In its Vietnam Macro Monitoring report announced on December 18, the bank stressed that efforts to restore confidence and promote a healthy development of the real estate markets will be key to supporting economic stability in the short term and economic growth in the long term.
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Cumulative FDI commitment for 11 months of 2023 continues to increase. |
The report showed that cumulative FDI commitment for 11 months of 2023 continued to increase, reaching 28.8 billion USD, 14.8% higher than the same period in 2022, despite global uncertainties, reflecting investors’ confidence in Vietnam’s economic prospects. However, this is still about 10% lower than the pre-COVID-19 level in 2019. As of the end of November, FDI disbursement was 20.3 billion USD, 2.9% higher than a year ago, the report said.
The export and import of goods continued to improve in response to recovering external demand, increasing by 6.7% and 5.1% year-on-year, respectively.
The industrial production index grew by 2.7% month-on-month (m/m) in November, due to the increased production of key export products such as textile (4.4%, m/m) and electric equipment (7.9%, m/m). However, prospects remain subdued as Vietnam’s Purchasing Managers' Index (PMI) remained in the contractionary territory in November (47.3 – the lowest level since May 2023).
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The government budget revenue collection during the first 11 months of 2023 fell by 6.2% compared with same period of 2022, due to the slowdown in economic activities. |
Consumer Price Index (CPI) inflation remain stable at 3.5% (y/y) in November, compared with 3.6% (y/y) in October, well below the target inflation of 4.5%.
The government budget revenue collection during the first 11 months of 2023 fell by 6.2% compared with same period of 2022, due to the slowdown in economic activities. Eleven-month cumulative public expenditure, on the other hand, accelerated by 10.6% (y/y), reflecting the government’s effort to support the slowing economy. Public investment disbursement during the first 11 months grew by 36.3% (y/y), but still only constituted 63.4% of the annual capital budget allocation approved by the National Assembly for 2023.
Source: VNA