Notably, as Vietnam implements 16 free trade agreements with over 60 partners, most of which are major economies spanning continents, the country has become one of the world’s top 20 nations in terms of international trade scale. Vietnam continues to achieve high and stable growth rates and record-breaking trade surpluses.
CPI rises by 3.69% in the first 11 months of 2024
According to data on the socio-economic situation in November and the first 11 months of 2024 which was released by the General Statistics Office, increases in residential electricity prices, rental housing costs, and home maintenance materials were the primary drivers behind the 0.13% rise in the Consumer Price Index (CPI) for November compared to the previous month. Specifically, eight categories of goods and services experienced price increases including: housing, electricity, water, fuel, and construction materials with the highest rise of 0.87%; other goods and services increasing by 0.29%; beverages and tobacco by 0.26%; apparel, hats, and footwear increasing by 0.21%; culture, entertainment, and tourism by 0.2%; education by 0.11%; household equipment and appliances increasing by 0.08%; and medicines and healthcare services by 0.05%.
Statistics from the General Statistics Office revealed that core inflation in November 2024 rose by 0.24% from the previous month and by 2.77% compared to November 2023. Over the first 11 months of 2024, core inflation increased by 2.7% year-on-year, lower than the overall CPI average increase of 3.69%. This discrepancy is primarily due to the exclusion of certain items, such as food, electricity, educational services, and healthcare services, which significantly impacted CPI from the core inflation calculation.
Notably, domestic gold prices mirrored global gold trends. As of November 27, the average global gold price stood at 2,696.8 USD per ounce, up 0.12% from October 2024. Domestically, the gold price index for November 2024 increased by 2.26% from the previous month, 32.91% from December 2023, and 38.2% year on year. On average, the gold price index rose by 28.42% over the first 11 months of 2024.
In early November 2024, global gold prices saw a significant decline after Republican candidate Donald Trump won the US presidential election. This drop occurred as investors adjusted their portfolios and awaited new economic policies from the newly-elected president. However, this decrease was short-lived, and gold prices quickly rebounded in the following weeks due to factors such as geopolitical tensions and expectations of interest rate cuts by the US Federal Reserve.
Regarding investment from the state budget, the government, prime minister, ministries, agencies, and localities have focused on accelerating the implementation of these funds. State budget investment in November is estimated at 75.9 trillion VND (about 3 billion USD), a 5.6% increase compared to the same period last year. For the first 11 months of 2024, state budget investment is estimated to reach 572.0 trillion VND (22.5 billion USD), accounting for 73.5% of the annual plan, and increasing by 2.4% year on year.
Meanwhile, the total registered foreign investment in Vietnam as of November 30, including new registration capital, adjusted capital, and foreign investors' equity contributions and stock purchases, reached 31.38 billion USD, an increase of 1% compared to the same period last year. Direct foreign investment (FDI) implemented in Vietnam for the first 11 months is estimated at 21.68 billion USD, a 7.1% increase compared to the same period last year.
Vietnam's total export-import turnover reaches nearly 716 billion USD
According to the General Statistics Office’s representative, the internal strength of businesses in the context of economic recovery has provided a strong boost to the growth of the retail and export sectors. In November 2024, nearly 11,200 new businesses were established across the country, which represents a 21.3% decrease compared to the previous month and a 22.6% decline compared to the same period last year. On the other hand, more than 7,700 businesses resumed operations, showing a 10.9% decrease compared to the previous month but a 17.4% increase yearon year. A total of 4,243 businesses registered for temporary business suspension, a 22.2% decrease from the previous month and a 5.9% decrease compared to the previous year. Additionally, 7,550 businesses ceased operations while waiting for liquidation procedures, marking a 39.2% increase compared to the previous month and a 14.4% rise compared to the same period last year. Furthermore, 1,910 businesses completed their liquidation procedures, which is a 3.9% decrease compared to the previous month, but still a 14.2% increase year on year. For the first 11 months of 2024, over 218,500 businesses were either newly established or resumed operations, representing a 7.4% increase compared to the same period in 2023.
On average, nearly 19,900 new businesses have been established and reactivated each month. The number of businesses withdrawing from the market is 173,200, an increase of 9.1% compared to the same period last year. On average, more than 15,700 businesses withdrew from the market each month.
Also, according to the General Statistics Office, out of the total export revenue of 370 billion USD for the first 11 months of 2024, the top 7 export sectors contributed 246 billion USD, with electronics, computers, and components leading at 65.27 billion USD, up 26.3%. The total export revenue for goods after 11 months of 2024 has reached 370 billion USD, as recently reported by the General Statistics Office. This export result is nearly equal to the record level of 2022 (371.3 billion USD) and far exceeds last year's figure of 355 billion USD.
Thus, compared to the same period last year, exports have increased by an additional 46.73 billion USD, surpassing the total annual export value of the entire textile industry. In the first 11 months of 2024, 36 items reached export revenue of over 1 billion USD, accounting for 94.1% of total export revenue (with 7 items exporting over 10 billion USD, making up 66.5%). With the current performance, total exports for 2024 could exceed 400 billion USD. It is estimated that if December's exports match those of November (nearly 34 billion USD), total exports will reach around 403-404 billion USD. The industries expected to achieve record revenues include: electronics, computers, and components with over 70 billion USD; phones and components with 54 billion USD; machinery, equipment, tools, and other spare parts with 52.5 billion USD; and footwear with around 23 billion USD.
Independent expert Trinh Ha commented that the retail sector has seen a high profit growth in recent times, thanks to improved purchasing power in the context of a positive economic recovery. Meanwhile, businesses in this sector have taken the right steps in restructuring stores and product lines to enhance business efficiency. The export sector, including textiles, seafood, and wood, has also delivered positive business results. The growth momentum in the retail sector is expected to continue as the economy shows brighter prospects.
The General Statistics Office projects that Vietnam will achieve a trade surplus of over 20 billion USD by the end of this year, marking the ninth consecutive year of trade surpluses.
