|Despite an 8.36 per cent upswing in the average retail electricity price and increases in global oil prices, the inflation rate in May edged up 0.13 per cent against the previous month. (Illustrative photo: VOV)
The information came into the spotlight in an insightful report released by the General Statistics Office of Vietnam (GSO) on May 29. The paper details the socio-economic outcomes the country achieved during the first five months of 2019.
Despite an 8.36 per cent upswing in the average retail electricity price and increases in global oil prices, the inflation rate in May edged up 0.13 per cent against the previous month, enabling the five-month ratio to rise slightly by 1.85 per cent on year, the GSO said. The statistics agency elaborated the slight rise was attributed to the government’s steadfastness towards flexible monetary policy in order to maintain macroeconomic stability.
Difficulties remain over agro-forestry-fishery production, due to the ongoing outbreaks of African swine fever and an annual drop of 45,000 tons in the total output of this winter-spring rice crop. Besides, aquatic exports went down over the five-month period following sharp drops in brackish-water shrimp and pangasius exports to the United States and China.
Meanwhile, industrial production enjoyed an upward trajectory with a growth rate of 4.6 per cent. This was driven by the local processing and manufacturing industry which recorded a growth rate of 10.9 per cent, a five-year peak.
Startups continued to act as a significant capital mobilisation channel for the Vietnamese economy as the number of newly-founded enterprises hit a five-year high of nearly 54,000, with the newly registered capital and additional capital totaling some VND1.7 trillion (US$73.1 million).
The attraction of foreign direct investment continued to thrive with 1,363 new projects being approved and the total registered capital reaching US$6.5 billion, the highest level seen in the past three years. Investment capital from the state budget edged up 1.4 per cent on year to reach VND25.6 trillion (US$1.1 billion).
The country’s trade turnover was recorded at more than US$202 billion during the first five months of this year. Of note, exports reached some US$101 billion, leading to a five-month trade deficit worth US$548 million.