Economy on recovery track as production up and running

VOV.VN - The Vietnamese economy is anticipated to record positive growth as it moves into the new normal state, with the number of newly-registered enterprises rising significantly in October and industrial parks in major COVID-19 hotspots in the south resuming their operations.

According to statistics released by the Ministry of Planning and Investment, Vietnam recorded a total of 8,233 newly-established enterprises with registered capital of VND108,600 billion during October.

This figure represents a rise of 111.2% in terms of the number of enterprises and 73.9% in registered capital, while the number of employees also increased by 17.9% compared to the previous month.

Most notably, a total of 4,304 enterprises returned to operation in October, an increase of 29.8% from last month. The number of businesses in localities impacted by COVID-19, such as Da Nang, Can Tho, Dong Nai, Ho Chi Minh City, and Binh Duong also recorded an impressive recovery.

Bui Minh Tri, head of the Management Board of Binh Duong Industrial Park, said as of October 28 that up to 1,968 enterprises in industrial parks (IPs) throughout the locality have now resumed their production, accounting for more than 96% of the total number of enterprises operating in its IPs.

Meanwhile, over 92% of firms operating in IPs in Dong Nai province have also restored production, with several factories managing to run at full capacity.

Deputy Minister of Planning and Investment Tran Quoc Phuong emphasised that there are signs of recovery emerging now that the COVID-19 pandemic has been gradually brought under control, and that consumer demand has also started to bounce back.

Figures compiled by the General Statistics Office reveal that the total retail sales of consumer goods and services in October surged by 18.1% to reach VND357,900 billion compared to the previous month.

Exports also saw robust growth, with estimated turnover reaching US$27.3 billion in October, a rise of 1% over the previous month and up 0.3% over the same period from last year. As a result, the country posted a trade surplus of US$1.1 billion.

This represents a bright spot in the country’s overall economic picture and duly reflects the recovery of businesses following a hiatus of combating COVID-19.

Deputy Minister Phuong noted Vietnam is now moving into the new normal, making it easier for production and commodity consumption to show signs of recovery.

“We will see what is happening in the last two months of the year,” said Phuong.

The Government is drafting a comprehensive economic development and recovery programme that is expected to help the national economy to weather the COVId-19 crisis and get back on track. 

Related

Vietnam among world's top 20 host economies for FDI
Vietnam among world's top 20 host economies for FDI

Vietnam was named among the world’s top 20 host economies for foreign direct investment for the first time in 2020 with an inflow of US$16 billion.

Vietnam among world's top 20 host economies for FDI

Vietnam among world's top 20 host economies for FDI

Vietnam was named among the world’s top 20 host economies for foreign direct investment for the first time in 2020 with an inflow of US$16 billion.

Export growth represents bright spot for national economy
Export growth represents bright spot for national economy

VOV.VN - Vietnam posted a trade surplus of US$1.1 billion in October, with the export turnover of goods reaching US$27.3 billion, representing a rise of 1% over the previous month and 0.3% against last year's same period, according to the General Statistics Office (GSO).

Export growth represents bright spot for national economy

Export growth represents bright spot for national economy

VOV.VN - Vietnam posted a trade surplus of US$1.1 billion in October, with the export turnover of goods reaching US$27.3 billion, representing a rise of 1% over the previous month and 0.3% against last year's same period, according to the General Statistics Office (GSO).