Gross domestic product (GDP) growth in the first quarter of 2023 is estimated to increase by 3.32% over the same period last year, only higher than the increase of 3.21% in the first quarter of 2020 in the period 2011-2023. The difficulties of the world situation have caused a series of indicators such as exports to plummet by double digits, industrial production (IIP) to decline, businesses that close for the first time outstripping newly registered enterprises.

In following section, NDTC Consulting would briefly describe herewith some highlights regarding most significant variations of macroeconomic indicators during March and the first quarter of 2023.
 

Given the rising demand for wood pallets driven by the ongoing trend of green production and consumption, Vietnam has become one of the leading wood pellet exporting countries. Together with the government's institutional support to ensure a sustainable wood pellet industry and the country's extensive integration in the region and many countries around the world through 15 effective Free Trade Agreements, it is expected that Vietnam will grow into a wood pellet manufacturing powerhouse in the forthcoming period offering excellent business opportunities for foreign companies in both trading and investment.

The economic picture in the first 2 months of the year has shown positive signs with some indicators having prospered such as the rate of capital realized from the State budget increased by 3.2% over the same period, investment capital newly registered foreign direct investment (FDI) is 3 times higher... However, the industrial production index decreased in many localities with large industrial scale, the number of newly registered enterprises and returned to operation was much lower than the number of businesses withdrawing from the market.

The second half of January 2023 is the Lunar New Year of the Rabbit, so people's shopping demand increases, the prices of goods and services increase according to the law of consumption ... has pushed CPI higher than the previous month.

Total import and export turnover of goods in January 2023 was estimated at 46.56 billion USD; in which, export reached 25.08 billion USD, import reached 21.48 billion USD. With this result, the trade balance had a surplus of 3.6 billion USD. 
 

Vietnam in 2022 has had a strong recovery. In which, the macro-economy is stable, inflation is under control, major balances are ensured. The highlight is that GDP in 2022 is estimated to increase by 8.02%, reaching the highest increase since 2011 as the economy has recovered.

As food & beverage being the fundamental necessities of life, annual average F&B consumption in Vietnam accounts for about 15% of the country’s Gross Domestic Product. While the consumption grows steadily throughout the years, F&B industry landscape in Vietnam has transformed thoroughly as a result of the change in consumer behavior after experiencing many difficulties during COVID-19 pandemic.

Vietnam's economic picture in the 11 months of 2022 recorded many outstanding highlights with import-export turnover exceeding the whole year of 2021, a trade surplus of 10.6 billion USD; FDI disbursement reached 19.68 billion USD, the highest in the past 5 years; State budget revenues exceed estimates; the number of newly established businesses increased by 33.2%...

Despite the world's uncertainties, Vietnam's economy continued to recover strongly. In which, the number of newly established enterprises increased, industrial production continued to be the mainstay, major balances continued to be maintained... were the highlights of the economy in the first 10 months of the year...

The highest GDP growth in more than a decade, a trade surplus of over 6.5 billion USD, inflation lower than the average CPI... are the bright spots of the economy in the first nine months of 2022.

In following section, NDTC Consulting would briefly describe herewith some highlights regarding most significant variations of macroeconomic indicators during September and the second quarter of 2022.

Vietnam has a substantial amount of bauxite reserve of 5,800 million tons which is ranked 2nd in the world. However, bauxite mine production of the country in 2021 was shy of 3.5 million tons, which is a small fraction compared to mine production of other large bauxite-reserve countries in the same year such as Australia with 110 million tons, China with 86 million tons, Guinea with 85 million tons, Brazil with 22 million tons, and Indonesia with 8 million tons.

After 8 months of 2022, Vietnam's economic situation continues to prosper with many bright spots. In particular, the number of tourists is increasing, the export turnover of some key products is higher than the same period last year, estimated to be a trade surplus of nearly 4 billion USD...

In following section, NDTC Consulting would briefly describe herewith some highlights regarding most significant variations of macroeconomic indicators during August and the first eight months of 2022.