Cpi

The May CPI increased by 0.4% compared to December 2022 and 2.43% from the same period last year. The average CPI of the first five months of this year rose by 3.55% over the same period last year. The year-on-year rise in CPI from the beginning of this year tends to slow down gradually with 4.89% in January, 4.31% in February, 3.35% in March, 2.81% in April 2.43% in May, the GSO pointed out. Factors that pushed the CPI up in the first five months of this year include the increased prices of education, housing and construction materials, culture/entertainment, and tourism because of increasing demand after the COVID-19 pandemic was put under control. In addition, prices of food items hiked by 3.8%, mainly due to higher consumer demand during holidays and festivals. Meanwhile, factors that pulled the CPI down during the period included the falling prices of fuels and postal and telecommunications products. According to the General Statistics Office, core inflation in May … [Read more...] about CPI increases by 0.01% in May

Vietnam’s consumer price index (CPI) in the year to May rose 3.55 percent compared to last year, mostly due to an increase in the prices of food, foodstuffs, electricity, and water amid a prolonged heatwave , the General Statistics Office of Vietnam (GSO) said on Monday. Besides, core inflation, which excludes the prices of fresh food, energy, and state-controlled healthcare and education services, between January and May expanded 4.3 percent compared to the same period last year. The GSO added that the CPI in May edged up a fractional 0.01 percent month on month and increased 2.43 percent against the year-ago figure. Eight out of the 11 consumer goods and service groups in the basket of items used to calculate the CPI witnessed a month-on-month price increase. The group of housing and construction materials registered the highest increase of 1.01 percent, mainly due to a rise in electricity, water, and cooking gas prices. The hot weather over the past weeks has fueled … [Read more...] about Food, power price hikes drive Vietnam’s Jan-May CPI up 3.55 percent

Shoppers at a supermarket in Hai Ba Trung District in Ha Noi. — VNA/VNS Photo The General Statistics Office (GSO) on Monday announced that the May consumer price index (CPI) increased by 0.01 per cent month-on-month mostly due to increases in prices of food, electricity, and water. The May CPI increased by 0.4 per cent compared to December 2022 and 2.43 per cent from the same period last year. The average CPI of the first five months of this year rose by 3.55 per cent over the same period last year. The year-on-year rise in CPI from the beginning of this year tends to slow down gradually with 4.89 per cent in January, 4.31 per cent in February, 3.35 per cent in March, 2.81 per cent in April, and 2.43 per cent in May, the GSO pointed out. Factors that pushed the CPI up in the first five months of this year include the increased prices of education, housing and construction materials, culture/entertainment, and tourism because of increasing demand after the COVID-19 pandemic … [Read more...] about CPI rose slightly by 0.01 per cent in May

Vietnam's economic growth began to weaken in late 2022 and continued into early 2023, resulting in GDP growth of only 3.32% in the first quarter. It would be challenging for Vietnam's economy to achieve 6.5% GDP growth target this year, said Chairman of the National Assembly's Economic Committee Vu Hong Thanh at today's opening session [May 22]. Overview of the session. Photos: quochoi.vn Thanh highlighted that Vietnam's economy had experienced a slowdown from late 2022 to early 2023, resulting in GDP growth of only 3.32% in the first quarter. "To achieve the targeted 6.5% growth for the year, the average growth rate for the remaining quarters needs to be around 7.5%," he added. Meanwhile, challenges in the financial and corporate bonds markets have made it difficult for businesses to access capital, leading to stagnation in the real estate sector. Key drivers of growth, such as exports and foreign direct investment, have also declined, and industrial … [Read more...] about Vietnamese Gov’t under pressure to realize 6.5% GDP growth target

Industrial production improved slightly but remained weak. Source: WB Specifically, the WB reported industrial production improved slightly but remained weak. The industrial production index increased marginally by 0.5 per cent on-year in April, an improvement from the 2 per cent on-year contraction in March. Production of textile, footwear, and leather products, electronics, computers, cell phones (including parts), motor vehicles and transportation equipment continued contracting in April as well as in the first four months of the year compared to the same period of 2022, reflecting weaker than expected exports. Continued expansion of industrial production for domestic consumption, including food and beverage as well as petrol, partly mirrors growth in domestic demand in April. Vietnam Manufacturing Purchasing Managers' Index (PMI) fell to 46.7 in April 2023 from 47.7 in March, indicating continued pessimistic business conditions. Retail sales growth moderated as 2022 as … [Read more...] about External headwinds continue to hurt Vietnam’s economy: World Bank

An overview of the NA's fifth plenary session (Photo: VNA) Hanoi (VNA) – National Assembly (NA) deputies on May 22 discussed a report on supplementary assessments on outcomes of the socioeconomic development plan and State budget in 2022 and the implementation of such plan for the first months of this year, following the opening of the 15th NA’s fifth plenary session . Delivering the report, Deputy Prime Minister Le Minh Khai said that last year, 13 out of the 15 targets set for the year were completed and exceeded. After being supplemented, the socioeconomic development results of 2022 changed positively, with GDP growth of 8.02% compared to about 8% in the original report, and CPI increase of 3.15% from about 4% in the previous report. Meanwhile, the State budget collection in the year topped 1.81 quadrillion VND (77.18 billion USD), more than 201.4 trillion VND higher than the previously reported figure, Deputy PM Khai said. However, the number of unfinished … [Read more...] about Deputies discuss socioeconomic performance at NA’s fifth session

Stay up to date with the latest events in Vietnam. UK financial institution invests $15 million in Southeast Asia's energy transition A wind power farm in Ninh Thuan Province. Photo: Khac Kien/The Hanoi Times On May 22, British International Investment (BII) pledged US$15 million to the SUSI Asia Energy Transition Fund (SAETF), managed by Swiss-based SUSI Partners, marking the beginning of its plan to invest up to US$622.3 million in climate finance for Southeast Asia. SAETF targets renewable energy , energy efficiency, and energy storage projects in emerging economies in Southeast Asia, including Indonesia, Vietnam, and the Philippines. The investment aims to support sustainable economic growth in the region and attract other commercial investors to channel climate finance opportunities. Vietnamese students win awards at international science fair Two projects by Vietnamese high school students won awards at the Regeneron 2023 International … [Read more...] about Vietnam News Highlights for May 23, 2023

Delivering the report, Deputy Prime Minister Le Minh Khai said that last year, 13 out of the 15 targets set for the year were completed and exceeded. After being supplemented, the socio-economic development results of 2022 changed positively, with GDP growth of 8.02% compared to about 8% in the original report, and CPI increase of 3.15% from about 4% in the previous report. Meanwhile, the State budget collection in the year topped VND 1.81 quadrillion (USD 77.18 billion), more than VND 201.4 trillion higher than the previously reported figure, Deputy PM Khai said. However, the number of unfinished targets was raised to two from only one as reported to the N.A. earlier, as the contribution of the processing-manufacturing industry in GDP reached only 24.76% compared to 25.7% - 25.8% in the original report, lower than the set target of 25.7% - 25.8%, said Khai. Clarifying major socio-economic tasks and solutions in the time to come, he said that amid the complicated and … [Read more...] about Deputies discuss socio-economic performance at N.A.’s fifth session

A woman performs a transaction on mobile phone at Bao Viet Securities' office. — VNA/VNS Photo The stock market is expected to see more investment opportunities for the medium and long term in the second quarter of 2023, according to analysts. In its latest report, BSC Securities Company said that the market witnessed strong divergence among industry groups in the first quarter of the year. Particularly, the financial, material, and energy sectors all posted better performances than the benchmark VN-Index. The securities firm also lowers its GDP growth forecast to 5.8 per cent in the positive scenario, compared to 6.7 per cent in early 2023, and to 5.3 per cent in the negative scenario, the report said. Many signs show that production activity is weakening while the real estate industry is still facing many challenges. In the first four months of the year, import and export value growth also declined. However, the macro situation has shown some positive signs, as inflation … [Read more...] about Stock market sees signs of rallies in the second half

A woman performs a transaction on mobile phone at Bao Viet Securities' office. (Photo: VNA) Hanoi (VNS/VNA) - The stock market is expected to see more investment opportunities for the medium and long term in the second quarter of 2023, according to analysts. In its latest report, BSC Securities Company said that the market witnessed strong divergence among industry groups in the first quarter of the year. Particularly, the financial, material, and energy sectors all posted better performances than the benchmark VN-Index. The securities firm also lowers its GDP growth forecast to 5.8% in the positive scenario, compared to 6.7% in early 2023, and to 5.3% in the negative scenario, the report said. Many signs show that production activity is weakening while the real estate industry is still facing many challenges. In the first four months of the year, import and export value growth also declined. However, the macro situation has shown some positive signs, as … [Read more...] about Stock market sees signs of rallies in second half