Vietnam, a resilient and rapidly developing nation in Southeast Asia, continues to make significant strides in its socio-economic landscape. The year 2023 has brought both challenges and opportunities for the country. In this article, we delve into the socio-economic situation of Vietnam, focusing on the developments and trends observed in August and the first eight months of 2023.

1. Agricultural industry in the first 8 months of 2023

In August 2023, Vietnam's agriculture sector showed some noteworthy trends

• Crop Cultivation: The winter paddy cultivation area decreased by 1.4%, while maize and sweet potato areas witnessed reductions of 1.8% and 5.9%, respectively. On a more positive note, the vegetable cultivation area increased by 0.5%. Peanut cultivation also saw a decrease of 5%.
• Livestock Populations: At the end of August 2023, there were significant increases in livestock populations compared to the same period the previous year, with pigs showing a growth of 3.3%, poultry at 2.3%, cattle at 0.5%, and buffaloes at 1.9%.
• Fishery Production: In the first eight months of 2023, Vietnam's fishery production reached a total of 5,931 thousand tons, marking a 1.9% increase. This growth was driven by the expansion of the aquaculture sector, which saw a 3.2% increase in coverage. Catching, however, only experienced a modest 0.3% increase in production

Agricultural industry in the first 8 months of 2023

2. Industrial production in the first 8 months of 2023

The Industrial Production Index (IIP) showed a slight 0.4% increase compared to the same period last year. While mining and manufacturing declined by 2.5% and 0.6% respectively, water supply, waste, and wastewater management surged by 4.8%, and electricity production grew by 1.7%. The business scene in the first eight months of 2023 was active. A total of 103,658 new businesses emerged, demonstrating a robust entrepreneurial spirit. Additionally, 45,742 businesses resumed operations after temporary closures, signifying resilience. However, 11,787 enterprises dissolved, highlighting the dynamic nature of the business environment. Moreover, 112,897 enterprises temporarily ceased operations, possibly due to ongoing economic adjustments. Investment from the state budget increased significantly, reaching 352.1 trillion VND, a substantial 23.1% rise from the previous year. Central capital amounted to 65.3 trillion VND, growing by 29.5%, while local capital reached 286.7 trillion VND, marking a solid 21.8% increase. FDI in Vietnam from January 1st to August 20th, 2023, displayed distinct trends. Registered capital stood at $18.15 billion USD, an 8.2% decrease, while implemented capital grew by 1.3%, reaching $13.10 billion USD. These FDI figures reflect challenges and opportunities in the global economic landscape and Vietnam's role as an investment destination.

 Industrial production in 8 months of 2023

3. Export and import of goods and services in the first 8 months of 2023

In August 2023, Vietnam's trade landscape displayed significant trends. The country's exports amounted to 227.71 billion USD, reflecting a 10% decrease, while imports reached 207.52 billion USD, marking a more substantial 16.2% decrease. This resulted in a favorable trade surplus of 20.19 billion USD. In terms of consumer prices, the CPI for August 2023 registered at 102.96% compared to the same month the previous year, with an average CPI of 103.1% for the first eight months of 2023. Additionally, the dollar price index remained relatively stable at 102.27% during the same period. These figures illustrate Vietnam's dynamic trade environment and its ability to adapt to economic fluctuations.

Export and import of goods and services in the first 8 months of 2023

Overall, Vietnam's socio-economic situation in 2023 underscores its ability to navigate challenges and capitalize on opportunities, positioning itself as a dynamic player on the international stage.

*Citations:

(2023, August 29). INFOGRAPHIC SOCIAL-ECONOMIC SITUATION IN AUGUST AND 8 MONTHS OF 2023. GENERAL STATISTICS OFFICE. https://www.gso.gov.vn/en/data-and-statistics/2023/08/infographic-social-economic-situation-in-august-and-8-months-of-2023/

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