SOCIAL AND ECONOMIC SITUATION IN THE 3RD QUARTER AND 9 MONTHS OF 2020

1.The growth rate of gross domestic product

Gross domestic product (GDP) in the third quarter of 2020 is estimated to increase by 2.62% over the same period last year, which is the lowest increase of every third quarter in the period 2011-2020[1]. The covid-19 epidemic was strictly controlled, the economy gradually returned to operation in new normal conditions, so GDP in the third quarter of 2020 grew prosperously compared to the second quarter of 2020, of which the agriculture and forestry sector and fishery increased by 2.93%; industry and construction increased by 2.95%; service sector increased by 2.75% and product tax minus subsidies on production increased 0.70%. Regarding the expenditure approach of the third quarter GDP this year, the final consumption increased by 1.19% over the same period last year; the capital formation increased by 5.79%; the exports of goods and services rose by 2.86%; the import of goods and services rose increased by 1.88%.

GDP in nine months of 2020 increased by 2.12% (an increase by 3.68% in the first quarter; 0.39% in the second quarter; and 2.62% in the third quarter), the lowest growth rate of nine months in 2011-2020[2]. In the context of complicated developments in Covid-19, negatively affecting all socio-economic fields, the countrys economy continues maintaining positive growth, showing the relevance and precise in direction and management to economic recovery, disease prevention and determination, unanimity of the entire political system, the Government, the Prime Minister; efforts of people and the business community to effectively implement the goal of "both preventing epidemic and developing socio-economic situation". In the general growth of the whole economy, the agriculture, forestry and fishery sector increased by 1.84%, contributing 13.62% to the general growth; industry and construction increased 3.08%, contributing 58.35%; the service sector increased by 1.37%, contributing 28.03%.

The agriculture, forestry, and fishery sector in nine months of 2020 increased slightly against the same period last year due to the effects of climate change, the Covid-19 epidemic, and African swine fever. Of which, the agricultural sector increased by 1.65%, only higher than the 0.02% and 0.91% increase of nine months of 2016 and 2019 in the period 2011-2020[3], contributing 0.19 percentage points to the increase of the total value-added growth rate of the whole economy; the forestry sector increased by 2.02% but accounted for a low proportion, so it only contributed 0.01 percentage points; the fishery sector increased by 2.44%, higher than the growth rate of 2.11% and 1.81% in 9 months of 2015 and 2016 in the period of 2011-2020[4], contributing 0.08 percentage points.

In the industry and construction sector, the industry in nine months of 2020 increased by 2.69% over the same period last year, much lower than the growth rate of the same period in 2011-2020[5], contributing 0.91 percentage points to the growth rate of the total added value of the whole economy. The processing and manufacturing industry increased by 4.6%, lower than the growth rate of the same period of years in the period 2011-2020[6], contributing 1.02 percentage points. The mining industry decreased by 5.35%, decreasing by 0.32 percentage points of the increase in the total added value of the whole economy due to the 14.1% decrease in crude oil production and the decrease of natural gas by 9.1%. The construction industry increased by 5.02%, higher than the 0.01% decrease and 2.78% increase of 9 months of 2011 and 2012 in the period of 2011-2020[7], contributing 0.33 percentage points.

In the first months of 2020, the Covid-19 pandemic seriously affects trade, services and import-export activities. The service sector in 9 months achieved the lowest growth rate of the same period in 2011-2020[8]. In the service sector, the contribution of a number of market service industries has a large proportion to the increase in total value added of 9 months as follows: Wholesale and retail increased by 4.98% over the same period last year, contributing 0.54 percentage points; finance, banking and insurance increased by 6.68%, contributing 0.4 percentage points; transportation and warehousing went down by 4%, making down by 0.14 percentage points; the accommodation and catering services sector decreased by 17.03%, down by 0.76 percentage points.

Regarding to the economic structure in 9 months, the agriculture, forestry and fishery sector accounts for 14.05%; industry and construction accounted for 33.16%; the service sector accounted for 42.73%; product taxes fewer subsidies on production accounts for 10.06% (The corresponding structure of the same period in 2019 is: 13.21%; 33.97%; 42.75%; 10.07%).

From the expenditure approach of the 9-month GDP of 2020, the final consumption increased by 0.86% over the same period in 2019; the capital formation increased by 3.39%; the exports of goods and services rose 0.9%; the imports of goods and services decreased by 1.25%.

+ Gross domestic products at current prices
+ Gross domestic products at constant prices 2010
+ Agricultural production as of February 15, 2020
 
 2. Agriculture, forestry and fishery

The agriculture, forestry and fishery sector in nine months of 2020 faced many difficulties due to drought salinity; African Swine Fever; Covid-19 epidemic in the world has complicated developments, affecting the production and export and import activities of agricultural products. Facing these difficulties, the Agriculture sector has had many timely and effective response solutions, so the production results were fair, the winter-spring and summer-autumn paddy crops were harvested and the prices were quite well; the production of perennial plants had a good growth rate; poultry husbandry is well developed; the pigs are gradually recovering; shrimp export activity started to prosper. The agriculture, forestry and fishery sector has played a supporting role in the economy in difficult times, ensuring the supply of food, essential goods, and an important department to implement wellbeing during a pandemic.

+ Main products of livestock
+ Outcome of forestry production
+ Fishing production
 
 a) Agriculture

The countrys winter-spring rice yield this year reached 66.4 quintals/hectare, increasing 0.9 quintals/hectare compared to the winter-spring crop of 2019. Total countrys winter-spring paddy production reached 19.9 million tons, a drop of 593.5 thousand tons, in comparison with that of over the previous winter-spring crop because the cultivated area this year reached 3,024.1 thousand hectares, a decrease of 3.2%.

As of mid-September, the total winter paddy cultivated area in the country reached 1,512.6 thousand hectares, an equal to 97.1% of over the same period last year, of which the Northern localities reached 1,050.8 thousand hectares, an equal to 98.1%; the Southern provinces reached 461.8 thousand hectares, equaling 95%. The cultivated area of winter paddy this year in the North was recorded low due to some localities converted a part of the paddy cultivation area to other uses; the yield was estimated at 51.3 quintals/hectare, rising by 0.3 quintals/hectare.

This year, the country cultivated 1,944.8 thousand hectares of summer-autumn paddy, a decrease of 64.8 thousand hectares compared to that of the previous year. As of September 15th, 2020, the localities harvested 1,618.7 thousand hectares of summer-autumn paddy, holding 83.2% of the cultivated area and an equal to 91.7% of over the same period last year. The countrys summer-autumn paddy yield this year was estimated at 55.7 quintals/hectare, an increase of 0.9 quintals/hectare compared to that of over the same period in 2019, the total production of the summer-autumn paddy in 2020 was estimated at 10.83 million tons, a drop of 119.3 thousand tons.

As of mid-September, the Mekong River Delta cultivated 590.1 thousand hectares of autumn-winter paddy, an equal to 95.1% of over the same period last year due to the influence of the production progress of late summer-autumn crop; some areas do not have enough production time, so farmer temporarily let the land rest, in order to alluvium come to fields for the upcoming winter-spring crop.

It was estimated in the September buffalo population decreased by 2.2% compared to that of over the same period in 2019; the cattle population increased by 2.5%. It was estimated in 9 months, production of buffalo living weight reached 69 thousand tons, rising by 1.8% (in the third quarter, it reached 20 thousand tons, an increase of 3.5%); production of cattle living weight reached 272.6 thousand tons, rising by 5.7% (it was recorded to reach 85.1 thousand tons in the third quarter, an increase of 9.6%); cow milk production reached 799.2 thousand tons, rising by 9.9% (the third quarter reached 277.1 thousand tons, rising by 13.6%).

African swine fever has been basically controlled. Pig population as of September 2020 increased by 3.6% compared to that of over the same period in 2019; production of pig living weight in 9 months was estimated at 2,483.1 tons, falling by 3.2% (it reached 846.2 thousand tons in the third quarter, rising by 9.7%).

The total poultry population in September increased by 5.7% compared to that of over the same period in 2019; production of poultry living weight in 9 months was estimated at 1,056.7 thousand tons, rising by 11.4% (in the third quarter, it reached 348.6 thousand tons, rising by 7.7%); production of poultry eggs in 9 months reached 10.7 billion eggs, rising by 10.8% (it reached 3.5 billion eggs in the third quarter, rising by 9.6%).

As of September 23, 2020, the country was no longer recorded cases of blue ear disease in pigs. Some of the diseases still remained in some localities for less than 21 days: avian influenza was still in Hai Phong, Nghe An, Quang Ngai, Vinh Long, Ca Mau; foot and mouth disease remained in Cao Bang, Quang Tri, Kon Tum, Dak Lak; African swine fever was reported in 251 communes, 92 districts of 27 provinces and central cities.

b) Forestry

In the third quarter of 2020, the country’s concentrated forests area was estimated at 63.2 thousand hectares, falling by 6.9% compared to that of over the same period last year; the number of dispersed trees reached 22 million, rising by 0.5%; production of wood reached 4,529 thousand m3, rising by 1.5%; firewood production reached 4.6 million ste, rising by 0.9%. Generally, in 9 months, the concentrated forests area was estimated at 169.5 thousand hectares, decreasing by 2.6% of over the same period last year; the number of dispersed trees reached 66.5 million, falling by 1.3%; production of wood reached 12,050 thousand m3, an increase of 1.8%. Firewood production reached 14.4 million ste, falling by 0.3% compared to that of over the same period in 2019.

The area of devastated forest in the third quarter of 2020 reached 356 hectares, falling by 84.8% to that of over the same period last year. Generally, in nine months this year, the devastating forest area was 1,291 hectares, decreasing by 60.2% of over the same period last year, of which the fired forest area was 603.7 hectares, falling by 78.2%; area of cut and destroyed forest was 687.3 hectares, rising by 45.1%.

c) Fishery

Fishery production in the third quarter of 2020 was estimated at 2,261.6 thousand tons, rising by 1.4% of over the same period last year. Generally, in nine months this year, the total fishery production was estimated at 6,131.6 thousand tons, rising by 1.6% of over the same period last year, of which aquaculture production in 9 months was estimated at 3,218 thousand tons, rising by 1.4%; production of fishery catching in 9 months was estimated at 2,913.6 thousand tons, increasing by 1.9%.

3. Industrial production

Due to the negative impacts of the Covid-19 epidemic, the growth rate of value-added of the industry sector in the third quarter of 2020 was only 2.34% over the same period last year. Totally, in nine months, the value added of industry increased by 2.69%, of which the manufacturing increased by 4.6% and was the 9-month lowest growth rate in 2011-2020. However, due to the well-controlled epidemic diseases, sectors of the economy are entering a state of new normal conditions, industrial production in September 2020 was brighter than the previous month, hoping to soon recover and grow again in the last months of the year

+ Index of industrial production of September and 9 months in 2020
+ IIP of every quarter in 2020
+ Some key industrial products of September and 9 months 2020
+ Some key industrial products of every quarter in 2020
+ Consumption and inventory index of manufacturing
+ Labour employed index (LEI) of industrial enterprise
+ LEI of industrial enterprise by province
 
The growth rate value added of the whole industry in nine months was estimated to increase by 2.69% over the same period last year (increased by 5.1% in the first quarter; 1.1% in the second quarter; by 2.34% in the third quarter). Of which, the manufacturing industry increased by 4.6% (increased by 7.12% in the first quarter; 3.38% in the second quarter; 3.86% in the third quarter), contributing 1.02 percentage points to the overall growth rate of the whole economy; electricity increased 3.7%, contributing 0.18 percentage points; water supply, sewerage waste management and remediation increased 4.4%, contributing 0.03 percentage points; the mining and quarrying decreased by 5.35% (due to the sharp drop in crude oil production by 14.1% and natural gas by 9.1%), the decrease of 0.32 percentage points in the general growth rate.

Index of industrial shipment (IIS) of manufacturing in September 2020 increased by 1.2% over the previous month and by 4.7% over the same period last year. Generally, in nine months, IIS of manufacturing increased by 2.6% over the same period last year (it increased by 9.5% in the same period in 2019).

Index of industrial inventory of manufacturing as of September 30, 2020, was estimated to increase by 24.3% over the same period last year (it was 17.2% in the same period in 2019). The average index of industrial inventory of manufacturing in 9 months of this year reached quite high at 75.6% (72.1% in the same period last year).

4. Enterprise activities

The number of newly-established enterprises in September 2020 decrease of  12.6% compared to the same period in 2019, the main reason is due to the effects of the Covid-19 epidemic. Besides that, September 2020 coincided with the seventh lunar month, that the people were unwilling to start and run business. However, the scale of registered capital continued to be expanded by enterprises increase of 45% compared to the same period in last year. In 9 months of 2020, the total number of newly-established enterprises and re-operated enterprises reached 133.6 thousand enterprises, an increase of 2.9% compared to the same period last year; the average registered capital of a newly established enterprise reached 14.4 billion VND, rose by 14.4%. Results on the business tendency survey of the manufacturing enterprises showed that enterprises continue to be optimistic about the business production situation in the fourth quarter of 2020 with 81% of enterprises that would be more stable and better.

+ Some indicators about enterprise
+ Number of newly registered enterprises by kinds of activity(*)
+ Number of enterprises returned to operation
+ Number of temporarily ceased enterprises with a certain time
+ Number of enterprises completed dissolution procedures
 
a) Enterprise registration status[9]

In September 2020, the whole country had 10.3 thousand newly established enterprises with a registered capital of 203.3 trillion VND and the total number of registered employees of 83 thousand employees, a decrease of 23.1% in the number of enterprises, a decrease of 29.6% in the registered capital and a decrease of 13.8% in the number of employees compared to last month[10]. The average registered capital of an enterprise reached 19.7 billion VND, reduced 8.5% compared to last month and rose by 65.9% compared to the same period in 2019. In the month, there were 4,568 re-operated enterprises in the whole country, a decrease of 4.3% ​​compared to the previous month and rose by 89.3% compared to the same period in 2019; 3,269 enterprises ceased for a certain period of time, rose up 5.4% and 114.9%; 4,097 enterprises temporarily ceased and awaited dissolution procedures, an upturn of 19.7% and 50.8%; 1,736 enterprises completed dissolution procedures, rose up 22.6% and 14.1%; 6,933 enterprises not operating at the registered address increased by 77% and 59.1%.

Generally, in 9 months of this year, the whole country had nearly 99 thousand newly registered enterprises with a total registered capital of 1,428.5 trillion VND and the total number of registered employees of 777.9 thousand employees, a cut down of 3.2% in the number of enterprises, an increase of 10.7% in number the registered capital and a decrease of 16.3% in the number of employees compared to the same period in last year. The average registered capital of a newly established enterprise in 9 months achieved 14.4 billion VND, climbing up 14.4% compared to the same period in last year. If including 2,173.4 trillion VND of the additionally registered capital of 29.5 thousand enterprises that recorded upward adjustment of capital, the total additional registered capital in the economy in 9 months of this year  was 3,601.9 trillion VND, rose by 19.2 compared to the same period in last year. In addition, there were 34.6 thousand re-operated enterprises, an increase of 25.5% over the same period last year, bringing the total number of newly registered enterprises and re-operated enterprises in 9 months to 133.6 thousand enterprises. The average every month, 14.8 thousand newly established enterprises and re-operated enterprises.

The number of enterprises ceased for a certain period of time in 9 months this year was 38.6 thousand enterprises, increasing by 81.8% compared to the same period last year; 27.6 thousand enterprises temporarily ceased and awaited dissolution procedures, a decline of 2.4%; nearly 12,1 thousand enterprises completed dissolution procedures, an increase of 0.1%, 36.5 thousand enterprises not operating at the registered address increased by 39.6% compared to the same period in last year.

b) Business trends of the enterprises

Results of the business tendency survey of manufacturing enterprises in the third quarter of 2020 showed that: 32.2% of enterprises assessed that the business production situation in the third quarter of this year was better previous quarter; 31.9% of enterprises faced difficulties and 35.9% of enterprises said that the business production situation was stable. For expected outcome of the fourth quarter of 2020, 45.6% of enterprises presented that the tendency would get better; 19% of enterprises predicted that it would be more difficult and 35.4% of enterprises said that the business production situation would be stable.

5. Service operation

Trading and service activities and transport in September showed signs of rebounding, commodity market and peoples lives gradually stabilized,

Gross retail sales of consumer goods and services in the third quarter were estimated to reach 1,305.8 trillion VND, going up by 14.4% over that in the previous quarter and up 4.5% over that in the same period last year. Generally for nine months, gross retail sales of consumer goods and services reached 3,673.5 trillion VND, rising by 0.7% over that in the same period last year, if excluding the price factor, the decrease was 3.6% (that in the same period in 2019 increased by 10.8%).

Passengers carried in the third quarter reached 815.3 million, decreased by 34% and 35.8 billion passengers-km, reduced 42.1% compared to the same period last year. Generally for nine months, passengers carried reached 2,625.8 million passengers, a decrease of 29.6% over the same period last year (it increased by 10.5% in the same period in 2019) and passengers traffic gained 119.4 billion passengers-km, a decline of 35.2% (the similar period last year recorded a growth rate of 9.8%). Freight carried in the third quarter of this year was estimated at 454.2 million tons, decreased 6.4% and 82.6 billion tons.km, reduced by 10.4% compared to the same period last year. Generally for nine months, freight carried reached 1,264.6 million tons, down 7.3% against the similar period last year (it moved up by 8.9% in the same period in 2019) and freight traffic gained 242.5 billion tons-km, down 8.2% (the identical period last year witnessed a 7.5% growth).

Telecommunications revenue in the third quarter of 2020 was estimated at 91.9 trillion VND, a decrease of 1.8% compared to the same period last year (if excluding the price factor, the increase was 3.6%). Generally, telecommunications revenue  in nine months was estimated to reach 278.2 trillion VND, a decrease of 0.4% compared to the same period last year (if excluding the price factor, the increase was 4.1%.

International visitors to Viet Nam in September were estimated at 13.8 thousand, reduced by 15.5% over the previous month and decreased 99,1% compared to the same period last year.

+ Retail sales of good and services in September and nine months in 2020
+ Retail sales of good and services in quarters of 2020
+ Carriage of passengers in September and 9 months of 2019
+ Carriage of passengers in quarters of 2020
+ Freight in September and 9 months of 2020
+ Freight in quarters of 2020
+ International visitors to Vietnam in September and 9 months of 2020
+ International visitors to Vietnam in quarters of 2020
 
6. Banking, insurance, security activities

The operation of the credit institutions system in 9 months of 2020 was negatively affected by the Covid-19 epidemic, as of September 22nd, 2020 the credit growth reached a low level of 5.12%. However, the State Bank of Vietnam adjusted the operating rate to stabilize the money and foreign exchange markets. The insurance business has grown well, ensuring the interests of insurance participants. Total capital mobilization of the stock market for the economy in 9 months increased by 1.43% over the same period last year.

As of September 22nd, 2020, the total liquidity increased by 7.74% compared to the end of 2019 (at the same time in 2019 was 8.41%); capital mobilization from credit institutions increased by 7.7% (at the same time in 2019 was 8.79%); credit growth of the economy reached 5.12% (at the same time in 2019 was 8.51%).

Insurance premium revenue of the whole market in 9 months of 2020 was estimated to increase by 14% over the same period last year (in the third quarter of 2020, up 12%), of which life insurance premium revenue increased by 17%; non-life insurance increased by 7%.

Generally, in nine months, the total capital mobilization for the stock market was estimated at 228.8 trillion dongs, rose by 1.43% over the same period last year, the average trading value on the market reached 5.835 billion VND per session, up by 25.3% compared to the average of 2019; the average trading value on the market in September reached 8.648 billion VND per session, a rise of 1.5% over the previous month; the average trading volume reached 170.348 contracts per session, an increase of 92% compared to the previous year average.

7. Development investment

The realized investment in the first 9 months of 2020 increased by 4.8% compared to the same period in 2019, the lowest increase in the period 2016-2020 due to the negative impact of the Covid-19 epidemic on all activity. However, the investment capital of the State budget in September and 9 months of the year 2020 both reached the highest increase in the years 2016 - 2020. Investment capital in the State sector tends to increase, which is the result of accelerated implementation and disbursement of public investment, in order to maintain economic growth in the context of the well-controlled Covid-19 epidemic in Viet Nam.

+ Realized social investment capital at current prices
+ Realized investment capital under the State budget in September and 9 months of 2020
+ Realized investment capital under the State budget in quarters of 2020
+ Licensed FDI projects from January 01 to September 20, 2020
 
The realized investment in the third quarter of 2020 at current prices was estimated at 597.2 trillion VND, a growth of 7.4% over the same period last year. Generally, for 9 months of 2020, the realized investment at current prices estimated at 1,445.4 trillion VND, increasing by 4.8% over the same period last year and equaling 34.7% of GDP, of which: the investment capital of the state sector reached 484.8 trillion VND, representing 33.5% of the total capital and increasing by 13.4% compared to the same period last year; the non-state sector gained 641.5 trillion VND, accounting for 44% and rising by 2.8%; the foreign direct investment recorded 319.1 trillion VND, accounting for 22.1% and decreasing by 2.5%.

The foreign direct investment from the beginning of the year to 20th September 2020 including registered capital, adjust investment capital and the total value of capital contribution reached 21.2 billion USD, decreased 18.9% compared to the same period in 2019. Of which, 1,947 newly licensed projects with a registered capital of 10.4 billion USD, a decrease of 18.9% in the number of projects and a decrease of 5.6% of registered capital as compared to the same period in 2019; 789 turns of projects which were licensed in the previous years registered to adjust investment capital with the additional capital of 5.1 billion USD, a growth of 6.8 over the same period last year; 5,172 turns of capital contribution and share purchases of foreign investors with a total value of capital contribution of 5.7 billion USD, a drop of 44.9% over the same period in 2019, including 1,296 turns of capital contribution capital, share purchase increased charter capital of the enterprise with the value of contributed capital of 2.1 billion USD and 3,876 turns of foreign investors repurchased domestic shares without increasing the charter capital with a value of 3.6 billion USD. Foreign direct investment capital in 9 months reached 13.8 billion USD, a drop of 3.2% over the same period last year.

Vietnams outward investment in the 9 months of this year had 96 projects which were granted investment certificates with a total capital of 268.3 million USD; 28 capital adjusted projects with additional capital of 163.8 million USD. Generally, the total outward investment of Vietnam (newly granted and supplementary capital) in 9 months of 2020 reached 432.1 million USD, a growth of 0.1% over the previous year.

8. State budget revenue and expenditure

The Covid-19 epidemic continued to be controlled nationally, some localities in the epidemic area loosen measures of social distancing, gradually restore economic activities that have affected revenue and expenditure of the State budget in September 2020.

The State budget revenue from January to September 15th, 2020 was estimated at 902.5 trillion VND, equaling 59.7% of the yearly estimate, of which domestic revenue reached 747.3 trillion VND, equal to 59.1%; crude oil revenue was 26.3 trillion VND, equaling 74.9%; budget balance revenue from import and export was 128 trillion VND, equaling 61.6%.

The State budget expenditure from January to September 15th, 2020 was estimated at 1.036,4 trillion VND, equaling 59.3% of the yearly estimate, of which recurrent expenditure was 716.3 trillion VND, equal to 67.8%; expenditure on investment and development was 235.3 trillion VND, equaling 50%; interest payment witnessed 78.4 trillion VND, equaling 66.3%.

9. Export and import of goods and services

a) Export and import of goods[11]

In the context of the Covid-19 epidemic, complicated developments in the world disrupting international trade, Vietnams export activities remained positive growth, in which the role of the economic sector emerged domestically, while export and import turnover in 9 months both increased over the same period last year. Total import and export turnover of 9 months in 2020 was estimated at 388.73 billion USD, with an export turnover of 202.86 billion USD, a rise of 4.2% over the same period last year, import turnover of 185.87 billion USD, reduce by 0.8% over the same period last year. The trade balance of goods in 9 months saw an estimated trade surplus of 16.99 billion USD.

+ Exports of goods
+ Exports of goods in the quarters of 2020
+ Imports of goods
+ Import of goods in the quarters of 2020
+ Exports and imports of services
 
Export turnover in August 2020 reached 27,702 million USD, 1,202 million USD higher than the estimated figure. Export turnover in September 2020 was estimated at 27.5 billion USD, reduced by 0.7% over the previous month and increased by 18% compared to the same period last year. In the third quarter of 2019, export turnover reached 80.07 billion USD, grew by 11% over the same period in 2019 and rose by 34.4% compared to the second quarter of this year (a rose by 26.6% compared to the first quarter of this year). Generally, for nine months in 2020, the export turnover was estimated at 202.86 billion USD, rose by 4.2% over the same period in 2019[12], of which, the domestic economic sector continuing to be the driving force for the growth of the countrys export activities was 71.83 billion USD, went up by 20.2%, accounting for 35.4% of total export turnover; the FDI sector (including crude oil) attained 131.03 billion USD, reduce by 2.9%, sharing 64.6%. In 9 months of 2020, there were 30 products with export turnover of over 1 billion USD, contributing 91.3% to the total export turnover (5 products with export turnover of over 10 billion USD, accounting for 59.8%),

Regarding the structure of export commodity groups in 9 months of 2020, the group of heavy industry products and minerals was estimated at 108.79 billion USD, went up by 7.4% over the same period last year, the group of light industry and handicraft products was estimated at 73.41 billion USD, jumped up by 2.2%, agricultural and forestry products reached 14.63 billion USD, went down by 4.9%. The group of fishery products reached 6032 billion USD, edged down by 3% and accounting for 3% (a drop of 0.2 percentage points).

Regarding the export commodity market in 9 months of 2020, the United States was Vietnams largest export market with a turnover of 54.8 billion USD, a growth of 22.9% over the same period last year; the following was China market with 31.9 billion USD, going up by 12.7%; The EU with 26 billion USD, declining by 2.6%; ASEAN market with 17 billion USD, a decrease of 12.5%; South Korea with 14.5 billion USD, a decrease of 2%; Japan with 14.1 billion USD, declining by 5.7%.

The import turnover of goods in August reached 22,717 million USD, 283 million USD lower than the estimated figure. Import turnover in September 2020 was estimated at 24 billion USD, expanded by 5.6% over the previous month and increased by 11.6% compared to the same period in 2019.

In the third quarter of 2019, the import turnover reached 68.54 billion USD, rose by 3% over the same period in 2019 and grew by 18.5% compared to the second quarter of this year (grew by 15.2% compared to the first quarter of this year). Generally, for nine months of 2020, the import turnover was estimated at 185.87 billion USD, decreased by 0.8% over the same period in 2019, of which the domestic economic sector reached 82.35 billion USD, went up by 4.7%; the FDI sector gained 103.52 billion USD, edged down by 4.8%. In 9 months, there were 32 imported products with a turnover of over 1 billion USD, accounting for 88.3% of total import turnover.

Regarding the structure of imported goods in 9 months of 2020, the group of input materials was estimated at 173.71 billion USD, went down by 1.1% over the same period last year and accounted for 93.5% of total import turnover; the consumer goods group was estimated at 12.16 billion USD, expanding by 4.4% and accounted for 6.5%.

Regarding the imported goods market in 9 months of this year, China remained the largest import market of Vietnam with a turnover of 56.8 billion USD, jumped up by 2.7% over the same period last year; the following was the Korean market with 32.8 billion USD, reduced by 7.1%; ASEAN market with 21.8 billion USD, declining by 8.7%; Japan with 14.6 billion USD, going up by 2.8%; EU market with 10.8 billion USD, expanding by 5.6%; The United States with 10.5 billion USD, decrease of 1.6%.

The trade balance of goods in August witnessed a trade surplus of 5 billion USD[13]; trade surplus for 8 months was 13.5 billion USD; trade surplus in September was estimated at 3.5 billion USD. Generally, in nine months of 2020, trade surplus was estimated at 16.99 billion USD[14], of which the domestic economic sector saw a trade deficit of 10.52 billion USD; the FDI sector (including crude oil) saw a trade surplus of 27.51 billion USD.

b) Export and import of services

In the third quarter of 2020, export turnover of services reached 787 million USD, decreased by 84.2% over the same period in 2019 (second quarter decreased by 80.4%; first quarter decreased by 23.6%); import turnover of services reached 4.6 billion USD, went down by 16.3% (second quarter decreased by 23.2%; first quarter decreased by 3.2%).

In nine months of 2020, export turnover of services was estimated at 5.47 billion USD, went down by 62.3% over the same period in 2019, of which travel service gained 2.5 billion USD (accounting for 45.1% of the total turnover), decreased by 70.9%; transportation service reached 665 million USD (accounting for 12.2%), decreased by 79.6%. Service import turnover in nine months of this year was estimated at 13.63 billion USD, edged down by 14.4% over the same period last year, of which transport services gained 5.9 billion USD (accounting for 43.3% of total turnover), decreased by 0.3%; tourism services reached 3.2 billion USD (sharing 23.6%), declined by 33.4%. The trade deficit of services in nine months of 2020 was 8.16 billion USD, equaling 149.72% of the service export turnover.

10. Price index

The consumer price index in September 2020 increased by 0.12% over the previous month and by 0.01% over December last year - all of them were the lowest level in the period of 2016-2020[15], mainly due to the price of education service prices were adjusted to increase in line with the roadmap to approach market prices, price of electricity for living increased because the need to use electricity in hot weather, price of domestic rice went up due to Vietnam rice export’s price reached the highest level since 2011. On average, in 9 months of 2020, the consumer price index increased by 3.85% over the same period last year. The average merchandise term of trade of 9 months of 2020 decreased by 0.72% as compared to the same period of 2019, reflecting unfavorable Vietnam goods export’s price to abroad compared to the price of imported goods from abroad to Vietnam.

+ Consumer price indexes, gold, US dollar price indexes and core inflation in September 2020
+ Producer price indexes
+ Price index of materials, fuels used for production
+ Transport and warehouse charge index
+ Merchandise export price index
+ Merchandise import price index
+ Merchandise term of trade
 
Consumer price index (CPI) in September 2020 increased by 0.12% over the previous month and increased by 2.98% compared to that over the same period in 2019. Generally in the third quarter of 2020, CPI increased by 0.92% compared to the previous quarter and rose by 3.18% compared to the third quarter of 2019. CPI in September 2020 increased by 0.01% over December 2019 and rose by 2.98% over the same period of 2019. The average CPI of 9 months of 2020 increased by 3.85% compared to the same period of 2019. CPI of 9 months in 2020 increased compared to the same period last year.

Core inflation in September 2020 decreased by 0.02% over the previous month and increased by 1.97% over the same period last year. The average core inflation of 9 months of 2020 grew by 2.59% compared to the same period of 2019.

Domestically, gold price index in September 2020 decreased by 0.33% over the previous month; an increase of 32.37% compared to December 2019; increased by 30.33% over the same period last year. The US dollar price index in September 2020 decreased by 0.05% over the previous month; went up by 0.12% compared to December 2019 and dropped 0.17% over the same period of 2019.

11. Some social issues

a) Labor and employment

The labor and employment situation in nationwide in the third quarter of 2020 showed signs of recovery, the income of wage workers was gradually improved. The unemployment rate at the working age of the urban area in the third quarter although decreasing compared to the second quarter but remained at the highest level in the past 10 years[16].

In the third quarter of 2020, the labor force aged 15 years and over of the whole country was estimated at 54.6 million persons, an increase of 1.4 million persons over the previous quarter and a decrease of 1.1 million persons over the same period last year. Generally, for 9 months of 2020, the labor force aged 15 years and over was 54.4 million persons, a decrease of 1.2 million persons compared to the same period last year. In the third quarter of 2020, the labor force in working age was estimated at 48.5 million persons, an increase of 1.8 million persons over the previous quarter and a decrease of 638.9 thousand people compared to the same period of the preceding year. Generally, for 9 months of 2020, the labor force in the working-age was 48.1 million persons, a decreased of 940.1 thousand persons compared to the same period last year, equivalent 1.9%.

In the third quarter of 2020, the employed population aged 15 years and over was estimated at 53.3 million persons. Generally for 9 months of this year, the employed population aged 15 years and overworking were 53.1 million persons, including the agriculture, forestry and fishery sector was 17.5 million persons, decreased 6,5% compared to the same period last year; the industry and construction sector was 16.4 million persons, a rise of 0,3%, of which the major increase belonging to informal labors in the construction (up 4.6%), while formal labors in this field went down by 9.3%; and the service sector was 19.2 million persons, decreased 1%. Labor shift continues to follow the trend from agriculture, forestry and fisheries to industry, construction and services with the proportion of labor in the regions: 33%; 30.8%; 36.2%.

The unemployment rate nationwide in 9 months of 2020 was 2.27% (this figure in the first quarter, the second quarter and the third quarter were 2.02% and 2.51%, 2.29% respectively) , of which the unemployment rate of the labor force in the urban and the rural was 3.66% and 1.58%[17], respectively. Generally, in 9 months of 2020, the unemployment rate of labor force in working age was 2.48% (this figure of the first quarter, the second quarter and the third quarter were 2.22%, 2.73%, and 2.5% respectively), of which the urban area was 3.88%; the rural area was 1.75%[18]. The youth unemployment rate (aged 15 to 24 years) in 9 months of 2020 was estimated at 7.07%, of which the urban and the rural was 10.7% and 5.53%, respectively. Underemployment rate at working age in 1st quarter and 2nd quarter in 2020 were 2.21%; 3.08%, respectively and estimated for 3rd quarter was 2.79%. Generally, in 9 months of this year, the underemployment rate at working age was estimated at 2.69%, of which the urban and rural area was 1.84% and 3.12%, respectively.

+ Selected indicators on labours
+ Unemployment

b) Living standards and social security

 Although people’s living in the 9 months of 2020 was affected by the Covid-19 epidemic, the people’s living was still generally stable due to the direction of all authorities levels and peoples efforts. In September and the third quarter of this year, there was no locality that reported hunger. Generally, for 9 months of 2020, the whole country had 16.5 thousand households suffering from food shortage, fell by 75.5% over the same period last year, corresponding to 66.5 thousand persons suffering from food shortage, dropped 75.6%. To overcome the hunger problems, from the beginning of the year, all administrative levels, sectors and organizations from the central to local levels supported these households with 733.6 tons of food.

Social security continued to be paid attention to by authorities. According to the preliminary report, the total value of gifts had been given to social policy beneficiaries, national devotees and social protection beneficiaries in 9 months were about 9.4 trillion VND, including 3.5 trillion VND of gifts and support the policy beneficiaries; 2.7 trillion VND of support poor households and 3.2 trillion VND to help hunger and other social relief. Besides, more than 24 million health insurance cards, free health care books/cards were donated to policy beneficiaries in the whole country. As of September 15th, 2020, more than 12.5 trillion VND was disbursed nationwide to support people in difficulty due to the Covid-19 epidemic.

+ Some key social and environmental indicators

c) Epidemic diseases and food poisoning

The Covid-19 epidemic continues to develop complicatedly[19], the 5 countries with the highest number of Covid-19 cases in the world are the United States, India, Brazil, Russia and Colombia. In Vietnam, epidemic outbreaks have basically been controlled, and provinces with Covid-19 infection have basically returned to normal. As of 6:00 am on 28/9/2020, Vietnam has 1,074 cases have been reported, 999 cases have been cured (35 deaths), within 26 days Vietnam has not recorded new cases of Covid- 19 in the community. Most of the deaths in our country are of the elderly with serious diseases such as end-stage chronic kidney failure, an end-stage blood cancer that does not respond to chemicals, coronary syndrome, acute respiratory failure, degenerative arthritis, hypertension, chronic adrenal insufficiency, type 2 diabetes, pneumonia, cachexia, multi-organ failure.

d) Traffic accident

Generally for nine months, the whole country had 10,354 traffic accidents, including 5,980 traffic accidents of less serious or more and 4,374 traffic collisions, making 4,876 deaths, 3,127 injuries and 4,482 persons slightly injured. Compared to the same period last year, the number of traffic accidents in 9 months of this year decreased by 18.3% (the number of traffic accidents from less serious or more decreased by 11%; the number of traffic collisions decreased by 26.6%); the number of deaths decreased by 13.8%; the number of injured people decreased by 13.9% and the number of minor injuries fell by 25.1%. On average, in 9 months, the whole country had 38 traffic accidents a day, including 22 traffic accidents of less serious or more and 16 traffic collisions, causing 18 deaths and 11 injuries and 16 people were slightly injured.

e) Damages caused by natural disasters

Generally, for 9 months, natural disasters caused 96 people died and missed, 292 injured; 142.6 thousand hectares of rice and more than 67.8 thousand hectares of crops damaged; 1,806 houses collapsed, swept away; more nearly 101.2 thousand houses unroofed and damaged. The total loss caused by natural disasters in 9 months was estimated at 7.2 trillion VND (of which due to saline intrusion was 3.4 trillion VND, accounting for 47% of the total damage).

12. Environment protection, fire and explosion prevention

The whole country witnessed 190 cases of fires and explosions in September 2019 (from August 16th to September 14th), causing 5 deaths and 8 injuries; the damage was estimated at nearly 23,9 billion VND. Generally, in 9 months (from December 16th, 2019 to September 15th, 2020), there were 2,254 cases of fires and explosions in the whole country, killing 79 people and injuring 131 people, the damage was estimated at over 416,2 billion VND.

In general, in the context of the Covid-19 epidemic that caused a great shock, the world economy and global trade had a deep and serious recession, the socio-economic picture of Vietnam in the 9 months of 2020 continued stability, mainly due to the prompt and drastic direction and administration of the Government and the Prime Minister and efforts of all authorities levels, branches, localities, the business community and people nationwide. After the social gap measures were eased, along with the positive impact from the Governments policies to support businesses and people, the socio-economic sectors are entering a state of operation. with a new normal situation, many production and business sectors prosper./.

GENERAL STATISTICS OFFICE

[1] The 3rd quarter GDP growth in 2011-2020 reach 6.21%; 5.39%; 5.54%; 6.07%; 6.87%; 6.56%; 7.38%; 6.82%; 7.48%; 2.62%.

[2] GDP growth rate of 9 months over the same period in 2011-2020 are respectively: 6.03%; 5.10%; 5.14%; 5.53%; 6.53%; 5.99%; 6.41%; 6.96%; 7.04%; 2.12%.

[3] The growth rate of value added in the agricultural sector in 9 months over the same period in 2011-2020 is respectively: 4.03%; 2.28%; 2.11%; 2.01%; 1.78%; 0.02%; 2.08%; 2.85%; 0.91%; 1.65%.

[4] The growth rate of added value of the fisheries sector in 9 months over the same period in 2011-2020 respectively: 3.46%; 4.06%; 2.95%; 6.15%; 2.11%; 1.81%; 5.48%; 6.37%; 6.24%; 2.44%.

[5] The growth rate of industrial value added in nine months compared to the same period in 2011-2020 respectively is: 9.54%; 8.50%; 4.80%; 5.58%; 9.86%; 7.40%; 6.95%; 8.99%; 9.61%; 2.69%.

[6]  The growth rate of added value in the processing and manufacturing industry in 9 months over the same period in 2011-2020 is respectively: 13.48%; 8.74%; 6.58%; 7.09%; 10.15%; 11.20%; 12.77%; 12.95%; 11.48%; 4.60%.

[7] The rate of increase / decrease in added value of the construction industry in 9 months compared to the same period in 2011-2020 are respectively: - 0.01%; 2.78%; 5.31%; 6.61%; 9.0%; 9.10%; 8.30%; 8.76%; 8.33%; 5.02%.

[8] The growth rate of added value in the service sector in 9 months over the same period in 2011-2020 respectively: 7.09%; 6.47%; 6.43%; 5.94%; 6.10%; 6.67%; 7.21%; 6.75%; 6.92%; 1.37%.

[9] Source: National Enterprise Registration Information System, Business Registration Management Agency, Ministry of Planning and Investment.

[10] Compared to the same period last year, the number of enterprises decreased by 12.6%; the registered capital rose by 45%; the number of employees decreased by 15%.

[11] Data in September 2020 meeting by an interdisciplinary team consisting of the Ministry of Industry and Trade, the Ministry of Planning and Investment, the State Bank of Vietnam, the General Department of Customs and the General Statistics Office meeting estimates based on export turnover figures, import as of September 27th, 2020 of the General Department of Customs combined with market information, the proportion and trend of export and import of goods. The General Statistics Office received and updated the report on the afternoon of September 28th, 2020.

[12] Lower than the increase rate of 15.8% in the first nine months of 2018 and 8.4% in the first nine months of 2019.

[13] Trade surplus in August was estimated at 3.5 billion USD.

[14] Of which, in nine months of 2020, trade surplus to the EU reached 15.2 billion USD, went down by 7.6% compared to the same period last year; trade deficit from China was 24.9 billion USD, declined by 7.8%; trade deficit from South Korea was 18.3 billion USD, declined by 10.7%; trade deficit from ASEAN was 4.8 billion USD, grew by 7.8%.

[15] CPI growth rate in September over the previous month of period of 2016-2020: 0,54%; 0,59%; 0,59%; 0,32%; 0,12% respectively. CPI growth rate in September over December last year in period of 2016-2020: 3,14%; 1,83%; 3,2%; 2,2%; 0,01% respectively.

[16] Unemployment rate of labor force in working age in the urban area of 3rd quarter in  2011-2020 respectively: 3.43%; 3.31%, 3.59%; 3.27%; 3.38%; 3.23%; 3.14%; 3.09%; 3.11%; 4.0%.

[17] Unemployment rate of labor force in the first months of 2019 was 1.99%, of which urban area was 2.94%; rural area was 1.53%.

[18] Unemployment rate of labor force in working age in the first 9 months of 2019 was 2.17%, (of which: urban area: 3.10%; rural area: 1.69%).

[19] As of 6:00 am on September 28th, 2020, in the world, there were 33,290.4 thousand cases of Covid-19 (approximately 1,002 thousand deaths).