Industrial activities improve, CPI rises 0.01 percent

The General Statistics Office of Vietnam yesterday informed that the Index of Industrial Production (IIP) this May experiences developments compared to last month.

Accordingly, IIP in May increases by 2.2 percent and 0.1 percent compared to April and this time last year. However, in general, IIP for the first five months this year still drops by 2 percent as opposed to 2022.

The total retail sales of commodities and consumer service revenues from January to May 2023 has witnessed the highest growth rate since 2015. It has risen by 28.3 percent compared to the first five months of 2019 – the time before the Covid-19 pandemic.

The Consumer Price Index (CPI) for May increases by 0.01 percent as opposed to April. In particular, eight groups of commodities and services see a growth and three groups a drop.

Compared to December 2022 and this time last year, May’s CPI rises by 0.4 percent and 2.43 percent, respectively. On average, in the first five months, CPI has increased by 3.55 percent as opposed to these months of 2022, whereas core inflation has risen by 4.83 percent. In May, the core inflation grows by 0.27 percent compared to April.

The Agriculture and Rural Development Ministry yesterday reported that Vietnam’s major export markets in the fields of agriculture, forestry, and fishery like China and Japan are gradually recovering. However, the global economic health is still rather depressed with high inflation, leading to tight monetary policies in such large markets as the US and EU. This results in difficulties for several businesses in signing new contracts and processing orders.

In the first 5 months, the total export turnovers of agro-forestry-fishery products only reached US$20.26 billion (a drop of 11.1 percent). The values in imports and export surplus this month are $13.15 billion and $3.55 billion (a decrease of 8.7 percent and 21.1 percent), correspondingly.