Business News

The May consumer price index (CPI) rose 0.01% compared to April, primarily due to increases in the price of food, electricity, and water, according to the General Statistics Office.

Vietnam has posted a trade surplus of 9.8 billion USD in the first five months of the year, with export revenue standing at over 136 billion USD and import revenue at more than 126 billion USD, according to the General Statistics Office.

Vietnam’s exports in May continued to improve, with a 4.3% increase versus April to US$29 billion, according to an official at the Ministry of Industry and Trade. During the first five months of the year, exports generated US$136.2 billion. Manufactured products accounted for over 88% of the total value, with electronics regaining momentum.

The Index of Industrial Production (IIP) in May continued to recover, but enterprises are still facing difficulties due to the impact of increasing input production costs, according to the General Statistics Office (GSO).

Due to a decline in orders, PouYuen Vietnam, a shoe manufacturer whose clients include Nike and Adidas, has announced it will eliminate nearly 6,000 permanent positions between late May and early June. This will be the largest series of terminations since the corporation began operations in Ho Chi Minh City in 1996.

According to the International Monetary Fund (IMF), Vietnam's GDP based on purchasing power parity (PPP) stood in 25th position globally in 2022, ranking just below countries such as Australia, and Poland.

Around 25,500 firms have halted their operations and are awaiting dissolution, surging 34.1% against the year-ago period, while 7,300 others have completed procedures for disbandment, a 6.5% year-on-year rise.

Vietnamese businesses have poured US$316.4 million into their projects overseas in the past five months, down 6.5% against the same period last year, according to the Foreign Investment Agency under the Ministry of Planning and Investment.