Economic highlights in the first 10 months of 2022
VGP - The General Statistics Office officially announced economic data for October and the first ten months of 2022, demonstrating the economic recovery as October data contributed significantly to the year's development.
First, the index of industrial production (IIP) in the first 10 months was estimated to increase by 9 percent over the same period. Demand improved significantly, reflected in the retail sales of consumer goods and services, estimated at VND4,643.6 trillion, up 20.2 percent over the same period.
Second, investment capital flow prospered, in which capital from the State budget in October was estimated at VND53.6 trillion, up 24.2 percent over the same period.
As for foreign investment, the amount of realized capital increased by 15.2 percent, reaching US$17.45 billion, the highest figure in the same period over the past five years.
Notably, export and import turnover maintained upward momentum over the same period. Compared to the trade surplus of up to US$9.4 billion in January-October period, the figure in October alone accounted for nearly ¼ of that amount.
In that context, the 10-month average consumer price index (CPI) climbed up 2.89 percent over the same period, making the year's target below 4 percent.
However, rising global interest rates also caused investment flows to decrease. For Viet Nam, although the amount of realized FDI capital reached a record in the same period of the past five years, the registered FDI inflow fell.
October's figure was US$22.46 billion, down 5.4 percent year-on-year, which raised concerns about FDI inflows into the economy in the next quarters.
Although newly registered investment capital decreased, realized capital increased over the same period. Actual FDI cash flow into production and business created a driving force for economic recovery and opportunities for domestic enterprises to connect with sizeable global production chains.
According to experts, as investment trends shifted to other fields, such as high-tech production and green growth, Viet Nam should focus on training human resources, developing technology, and creating an appropriate policy corridor to attract high-quality FDI inflows./.