Skip Ribbon Commands
Skip to main content
Saturday, December 4 2021
Tiếng Việt
a A
Date 27/03/2020-13:40:00 PM
Socio-economic indicators in 2020

1. Socio-economic performance in the third quarterandthe first 9months of2020 (Report No.154/BC-GSO datedSeptember 28th, 2020 prepared by the General Statistics Office)

- Gross domestic product (GDP):GDP in the third quarter of 2020 is estimated to increase by 2.62% over the same period last year, the lowest increase in the third quarter of years during the period 2011-2020.The Covid-19 has been strictly controlled. The economy has gradually returned to new normal conditions. Therefore, GDP in the third quarter of 2020 grows prosperously compared to the second quarter of 2020, of which the agriculture, forestry, and fishery sector increased by 2.93%;the rise is 2.95%, 2.75%, and 0.70% for industry and construction,services, product tax minus product subsidies sectors, respectively.

GDP in the first nine months of 2020 is expected to increase by 2.12% (the rate is 3.68% in the first quarter; 0.39% in the second quarter; and 2.62% in the third quarter). This is the lowest growth rate in the first nine months of the years during 2011-2020.In the general growth of the whole economy, the agricultural, forestry and fishery sector increased by 1.84%, contributing 13.62% to the general growth;industry and construction up by 3.08%, a contribution of 58.35%;the service sector up by 1.37%, a contribution of 28.03%.

Agricultural, forestry and fishery production:Agricultural, forestry and fishery production in the first nine months of 2020 faces many difficulties due to the impact of drought and saltwater intrusion, andAfrican swine fever.The Covid-19 pandemic in the world has complicated developments, affecting the production and export and import of agricultural products.The agricultural, forestry and fishery sector has played a supporting role for the economy in difficult times, ensuring the supply of food and other necessities, which is an important basis for social security in the pandemic.

- Industrial production:Due to the negative impact of the Covid-19, the growth rate of industrial added value in the third quarter of 2020 is only 2.34% over the same period last year. The added value of the industrial sector increased by 2.69% for the whole nine months. Of which, the processing and manufacturing increases by 4.6% and is the lowest growth rate in the nine months of 2011-2020.However, sectors of theeconomy are entering a state of operation in new normal conditions thanks to the well-controlled epidemic measures. Industrial production in September 2020 has prospered, opening hopes to soon recover and grow again in the last months of the year.

- Enterprise operation: Thenumber of newly established enterprises in September 2020 decreases by 12.6% compared to the same period last year, mainly due to the influence of the Covid-19. Furthermore, September2020coincides with theseventhlunar month when people have a limited mentality to start a business.However, businesses continues to expand the size of registered capital, 45% higher than the same period last year.

Generally, in the first nine months of 2020, the total number of newly established and re-operating enterprises reached 133.6 thousand, up by 2.9% over the same period last year.The average registered capital scale for a newly established enterprise is 14.4 billion dong, a rise of 14.4%.Thenumber of enterprises suspended business for a definite period is 38.6 thousand, 81.8% higher than the same period last year.27.6 thousand enterprises have stopped working and waited for dissolution, down by 2.4%.Nearly 12.1 thousand enterprises completed dissolution procedures, up by 0.1%.Survey results on business trends of enterprises in the manufacturing industry show that enterprises are optimistic about their production and business performance in the fourth quarter of 2020 with 81% of enterprises rated that they will be better and more stable.

- Service activities:Trading and service activities in the month show signs of rebound. Commodity markets and people's lives gradually stabilize. Tourist attractions in many provinces/cities are reopened.Total retail sales of consumer goods and services in September 2020 increases by 2.7% compared to August2019and by 4.9% over the same period last year.Generally, in the first 9 months of 2020, total retail sales of consumer goods and services increase slightly by 0.7%.

- Passenger transportation andtelecommunications:Transportation activities in September2020show more positive signals with an increase of 6.8% in the number of passengers and an increase of 4.5% of the amount of goods compared to August, 2020.Generally, in the first nine months of 2020, passengercarriage falls by 29.6% and freight transport decreases by 7.3% compared to the same period last year. Of which, the number of passengers and cargo transported in the third quarter, though higher than the second quarter, still decreases by 34% and 6.4%, respectively, over the same period last year.Aviation is the industry most affected by the Covid-19 in the first nine months with a 45.5% drop in passengers and 39.4% decrease in freight.

- International arrivals to Vietnam:International visitors to Vietnam in the third quarter of 2020 reached 44 thousand, only equal to 1% of the same period last yearbecause Vietnam continues to implement prevention and control measures against the Covid-19. As the international tourism market is not open, the number of visitors are mainly experts, foreign technical workers working in projects in Vietnam.Generally, in the first nine months of 2020, international visitors to our country reached nearly 3.8 million, 70.6% lower than the same period last year, of which more than 97% is international visitors in the first quarter of 2020.

-Banking, insurance, securitiesactivities:The operation of the credit institution system in the first 9 months of 2020 is negatively affected by the Covid-19. Credit growth as ofSeptember22nd, 2020 reaches a low level of 5.12%.However, the State Bank of Vietnam has adjusted the operating rate to stabilize the monetary and foreign exchange markets.Insurance business has grown well, ensuring the interests of insurance participants.Total capital mobilization on the stock market for the economy in the first nine months of 2020 increases by 1.43% over the same period last year.

- Investment activity:Realized investment capital of the whole country in 9 months of 2020 increases by 4.8% compared to the same period last year, the lowest increase in the 2016-2020 period due to the negative effects of the Covid-19 to all production and business activities.However, the growth rate of realized capital from the State budget in September and 9 months both reaches the highest level in the 2016-2020 period.Realized investment capital in the State sector tends to increase as a result of accelerated implementation and disbursement of public investment capital in order to maintain economic growth as the Covid-19 is well controlled in Vietnam.

Generally, in nine months of 2020, investment capital of the whole country at current prices is estimated at 1,445.4 trillion dong, 4.8% higher than the same period last yearand equaling 34.7% of GDP, including : 484.8 trillion VND of state sector capital, accounting for 33.5% of the total capital and up by 13.4% over the same period last year;641.5 trillion VND of non-state sector capital, or 44.4% and up by 2.8%;319.1 trillion VND of FDI capital, or 22.1% and down by 2.5%.

Total foreign investment inflows into Vietnam as of September 20th, 2020, including newly registered and adjusted capital, capital contribution and share purchase of foreign investors reaches 21.2 billion USD, 18.9% lower than the same period last year.

Vietnam's investment outflows in 9 months of 2020 attain 268.3 million USD with 96 projects granted with new certificates of investment.28 times of projects are adjusted with additional capital of 163.8 million USD.Generally, Vietnam's total investment outflows (newly and additionally registered capital) reaches 432.1 million USD, up by 0.1% compared to the same period last year.

- State budget revenues and expenditures:The Covid-19 continues to be controlled nationwide. A number of localities in the epidemic area have loosen measures of social distance, step by step restoring economic activities which have helped the results of State budget revenue and expenditure in September 2020.Total state budget revenue from the beginning of the year to September 15th, 2020 is estimated at 902.5 trillion VND, equaling 59.7% of the yearly estimate. Of which, domestic revenue reaches 747.3 trillion VND, equal to 59.1%;revenue from crude oil is 26.3 trillion VND, equaling 74.9%;budget balancing revenue from import and export activities is 128 trillion dong, or 61.6%.

Total state budget expenditure from the beginning of the year toSeptember 15th,2020 is estimated at 1,036.4 trillion dong, or 59.3% of the yearly estimate. Of which,recurrent expenditures is worth 716.3 trillion dong, or 67.8%;spending for investment and development is 235.3 trillion dong, equaling 50%;interest payment is 78.4 trillion dong, or 66.3%.

- Export and import:In the context of the Covid-19 pandemic becoming complicated in the world and disrupting international trade, Vietnam's merchandise export has remained positive growth with the emerging role of the domestic economic sector when export and import turnover in 9 months increases over the same period last year.Total export and import turnover in September 2020 is estimated at 51.5 billion USD, 15% higher than the same period last year.Generally, in nine months of this year, the total export and import turnover reaches USD 388.73 billion, up by 1.8%. Of which, exports attain 202.86 billion USD, a rise of 4.2%;import is 185.87 billion USD, a decrease of 0.8%.The domestic economic sector has a high growth rate of 20.2% in 9 months' export turnover and 4.7% increase in imports.Trade balance in 9 months continues to see surplus, reaching 16.99 billion USD.

- Consumer Price Index (CPI):The CPIin September, 2020 rises 0.12% against August, 2020and 0.01% compared to December,2019- the lowest in the period 2016-2020. The main reasons are: The increase in educational service prices as set in the roadmap in order to approach the market price; the increase in electricity prices for living due to the need to use electricity in hot weather;and the increase in domestic rice prices due to Vietnam's highest rice export prices since 2011. On average, in the first nine months of 2020, the CPI increases by 3.85% over the same period last year.The 9-month average freight rate decreases by 0.72% over the same period last year, reflecting unfavorable export prices of Vietnamese goods compared to import prices of goods to Vietnam.

- Labour, employment:The nationwide labour and employment performance in the third quarter of 2020 shows signs of recovery. The employees’ income has gradually improved.The working-age unemployment rate in the urban area in the third quarter, though lower than the second quarter, remains at the highest level in the past 10 yearscompared to the same period in2019.

2. Socio-economic situation in the second quarter and the first 6 months of 2020 (Report No. 109/BC-TCTK dated June 26th, 2020 prepared by the General Statistics Office)

- Gross domestic product (GDP):GDP in the second quarter of 2020 was estimated to increase by 0.36% over the same period last year, the lowest growth rate of the second quarter of years in the period 2011-2020. The second quarter of 2020 is most affected by the Covid-19 when the Government strongly directed the implementation of solutions of social distancing. Of which, the agriculture, forestry and fishery increased by 1.72%;industry and construction rose by 1.38%;the service sector decreased by 1.76%.

GDP in the first 6 months of 2020 increased by 1.81%, the lowest growth rate of the six months of the years in the period 2011-2020.The agriculture, forestry and fishery sector increased by 1.19%, contributing 11.89% to the general growth of the whole economy;industry and construction rose by 2.98%, contributing 73.14%;the service sector up by 0.57%, contributed 14.97%.

- Agricultural, forestry and fishery production:Agricultural production in the first 6 months of 2020 faced many difficulties due to drought, early emergence of saltwater intrusion,the Covid-19’s complicated developments, andAfrican swine fever which has been gradually controlled but re-herding is slow.Facing these difficulties, the agricultural sector has made encouraging responses. Therefore, the production results are quite good, the yield of winter-spring crop 2020 is higher than the same period last year.The poultry husbandry sector is well developed.Forestry production has started to recover since May. Fishery production continues to face difficulties due to a sharp fall in exports and a drop in raw fish and shrimp prices.

- Industrial production:Heavily influenced by the Covid-19, the growth rate of added value was only 0.74% in the second quarter of 2020 compared to the same period last year. Generally, in the first 6 months of 2020, value added in the industrial sector increased by 2.71%. Of which, processing and manufacturing increased by 4.96% and was the lowest growth rate of the six months of 2011-2020.However, sectors of the economy are returning to normal operation thanks to the early control of the epidemic. Industrial production has flourished and gradually regained high growth momentum since May, 2020.

- Business operation:After two months of loosening and removing the measures of social distancing, the socio-economic activities are gradually restored.Enterprises quickly adapt and follow the support policy of the Government, step by step putting production and business back into operation.Newly established enterprises in June, 2020 continued to prosper with 13.7 thousand enterprises, 27.9% higher than the previous month.Generally, in the first 6 months of 2020, the whole country had more than 62,000 newly established enterprises, down by 7.3% over the same period last year.The number of enterprises returning to operation increased by 16.4%.

In 6 months, the number of enterprises suspending their business for a definite period was 29.2 thousand, up by 38.2% over the same period last year.19.6 thousand enterprises stopped working and waited for dissolution, a fall of 10.2%.7.4 thousand enterprises completed dissolution procedures, down by 5%, of which 6.6 thousand enterprises with capital size below 10 billion dong, down by 6.4%;108 enterprises with capital size of over 100 billion VND, increasing by 0.9%.

Survey results on business trends of enterprises in the manufacturing industry in the second quarter of 2020 showed that 27.3% of enterprises rated their business performance better in the second quarter of 2020 than in the first quarter.40.8% of businesses rated difficult and 31.9% of businesses said that their business and production was stable.

- Service activities:Following the momentum of May 2020, domestic trade and services activities in June 2020 continued to increase again with the total retail sales of goods and consumer services revenue increasing by 6.2% compared with the previous month and by 5.3% over the same period last year. However, for the first 6 months of 2020, the total retail sales of consumer goods and services decreased by 0.8%.

- Passenger and telecommunications transport:Domestic transportation in June 2020 continued its recovery trend with an increase of 13.4% in passenger volume and 7.3% in freight compared with May 2020.However, the foreign transportation of airlines still faces many difficulties due to the complicated development of Covid-19 in the region and around the world.Generally, in the first 6 months of the year, passenger transportation decreased by 27.3% and freight decreased by 8.1% over the same period last year.

- International arrivals to Vietnam:Generally in the first 6 months of 2020, international visitors to our country reached 3.7 million, a decline of 55.8% compared to the same period last year.

Banking, insurance, and securitiesactivities:The operation of the credit institution system in the first 6 months of 2020 was negatively affected by the Covid-19. Credit growth as of June 19th, 2020 reached the lowest level compared to the same period of years in the period 2016-2020.Insurance business was facing difficulties due to the reduction of people's income during the period of epidemic prevention, affecting the premium payment of valid insurance contracts and limiting participation in new insurance packages.The stock market plummeted with total capital mobilization for the economy in the first 6 months of this year down by 37% compared to the same period last year. Nevertheless, the market is showing positive signs from the recovery of the domestic macro economy when the Covid-19 is effectively controlled.

- Investment activities:Generally, in the first 6 months of 2020, investment capital of the whole country at current prices was estimated at 850.3 trillion dong, 3.4% higher than the same period last year or 33% of GDP (capitalraised in the Statesector reached 273.5 trillion VND, accounting for 32.2% of total capital and increased by 7.4% over the same period last year; 375.9 trillion VND in the non-state sector, or 44.2% of GDP, a rise of 4.6%; 200.9 trillion VND in the FDI sector, equaling 23.6% and a drop of 3.8%). This is the lowest increase in 2016 -2020 due to the negative influence of the Covid-19 on all production and business activities.However, the growth rate of realized capital from the State budget in June and the first 6 months of the year both reached the highest level in the 2016-2020 period.This is a positive signal reflecting the results of the Government's drastic implementation of measures to promote disbursement of public investment capital.Realized FDI capital in the first 6 months was estimated at 8.65 billion USD, 4.9% lower than the same period last year.

For Vietnam's overseas investment in the first 6 months of 2020, 70 projects has been granted with new investment certificates with a total capital of 185.3 million USD from Vietnam’s investors.14 projects have been expanded with additional capital of 37.4 million USD.Generally, Vietnam's total investment outflows (newly and additionally registered capital) reached 222.7 million USD, equaling 111.4% over the same period last year.

- State budget revenues and expenditures:The Covid-19 control is well and effectively implemented. Production and business activities of the economy in June 2020 step by step returned to their normal operation like before the pandemic outbreak. The increase in domestic gasoline and oil prices following the prosperity of the world crude oil market had a positive impact on the results of state budget revenue and expenditure in the first 15 days of June 2020.Total state budget revenue from the beginning of the year to June 15th, 2020 was estimated at 607.1 trillion VND, equaling 40.1% of the yearly estimate. Of which, domestic revenue is 503.8 trillion VND, equaling 39.9%;revenue from crude oil is 20.2 trillion VND, equaling 57.5%;budget balance revenue from import and export activities is 82.8 trillion VND, equaling 39.8%.

Total state budget expenditures from the beginning of the year to June 15th, 2020 were estimated at 676.2 trillion VND, equaling 38.7% of the yearly estimate. Of which, recurrent expenditures is 475.1 trillion VND, or 45%;spending for investment and development is 140.3 trillion VND, equaling 29.8%;interest payment is 56.4 trillion dong, or 47.8%.

- Export and import:The Covid-19 continues to be complicated in the world, especially in Vietnam's leading trading partner countries, which have a great influence on the export and import turnover of many products.Total import and export turnover in June was estimated at 41.5 billion USD, 1.5% increase over the same period last year.Generally, for the first 6 months of 2020, the total import and export turnover reached 238.4 billion USD, 2.1% lower than the same period last year. Of which, exports reached 121.2 billion USD, down by 1.1%;import reached 117.2 billion USD, a 3% drop.In the first 6 months of 2020, the trade surplus attained 4 billion USD.

- Consumer price index (CPI): In the first 6 months of 2020 onaverage, CPI increased by 4.19% over the same period last year. This is the highest growth rate in the 2016-2020 period.The average rate of trade in goods in the first 6 months of 2020 decreased by 0.78% compared to the same period last year, reflecting unfavorable export prices of Vietnamese goods compared to import prices of goods.

- Labour, employment:Labour and employment in the second quarter of 2020 is negatively affected by the Covid-19. The number of workers working in the economy plunges.The unemployment rate of the working age in urban area has been the highest in the past 10 years. The underemployment rate increased while the employees’ income decreased in the second quarter.

3. Socio-economic performance in the first quarter of 2020 (Report No. 47/BC-TCTK dated March 27, 2020 by the General Statistics Office)

- Gross domestic product (GDP): Gross domestic product (GDP) in the first quarter of 2020 is estimated to increase by 3.82% compared to the same period last year, the lowest level of the first quarter of years in the period of 2011-2020. In the overall growth of the economy, the agriculture, forestry and fishery made a rise by 0.08%, contributing 0.2% to the overall growth; the industry and construction rose by 5.15%, contributing 58.4%; the services moved up by 3.27%, contributing 41.4%.

- Agriculture, forestry and fishery: The agriculture saw a negative growth of 1.17%, only higher than the negative growth of 2.69% in the first quarter of 2016 in the period of 2011-2020, reducing 0.1 percentage point increase in total added value of the whole economy; the forestry increased by 5.03% but contributed only 0.04 percentage points because of the low proportion; the fishery rose by 2.79%, lower than 4.96% and 5.42% of the same period in 2018 and 2019, contributing 0.07 percentage points.

- Industrial production: In the first quarter of 2020, the industry reached a low growth rate of 5.28% against the same period last year as affected by Covid-19 epidemic; in which, processing and manufacturing hit the lowest growth rate in the period of 2016-2020; electricity production and distribution grew steadily; mining dropped sharply mainly due to sharp decrease in crude oil and natural gas exploitation. The added value of the whole industry in the first quarter of 2020 is estimated to increase by 5.28% over the same period last year.

- Business activities: The business sector faced more difficulties in the first quarter of 2020 due to the direct impact of the Covid-19 epidemic. In the first 3 months of 2020, there were 29.7 thousand newly registered enterprises nationwide, up 4.4% over the same period last year; 14.8 thousand enterprises went back to operation, down 1.6%; it is worth noting that the number of enterprises temporarily suspending their business for a period of time jumped up 26% to 18.6 thousand. However, the survey results on business trends in the manufacturing and processing sector showed that enterprises expected Covid-19 epidemic to end soon, so they forecasted business and production situation in the second quarter to be better than the first quarter. The average registered capital of a newly established enterprise in the first quarter of 2020 reached 11.8 billion dong, down 10.4% compared to the same period last year.

- Services: The negative effects of the Covid-19 epidemic impacted the consumer psychology leading to the restraint of shopping at public places, traveling and eating out due to fears of epidemic spreading. Therefore, total retail sales of consumer goods and services in March 2020 decreased by 0.8% compared to the same period last year. This is the first decline in the period 2016-2020. For the first quarter of 2020, total retail sales of consumer goods and services rose 4.7% to 1,246.1 trillion dong against the same period last year if excluding the price increasing factor of 1.6 % (the same period in 2019 increased by 9.3%).

- Passenger and freight transport: The complicated movements of Covid-19 epidemic directly affected transportation activities in the first quarter of 2020, of which passenger transport was greatly influenced when the number of passengers transported in March 2020 dropped by 21.4% over the same period last year, and by 6.1% in the first 3 months of 2020 due to the impact of the campaign, recommendations on disease prevention and suspension of entry visas granted to foreigners.

- Number of international visitors: Generally for the first 3 months of 2020, the number of international visitors to Vietnam fell 18.1% to nearly 3.7 million over the same period last year.

- Banking activities: The operation of the credit institution system in the first quarter of 2020 was affected by the Covid-19 epidemic. As of March 20, 2020, credit growth hit the lowest level compared to the same period of the years 2016-2020. As of March 20, 2020, the total means of payment rose by 1.55% compared to the end of 2019 (the same period in 2019 up 2.54% compared to 2018); capital mobilization of credit institutions increased by 0.51% (the same period in 2019 up 1.72% compared to 2018); credit growth of the economy moved up by 0.68% (the same period in 2019 up 1.9% compared to 2018), showing that businesses are facing many difficulties caused by the Covid-19 epidemic, leading to narrower production and business activities.

- Investment activities: Total social investment capital in the first quarter of 2020 increased by 2.2% over the same period last year, the lowest level in the period 2016-2020 due to the negative effects of the Covid-19 epidemic to all business activities. However, the capital disbursed from the State budget in the first quarter of 2020 was pretty good at 13.2% compared to the annual plan despite the State budget target was 18% higher in 2020 compared to 2019 and 16.4% higher than the same period last year. This is a positive signal reflecting the results of the Government's drastic implementation of measures to promote the disbursement of public investment. Realized FDI in 3 months was estimated at 3.9 billion USD, down 6.6% compared to the same period last year, this is the first reduction in the period of 2016-2020.

In the first 3 months of 2020, Vietnam's outward investment saw 27 projects newly granted investment certificates with a total capital of 22.9 million USD; 6 turns of project expansion with additional capital of 26.4 million USD. Generally, Vietnam's investment outflows (newly and additionally granted capital) reached US $ 49.3 million.

- State budget revenues and expenditures: The complicated Covid-19 epidemic impacted production, business and import-export activities, thereby affecting the State budget revenues in the first months of 2020. The State budget expenditures focus on meeting the needs of socio-economic development, national defense, security, healthcare, State management and payment of due debts. Total state budget revenues from the beginning of the year to March 15, 2020 were estimated at 311.3 trillion dong, equivalent to 20.6% of the yearly estimate, of which domestic revenue accounted for 20.3% or 256.8 trillion dong; revenue from crude oil was 34.5% or 12.1 trillion dong; balanced budget revenue from import and export activities was 42.4 trillion dong or 20.4%.

Total state budget expenditures from the beginning of the year to March 15, 2020 was estimated at 278.1 trillion dong, equal to 15.9% of the yearly estimate, of which regular spending was 201.2 trillion dong or 19%; expenditure for development investment was 47.7 trillion dong or 10.1%; interest payment was 28.6 trillion dong, equal to 24.2%.

- Export and import: The Covid-19 epidemic spreading rampantly in the top trading partners of Vietnam like China, Korea, Japan, EU and the US has significantly affected the export and import turnovers of many commodities. Total import and export turnovers in March 2020 were estimated to fall by 11.1% to 39 billion USD over the same period last year. For the first quarter of 2020, total import and export turnovers decreased by 0.7% to 115.34 billion USD, of which exports rose slightly by 0.5% to 59.08 billion USD; import dropped by 1.9% to 56.26 billion USD. Trade surplus in the first quarter of 2020 arrived at 2.8 billion USD.

- Consumer price index (CPI): Average CPI of the first quarter of 2020 over the same period in 2019 increased by 5.56%; CPI in March 2020 only rose by 0.34% compared to December 2019 and by 4.87% over the same period last year.

- Labor and employment: In the first quarter of 2020, the labor force age from 15 or over nationwide was estimated to plunge by 673.1 thousand people to 55.3 million over the previous quarter and by 144.2 thousand people compared to the same quarter last year as the labor market shrank in all sectors and in most provinces and centrally-run cities across the country.


Ministry of Planning and Investment

    Viewed: 2188

Rating

(Choose stars to rate)
  
MINISTRY OF PLANNING AND INVESTMENT PORTAL
Copyright by Ministry of Planning and Investment
Address: No. 6B, Hoang Dieu, Ba Dinh, Hanoi - Tel: (84-80)43485; (84-24)38455298 (Ministry Office);
Fax: (84-24)38234453 (Ministry Office); Email: banbientap@mpi.gov.vn