Vietnam Posts Economic Advances in October

Tuan Minh

17:19 28/10/2015

BizLIVE - The General Statistics Office has release a number of macroeconomic readings that suggest continued improvements in the domestic economy.

Vietnam Posts Economic Advances in October

The Vietnamese government has released upbeat economic data for October. (Photo: Internet)

Vietnam Industrial Production Expands 8.8% y/y in October
Vietnam’s index of industrial production (IIP) in October has advanced an estimated 8.8% from a year earlier, the General Statistics Office said.
The index has likely expanded 9.7% year-on-year in the first ten months of this year, compared to a 6.9% expansion in the same period of 2014.
Vietnam Startups Jumps 30.6% to 9,195 in October
Establishment certificates were granted to 9,195 companies in Vietnam in October, with a combined registered capital of 65.2 trillion dong ($2.9 billion). The figures represented month-on-month increases of 30.6% in number and 46.4% in value.
During the month, as many as 3,350 businesses have resumed operation, jumping 121.1% from September. Meanwhile, 13,818 enterprises have halted operation, rising 46.4% month-on-month.
Vietnam Retail Sales and Services Revenue Rises 1.4% m/m to $12.2 Billion in Oct
Total retail sales and services revenue in Vietnam is likely to have reached 274.8 trillion dong ($12.21 billion) in October, going up 1.4% month-on-month and 6.7% year-on-year.
In the ten months through October, retail and services sales are estimated to have hit $118.3 billion, rising 9.6% year-on-year. Excluding inflationary factors, the revenue grows 8.4% on year.
FDI in Vietnam Expands 40.8% y/y to $19.3 Billion in Jan-Oct
Vietnam licensed 1,657 new foreign-invested projects with a total committed capital of $12.43 billion in the year to October 20, rising 26.9% in number and 24.8% in value from the corresponding period of 2014.
Other 667 operational projects had their capital hiked by $6.87 billion in the period, the government-run General Statistic Office said.
In all, FDI approvals for both fresh and operational projects had totaled $19.29 billion in the ten-month period, soaring 40.8% year-on-year.
Vietnam Ranked 90th Globally regarding Ease of Doing Business: WB Report
Vietnam takes the 90th position amongst the 189 countries in terms of business environment, according to the World Bank’s “Doing Business 2016” report.
The rank is seen as an improvement as Vietnam’s comparable DB2015 rank would have been 93 if it captured the effects of such factors as data revisions and the changes in methodology, the report says.
Vietnam Consumer Confidence Ups in October: ANZ-Roy Morgan
Vietnam’s consumer confidence rose 5.88 points to 141.1 in October after rebounding in September from two consecutive months of fall.  
The reading in October is far above the long-term average of 135.9 and 6.4 points higher than that in October 2014, according to ANZ-Roy Morgan report released Wednesday.
Credit Growth in HCM City Quickens to 9.5% at End-October
Total outstanding loans of banks operating in Ho Chi Minh City at the end of October are estimated to have grown 9.5% from the end of 2014, according to a central banker.
Lending in the Vietnamese dong likely has risen 13.6% from December 2014 while foreign currency-denominated bank loans have declined 7.6%.
Mobilization by banks is estimated to have expanded 11.7% to 1,500 trillion dong ($66.7 billion).
U.S. PSL Group to Invest in Vietnam Central Province
U.S.-based PSL Group has committed to invest in a number of projects in the central province of Thua Thien-Hue.
The U.S. firm will upgrade and operate seven wharfs at Chan May port, and construct and run port urban areas, hi-tech parks, industrial zones and non-tariff areas in the Chan May-Lang Co economic zone.
It will also build a wind-power and solar power complex and a biomass power plant with a capacity of 500MW and a white sand processing plant at Phong Dien Industrial Park.
Saigon Co-op, Wilmar Set up $26-Million Sauce JV in Vietnam
Ho Chi Minh City-based Saigon Co-op and Singapore’s Wilmar have established a joint venture to produce sauces and condiments in Vietnam for both domestic and export markets.
Nam Duong International Foodstuff Corporation, the joint venture, will be 49% owned by Saigon Union of Trading Cooperatives (Saigon Co-op), a major retailer in Vietnam, and the remainder by agribusiness group Wilmar International Limited.