Vietnamplus

The Asian Development Bank (ADB) has revised down its growth forecast for the Lao economy in 2023 to 3.7%, from a 4.0% projection released in April.

Exports and investments will continue driving Vietnam's economic growth in the remainder of this year, helping the nation realise the growth target of 6-6.5%, according to insiders.

The number of newly-established real estate businesses stood at 3,066 in the first eight months of this year, a decline of 53.4% over the same period last year, according to the General Statistics Office (GSO) under the Ministry of Planning and Investment.

Hanoi’s consumer price index (CPI) in August rose 1.08% month on month, 1.6% from December 2022, and 0.78% from a year earlier, the municipal Statistics Office reported.

Foreign arrivals in Vietnam hit 1.2 million in August and topped 7.8 million in the first eight months of this year, nearing the target set for the whole year, reported the General Statistics Office on August 29.

Vietnam's consumer price index (CPI) in August increased 0.88% month-on-month, fueled by higher prices of petroleum, rice and housing, the General Statistics Office (GSO) announced on August 29.

In its recent report, the World Gold Council said demand for gold in Vietnam shrank 9% in the second quarter year on year due to the economic difficulties.

The key socioeconomic indicators for some Malaysian states improved in 2022, buoyed by a 248.1% rise in domestic tourism expenditure reaching 64.1 billion RM (14.06 billion USD) versus 18.4 billion RM in 2021, according to the State Socioeconomic Report 2022 released by the Statistics Department Malaysia (DOSM) on August 7.

Malaysia’s labour market continued to see improvements in 2022 with the unemployment rate dropping to 3.9 % and a higher employment rate, according to the Department of Statistics Malaysia (DOSM).

The consumer price index (CPI) of Hanoi went up 0.99% in the first seven months of 2023 compared to the same period last year, the municipal Statistics Office reported.

The disbursed capital sourced from the state budget topped 291 trillion VND (12.3 billion USD) in the first seven months of 2023, equivalent to 41.3% of the yearly target and rising 22.1% from a year earlier, showing an observable improvement in public investment disbursement, said the General Statistics Office (GSO).

The number of new firms established in the January-July period, at 89,600, was up 0.2% from the same period last year, but their total registered capital reduced by 17.1% to 834 trillion VND (35.2 billion USD), reported the General Statistics Office.

Total retail sales of consumer goods and services have increased 10.4% year on year to almost 3.53 quadrillion VND (149 billion USD) in the first seven months of 2023, compared to a rise of 15.7% during the same period of 2022, reported the General Statistics Office (GSO).

Ho Chi Minh City recorded a month-on-month increase of 0.15% in its July consumer price index, the municipal Statistics Office said on July 27.

Philippine tourists were the biggest spenders in Vietnam last year, according to the Statistical Yearbook 2022, recently released by the General Statistics Office.

Vietnam’s export turnover is estimated to reach 29.3 billion USD in June, a month-on-month rise of 4.5%, which shows that the market is gradually recovering thanks to trade promotion activities, according to the General Statistics Office.

Strong disbursement of public investment, especially from the second quarter of this year, has helped increase demands and promote growth of economic sectors, thus contributing to boosting economic growth in the second quarter and the first half of 2023, said General Director of the General Statistics Office Nguyen Thi Huong.

The United Overseas Bank (UOB)’s Global Economics & Market Research Unit has lowered its 2023 economic growth forecast for Vietnam from 6% to 5.2% amid many challenges ahead.

The index of industrial production in the first half of 2023 grew by only 0.44% year-on-year due to decreasing orders, falling demand and rising input costs.

In the first half of this year, Vietnam enjoyed positive economic recovery of the industry, construction, and service sectors, giving reasons for optimism on the economic outlook for the rest of the year.