Weekly News Bulletin - No. 01, February 2023

The Ministry of Industry and Trade plans to set a target of 6% growth in export value this year, considering unpredictable factors that can affect import-export, according to Deputy Minister.

Speaking at the regular Government press conference for January on February 2, the deputy minister said export revenues reached USD371.3 billion in 2022, up 10.5% from the previous year. Thus, with the projected growth rate of 6%, total export value this year would be around USD393-394 billion. 

Vietnam recorded a trade surplus of 3.6 billion USD in the first month of 2023, according to the General Department of Customs. In January, the country exported USD25.08 billion worth of goods, down 13.6% from a year earlier, while imported goods were worth USD21.48 billion, a year-on-year drop of 21.3%. 

Vietnam is predicted to record a rise of 6.6% in industrial production in 2023, according to S&P Global Market Intelligence. The S&P Global Vietnam Manufacturing Purchasing Managers' Index (PMI), released on February 1, posted 47.4 in January, up from 46.4 in December but still pointing to a solid monthly deterioration in the health of the manufacturing sector. Nonetheless, business confidence improved to a three-month high amid hopes that demand conditions will strengthen over the course of the year, feeding through to growth of output. The relaxation of pandemic restrictions in the mainland China was another factor behind the positive outlook. 

Last week highlight 

Vietnam lured USD1.69 billion worth of foreign investment in the first month of 2023, down 19.8% year-on-year, according to the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment. One bright spot in January was that 153 new foreign-invested projects, valued at USD1.2 billion, were granted licenses, up 48.5% in number and 3.1 times in value, which was a signal to confirm the confidence of foreign investors in the investment environment of Vietnam, the FIA said.  

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Let’s look at some other key financial and business headlines during the past week

  1. Vietnam reports trade surplus of 3.6 billion USD in January
  2. Vietnam’s retail sales forecast to reach 350 billion USD by 2025
  3. Vietnam’s industrial production to rise 6.6% in 2023: S&P Global
  4. Nearly 4,000 business establishments to use e-invoices from cash registers
  5. Vietnam faces huge inflationary pressure in 2023: expert
  6. Export target set at 393-394 billion USD in 2023: Ministry
  7. Economists: 2023 GDP may reach 6.47% but challenges remain
  8. Vietnam develops green agriculture to increase exports to EU
  9. Vietnam must step up carbon reduction to enter EU markets
  10. HCM City: number of newly-established firms down in January


Key words: Vietnam, business, finance, economy