth is not sustainable, especially in the new context.
According to experts, inflation pressure from now until the end of the year is still very large. The lag of inflation will focus on the remaining quarter of the year and the whole following year. The management of fiscal and monetary policies, in which, paying special attention to the management of petrol and oil prices continues to be a requirement from practice.
In addition, experts note that all changes in the labor market or changes in consumer behavior need to be monitored to ensure that growth remains high without affecting the major balances of the national economy.
When the macro economy is stable in the last months of the year, it will be a premise for strong and sustainable growth of the whole economy in 2023.
All of this requires more flexible policies alongside continuing reforms even in the midst of economic recovery, while each economic sector, each citizen, and each enterprises should step up greater efforts in this process, experts emphasized.
Vietnamese economy sees remarkable recovery
The nation recorded the highest level of disbursed FDI over the past 8 months compared to the same period of last 5 years, and the growing number of newly established enterprises and those returning to operation, according to the
Source: VOV
