The Vietnamese socio-economy in the first 3 months of 2018 performed in the context of the stable growth and hidden unpredictable factors of the world economy. While major economies like the US, Japan, and the European Union showed signs of prosperity, China’s growth momentum gradually decreased. The global trade recovered positively but faced many challenges due to the trend of increasing trade protectionism of major countries, especially changes in trade policy and corporate income tax of the US. These factors affected clearly Vietnamese economy as well as other economies in the region. In the country, in addition to the advantages of positive results achieved in 2017, the economy faces many difficulties and challenges because of complicated weather, climate change and higher import tax of Vietnam’s major items to the US, along with the shortcomings of the economy such as low labor productivity, quality of growth and low competitiveness.

Implementing the government’s motto of 2018 “Discipline, integrity, action, creativity and efficiency”, from the beginning of the year, the Government issued Resolution No. 01/NQ-CP dated 1st January, 2018 on the main tasks and solutions to implement the socio-economic development plan and state budget estimate for 2018, in which assigned ministries, agencies and localities to develop action/implementation plans for these specific objectives and tasks; The Prime Minister has Official Telegraph No 240/CĐ-TTg dated 21st February, 2018 urging and directing drastically the ministries, agencies and localities to focus on implementation tasks after the Lunar New Year holiday of Mau Tuat, as well as from the first months of the year. As a result, the socio-economic situation continued to have positive changes. The results achieved by sectors and economic activities in the first quarter of 2018 were as follows:

      I. ECONOMIC GROWTH

  1. Gross domestic product (GDP) growth rate

The gross domestic product (GDP) in the 1st quarter of 2018 was estimated to increase by 7.38%, which was the highest rate of the 1st quarters in the last 10 years[1], compared to the same period last year, confirming the timeliness and efficiency in the issuance of solutions and drastic direction of the Government to all levels, sectors and localities to make efforts from the first days and months of 2018. Out of 7.38% growth rate of the whole economy, the agriculture, forestry and fishery sector increased 4.05%, contributing 0.46 percentage points; the industry and construction sector expanded by 9.70%, contributing 3.39 percentage points; the service sector rose by 6.70%, contributing 2.75 percentage points.

In the agriculture, forestry and fishery sector, the agriculture increased by 3.76% over the same period last year, higher than the growth in the first quarter of the years 2011-2017[2], contributing 0.31 percentage points to the overall growth, showing efficiency of the trend of product restructure within the sub-sector in the direction of investing in products with high economic values; the forestry increased by 5.03%, due to its small share, only contributing 0.03 percentage points; the fishery rose by 4.76%, reaching the highest growth rate in the last 8 years[3], contributing 0.12 percentage points.

In the industry and construction sector, the industry increased by 10.08% over the same period last year, contributing 3.01 percentage points to the overall growth. The highlight of this sector was the sharp growth of the manufacturing with an increase of 13.56% (the highest growth in the last 7 years[4]), contributing significantly to the overall growth rate with 2.46 percentage points. The mining in the first quarter achieved a positive growth with 0.40% after two consecutive years of decline[5], contributing 0.03 percentage points due to the increase in coal, metal and gas exploitation over the same period last year. The construction in the first 3 months increased by 7.46%, lower than the rate of 8.60% of the same period in 2016 and 7.60% of the same period in 2017, contributing 0.38 percentage points to the overall growth.

In the service sector, the contribution of some large-shared activities to the overall growth rate was as follows: Wholesale and retail increased by 7.45% compared to the same period last year, which contributed the highest share to the overall growth with 0.79 percentage points; accommodation and catering services gained a relatively high growth rate of 7.60% compared with the increase of 6.03% in the first quarter of 2017, contributing 0.32 percentage points; finance, banking and insurance activities increased by 7.72%, contributing 0.31 percentage points; real estate business increased by 3.56%, contributing 0.22 percentage points.

Regarding economic structure in the first quarter, the agriculture, forestry and fishery sector accounted for 10.34%; the industry and construction sector made up 35.26%; the service sector represented 43.77%; products taxes less subsidies on production accounted for 10.63% (The corresponding structure of the same period in 2017 was: 11.19%; 34.14%; 43.92%; 10.75% respectively).

From the expenditure approach of GDP in the 1st quarter 2018, final consumption increased by 7.13% over the same period in 2017, contributing 5.04 percentage points to the overall growth (of which final consumption of households increased by 7.15%, contributing 4.65 percentage points); capital formation expanded  by 6.46%, contributing 1.15 percentage points; the  balance of export and import of goods and services was trade surplus that created an increase of 1.19 percentage points of the overall growth rate.

 

GDP growth rate of the 1st quarter in 2016-2018

 

 

 Growth rate over 1st quarter last year (%)Contribution of the sectors to the growth of 1st quarter in 2018
(Percentage point)
Q.I

2016

Q.I
2017
Q.I      2018
Tổng số5.485.157.387.38
Agriculture, forestry and fishery-1.312.084.050.46
Industry and construction7.164.489.703.39
Services5.986.366.702.75
Products taxes less subsidies on production6.056.006.150.78
  1. Agriculture, forestry and fishery

     a. Agriculture

As of mid-March, the country cultivated 3,063.2 thousand hectares of winter-spring paddy, an equal to 99.4% compared with the same period last year, included: Northern provinces reached 1,091.2 thousand hectares, an equal to 97, 9%; Southern provinces reached 1,972.0 thousand hectares, an equal to 100.2%. Cultivation of winter-spring paddy in Northern localities basically completed, there was only a small area in Northern mountainous area left due to effects of severe cold weather at the beginning of the crop so which was continuing to cultivate. In southern provinces, area of ​​winter-spring paddy cultivated in the Mekong River Delta this year reached 1,573.7 thousand hectares,  decreased by 0.4% compared with the same period last year because farmers were worried about drought and saline intrusion, some areas was not sown, in which Kien Giang reduced by 8.8 thousand hectares; Ben Tre decreased by 2 thousand hectares. So far, there was 681.6 thousand hectares of winter-spring paddy harvested in Mekong River Delta, accounted for 43.3% of the seeding area and made up only 72.9% compared with the same period in 2017, due to the crop calendar this year was slower than the previous year and effects of flood and storm, high tide that made the progress of cultivation long. Yield of winter-spring paddy in Mekong River Delta was estimated at nearly 10.3 million tons, increased by 388.8 thousand tons compared with the previous winter-spring paddy; Yield was estimated at 65.3 quintals/ hectare, an increase of 2.7 quintals/hectare.

At the same time, Provinces in Mekong River Delta basically completed main crop of paddy harvest for 2017-2018 paddy. According to preliminary reports of localities, the total cultivated area reached 197.3 thousand hectares, an increase of 9.3 thousand hectares compared with the previous paddy; yield was estimated at 46.1 quintals/hectare, rose by 7.4 quintals/hectare; production reached 909.6 thousand tons, rose by 182.8 thousand tons. This year’s winter paddy in Mekong Delta River provinces was good compared with the paddy crop last year, because there was early water flowed in the upstream, along with rain that increased the fresh water reserve so farmers actively increased sowing area of paddy, while the previous year’s crop was affected by natural disasters, epidemics and off-season rain, that caused damage to production.

As of mid-March, localities in the country cultivated 321.1 thousand hectares of maize, an equal to 94.1% compared with the same period last year; 66.8 thousand hectares of sweet potatoes, an equal to 101.4%; 108.8 thousand hectares of groundnut, an equal to 102.5%; 13.3 thousand hectares of soybean, an equal to 53.4%; 526.1 thousand hectares of vegetables, equaled to 99%. Although area of vegetables and beans decreased compared with the same period last year, but due to favorable weather, yield of vegetable exceeded the consumption need that led to vegetables inventory, low prices, caused losses to producers.

Cattle husbandry in the first quarter 2018 faced difficulties due to the impact of the cold, severe cold lasted from January to early February[6]. Buffalo population of the country in March was estimated to decrease by 0.5% compared with the same period last year; cattle increased by 2.8%. Pig farming continued to face difficulties because of  pig living weight price decreased since after the Lunar New Year,  producer did not make benefit so the population size fell sharply. Pig population of the country in March decreased by 6.2% compared with the same period last year[7]. Poultry production grew positively due to epidemics was controlled, stable consumption price, estimated total poultry in the country in March increased by 6.6% compared with the same period last year. Production of buffalo living weight in the first quarter 2018 increased by 0.6% compared with the same period last year; cattle living weight increased by 3.2%; poultry living weight increased by 6.8%; Particularly, production of pig living weight decreased by 1.2%. As of March 25, 2018, there was no bird flu, blue ear disease and foot and mouth disease occurred in the country.

      b.Forestry

In quarter I/2018, area of ​​concentrated forests in the country was estimated at 29.1 thousand hectares, rose by 2.1% compared with the same period last year, of which Quang Ngai reached 3.9 thousand hectares, an increase of 3.5 %; Phu Tho reached 3 thousand hectares, rose by 29.8%; Quang Nam reached 2.2 thousand hectares, grew up 4.7%; Thua Thien – Hue reached 2.1 thousand hectares, grew up 12.2%; Ha Tinh reached 1.1 thousand hectares, grew up 24.9%. Number of scattered trees in the first 3 months of the year was estimated at 16.4 million, grew up 2.1% compared with the same period last year. Production of wood reached 1,928 thousand m3, grew up 7.8%, of which Yen Bai gained 132.3 thousand m3, an increase of 29.1%; Thanh Hoa gained 152 thousand m3, an increase of 13.1%; Nghe An reached 83.7 thousand m3, grew up 18.5%; Quang Tri reached 59.9 thousand m3, grew up 9.4%; Quang Binh reached 40 thousand m3, an increase of 11.1%. Production of firewood in quarter I was estimated at 6.9 million ste, an increase of 0.7% compared with the same period in 2017.

In 3 beginning months of the year, the damaged forest area was 194.5 hectares, fell 2.9% compared with the same period last year, of which forest fire  area was 53.2 hectares, fell 45.5%; area of ​​deforested forest was 141.3 hectares, an increase of 37.6%.

      c.Fishery

Fishery production in the first 3 months of the year was estimated at 1,386.4 thousand tons, increased by 4.4% compared with the same period last year, of which fish reached 1,035.1 thousand tons, rose by 4.6%; shrimp reached 128.5 thousand tons, rose by 6.5%; other fisheries reached 222.8 thousand tons, rose by 2%.

Aquaculture production in the first quarter 2018 was estimated at 610.8 thousand tons, rose by 5.9% compared with the same period last year, of which fish reached 441.8 thousand tons, grew up 5.8%; shrimp reached 93.7 thousand tons, grew up 7.9%. Pangasius farming got favorable conditions; Pangasius price was continuously high so producers made profit. Area of ​​industrial Pangasius farming in the first quarter 2018 was estimated at 3.9 thousand hectares, grew up 2.1% compared with the same period last year; Pangasius production reached 222.2 thousand tons, grew up 5.7%, of which Dong Thap reached 95.2 thousand tons, grew up 4.5%; An Giang reached 73.3 thousand tons, grew up 3.4%; Vinh Long reached 13.2 thousand tons, grew up 18.3%. Although the price of pangasius was currently at a high level, consumption market would possibly face difficulties in the coming time due to the impacts of the US government’s high anti-dumping duty on imported pangasius from Vietnam, along with that Saudi Arabia and Japan just decided to suspend the import of pangasius from Vietnam. Brackish shrimp farming in the first months of the year was good due to favorable weather conditions, relatively stable shrimp prices, and a model of intensive farming of white shrimp grew positively. Production of tiger shrimp in the first quarter was estimated at 41.2 thousand tons, grew up 4.8% compared with the same period last year; production of white leg shrimp reached 40.9 thousand tons, grew up 9.1%.

Fishery production in the first 3 months of the year was estimated at 775.6 thousand tons, grew up 3.1% compared with the same period last year, of which fish reached 593.3 thousand tons, grew up 3.8%; shrimp reached 34.8 thousand tons, grew up 2.7%. The weather in the first months of the year was relatively favorable for marine catching, production of marine catching  in quarter I was estimated  at 740.8 thousand tons, grew up 3.2% compared with the same period last year, of which fish reached 569.3 thousand tons, grew up 3.9%; shrimp reached 31.9 thousand tons, grew up 2.2%.

  1. Industrial production

The industrial production index in March was estimated to increase by 8.7% over the same period last year, of which the manufacturing increased by 11.1%; the electricity production and distribution by 8.3%; the water supply and waste, wastewater treatment rose by 8.1%; the mining and quarrying decreased by 3.6%.

Generally for the first quarter of 2018, the industrial production index increased by 11.6% over the same period last year, much higher than that in the same period in the recent years. In particular, the manufacturing continued to grow at a high rate of 13.9% (with the main pillar as the manufacture of electronic, computer, optical products and metal production), contributing 10.5 percentage points to the overall growth; the electricity production and distribution grew steadily at 10.5%, contributing 0.9 percentage points; the water supply and waste, wastewater treatment increased 7.1%, contributing 0.1 percentage points; the mining expanded 0.4%, contributing 0.1 percentage points.

By usage purpose of industrial products, intermediate consumption products in 2018 (used for the following production processes) in the first quarter 2018 rose by 12.2% over the previous year, final use products went up by 11.1% (products as input materials climbed up by 6.2% and household consumption products jumped up by 13.5%).

In the first 3 months of 2018, the IIP of some 2-digit industrial activities increased significantly compared to the same period last year, contributing mainly to the overall growth of the whole industry: Manufacture of electronic, computer, and optical products increased by 29.3%; drainage and wastewater treatment rose by 22.1%; manufacture of pharmaceuticals, medicinal chemical and botanical products increased by 17.9%; metal production increased by 14%; textile grew by 13.7%; production of prefabricated metal products expanded by 13.4%; manufacture of furniture increased by 12.8%. Some activities witnessed a low increase or decrease: Mining of hard coal and lignite increased 2.9%; production of rubber and plastic products, coke production, refined petroleum products both increased by 2%; waste collection, treatment and disposal activities by 1.9%; tobacco production by 1.5%; other mining (stone, sand, gravel …) increased by 1.1%; mining supporting services grew by 0.8%; exploitation of crude oil and natural gas decreased by 0.5% (crude oil exploitation declined by 7.9% and natural gas exploitation increased by 7.5%); wood processing and production of wood, bamboo and bamboo products fell 3.4%.

Some major industrial products in the first 3 months increased highly compared to the same period last year: crude iron and steel increased by 37.2%; fabrics made of synthetic fibers or artificial fibers rose by 27.8%; milk powder expanded by 26.9%; TV by 21.2%; fishery feed increased by 17.5%. Some products achieved a low increase or decreased: Steel bars and steel increased by 4.9%; NPK fertilizers rose by 3.8%; coal increased by 2.9%; animal feed expanded by 0.2%; fresh milk decreased by 0.4%; shampoo, conditioner reduced by 0.9%; mobile phones fell by 1.4%; leather shoes and sandals went down by 2.1%; urea fertilizer decreased by 3.6%; crude oil exploitation declined by 7.9%; shower creame, cleansing foam decreased by 8.2%.

The index of industrial production in the first quarter of 2018 of 63 provinces and cities increased compared to the same period last year, of which Ha Tinh achieved the highest growth rate (2.6 times higher than that in the same period last year), mainly due to the contribution of Formosa Group which started running large-scale production. The IIP of the first quarter of 2018 compared to the first quarter of 2017 of some large-sized industrial provinces increased as follows: Bac Ninh by 38%; Hai Phong by 22.6%; Thai Nguyen by 12.3%; Hai Duong by 12.1%; Vinh Phuc by 11.2%; Hanoi by 8.5%; Quang Nam by 8.3%; Da Nang by 8%; Dong Nai 7.5%; Binh Duong 7.4%; Can Tho by 7%; Quang Ninh by 6.8%; Ho Chi Minh City by 6.1%; and Ba Ria – Vung Tau by 5.4%.

The index of industrial shipment of manufacturing in March 2018 increased by 16.4% over the previous month and by 10.4% over the same period last year. Generally for the first quarter, the index of industrial shipment of manufacturing increased by 14.2% compared to the same period in 2017, of which some activities had the index increased: manufacture of pharmaceuticals, medicinal chemical and botanical products increased by 60.7%; production of electronic, computer and optical products by 28.4%; manufacture of motor vehicles soared by 20.2%. The index of industrial shipment of some activities gained a low increase or decreased: manufacture of electronic equipment increased by 4.8%; production of rubber and plastic products by 4.1%; production of other transport equipment by 2.2%; production of chemical and chemical products by 0.9%; manufacture of tobacco products decreased by 2%; wood processing and production of wood and bamboo products declined by 7%.

The index of industrial inventory of manufacturing as of March 31, 2018 was estimated to increase by 6.4% over the same period last month and by 13.5% over the same period last year, of which some activities recorded lower increase than the general index or decreased: manufacture of electric equipment increased by 4.4%; manufacture of chemical and chemical products by 3%; manufacture of motor vehicles decreased by 0.1%; production of prefabricated metal products by 3.9%; paper and paper products production declined by 5.7%; production of leather and related products fell by 12.3%; manufacture of pharmaceuticals, medicinal chemical and botanical products by 53.8%. Some activities witnessed higher inventory index than the general index: Manufacture of other transport equipment soared by 309.3%; manufacture of electronic, computer and optical products increased 146.8%; metal production went up by 64.3%; manufacture of tobacco products increased by 59.2%; production of other non-metallic mineral products expanded by 42.1%; printing and copying all types of records rose by 38.9%; manufacture of wearing apparel increased by 31.8%.

The average index of industrial inventory of manufacturing in the first quarter of 2018 was 68.2%, lower than the rate of 71.9% of the same period in 2017, of which some activities had high inventory rate: Weaving was 301.8%; wood processing and production of wood and bamboo products were 130.6%; production of motor vehicle was 87.4%; production of other non-metallic mineral products was 78.8%; metal production 78.7%; manufacture of chemicals and chemical products was 78.1%

The number of employees working in industrial enterprises at the time of 1/3/2018 increased by 3.8% compared to the same time point last year, of which the labor of the state-owned enterprises decreased by 1.2%; non-state enterprises increased by 3.9% and foreign direct investment enterprises rose by 4.5%. At that time, the number of employees working in the mining and quarrying decreased by 2.7% compared to the same time point last year (crude oil and natural gas exploitation decreased by 7.3%); water supply and waste, wastewater treatment declined by 0.7%; electricity production and distribution went down by 0.1%; but the manufacturing increased by 4.3% (electronic, computer and optical products increased by 13.4%).

Labors in industrial enterprises at the time of 1/3/2018 compared to the same time point last year of some large-sized industrial provinces were as follows: Can Tho increased by 33.7%; Hai Phong rose by 11.5%; Bac Ninh increased by 11%; Thai Nguyen expanded by 10.8%; Hai Duong went up by 4.6%; Dong Nai jumped by 3.4%; Hanoi climbed up by 3.2%; Quang Nam increased by 2.8%; Binh Duong expanded by 2.5%; Da Nang increased by 1.9%; Vinh Phuc rose by 1.8%; Ho Chi Minh City grew by 0.3%; Quang Ninh decreased by 1.9%; Ba Ria – Vung Tau declined by 2.6%.

  1. Operation of enterprises

     a. Business registration status [8]

In March, there were 8,082 newly established enterprises with a registered capital of 81.2 trillion VND, an increase of 2.8% in the number of enterprises and a decrease of 18% in the registered capital compared to the previous month[9]; the average registered capital of an enterprise reached 10 billion VND, went down 20.3%; The total number of registered employees in the month of newly established enterprises was nearly 69 thousand employees, reduced 3%.

In the month, there were 1,801 re-operated enterprises, a downturn of 22.3% over the previous month; 3,583 temporarily ceased enterprises (including: 1,137 enterprises ceased  for a certain period time and 2,446 enterprises temporarily ceased without registering or waiting for dissolution), declining by 15.3%; 792 enterprises completed dissolution procedures, a reduction of 18.8%.

Generally for the first quarter of this year, there were 26,785 newly established enterprises nationwide with a total registered capital of 278.5 trillion VND, an increase of 1.2% in the number of enterprises and 2.7% in the registered capital the same period in 2017[10]; the average registered capital of a newly established enterprise reached 10.4 billion VND, rising by 1.5%. If including 485.5 trillion VND of nearly 7.9 thousand enterprises which made upward adjustment of their capital, the total additional capital in the economy in the first quarter of 2018 was 764 trillion VND. In addition, there were 8,449 re-operated enterprises, declining by 8.9% compared to the same period last year, levering the total number of the newly registered enterprises and re-operated enterprises in the first quarter grew up 35.2 thousand enterprises. The total number of registered employees of the newly established enterprises in the first quarter was 225.4 thousand employees, a drop of 22.7% compared to the same period last year.

By economic sector, in the first quarter of this year, there were 9.2 thousand the newly established enterprises in the wholesale and retail (accounting for 34.4% of the total number of the newly established enterprises), rose by 0.9% compared to in the same period last year; 3.6 thousand construction enterprises (accounting for 13.4%), decreasing by 3.7%; 3.3 thousand manufacturing enterprises (accounting for 12.2%), a drop of 6.4%; 2 thousand enterprises in the science, technology, consultation services, designing, advertisement and others (accounting for 7.5%), a cut down of 5.1%; 1.6 thousand enterprises in the employment services, travel, renting and leasing of machinery, equipment and other supporting services (making up 6%), growing 19.6%; 1.4 thousand enterprises in the accommodation and catering services (accounting for 5.2%), climbing by 14.9%; 1.2 thousand real estate enterprises (accounting for 4.6%), an upturn of 32.7%; 727 education and training enterprises (accounting for 2.7%), a rise of 13.6% …

In the first quarter of this year, some economic regions recorded an increased in the number of newly established enterprises over the same period last year: The Southeast had 11.5 thousand enterprises, going up by 2.5% (the registered capital of 131.8 trillion VND, shared 3%); North Central and Central Coast were 3.7 thousand enterprises, rose by 4.8% (the registered capital of 36.1 trillion VND, decreased by 10.7%); Mekong River Delta was 2.1 thousand enterprises, jumped up 2.5% (the registered capital of 19.6 trillion VND, up 17.3%). The remaining regions experienced a fall in the number of the newly registered enterprises compared to the same period last year: Red River Delta was 7.7 thousand enterprises, down up 1.9% (the registered capital of 74.8 trillion VND, increased by 20.6%); Northern Midlands and Mountains were 1.1 thousand enterprises, down 0.3% (the registered capital of 12.1 trillion VND, a reduction of 23%); The Central Highlands gained 655 enterprises, went down 6.2% (the registered capital of 4.1 trillion VND, fell by 51.4%).

In the first quarter of this year, there were 20,337 of the number of temporarily ceased enterprises, reduced 1.4% compared to the same period last year, including 12,222 enterprises ceased for a certain period of time, went up 22.9% and 8,115 enterprises temporarily ceased  without registration or awaited dissolution, a cut down of 24.1%. The total number of enterprises ceased for a certain period of time, there were 5,501 one-member limited liability companies (made of 45%); 3,655 two-member limited liability companies (accounting for 29.9%); 2016 joint stock companies (constituted 16.5%); 1,049 private enterprises (made of 8.6%) and 1 collective name. By economic sector, there were 4.7 thousand enterprises ceased a certain period of time in the wholesale and retail (forming 38.7%), went up 21.4% over the same period last year; 1.9 thousand construction enterprises (accounting for 15.2%), a rise of 18.5%; 1.6 thousand manufacturing enterprises (sharing 12.8%), rose by 19.4%; 626 accommodation and catering service enterprises (accounted for 5.1%), an upturn of 34% … For enterprises temporarily ceased without registration or awaited dissolution, there were 4,116 one-member limited liability companies (accounting for 50.7%); 2,021 two-member limited liability companies (making up 24.9%); 1,526 joint stock companies (18.8%) and 452 private enterprises (5.6%).

The number of enterprises completed dissolution procedures in the first quarter of 2018 was 3,321 enterprises, going up by 1.6% over the same period last year, of which 3,038 enterprises with capital size of less than 10 billion VND, accounting for 91.5%. By type of enterprise, the total number of enterprises completed dissolution procedures, there were 1,508 one-member limited liability companies (making up 45.4%); 932 two-member limited liability companies (accounting for 28.1%); 435 private enterprises (accounting for 13.1%); 445 joint stock companies (sharing 13.4%) and 1 collective name.

       b. Business trends of enterprises

Results of the business trends survey of the manufacturing enterprises in the first quarter of 2018 showed that 33% of the enterprises assessed that the business production situation in the first quarter of this year was better than last quarter; 24.6% of enterprises faces difficulties and 42.4% of enterprises said that the business production situation was stable[11]. For expected outcome of the second quarter, 55.7% of enterprises presented that the trend would get better comparison with the first quarter of this year; 10.4% of enterprises predicted that it would be more difficult and 33.9% of enterprises said that the business production situation would be stable.

Among the main factors affecting the business productions situation of enterprises in the first quarter of this year, 60.4% of enterprises believed that the high competitiveness of domestic goods was the most influential factor to the operation of enterprises; 46.3% of enterprises said that demand of domestic market was low; 31.5% of enterprises stated financial difficulties; 31.5% of enterprises blamed for not recruiting qualified workers; 27.4% of enterprises believed that high interest rate and 21.9% of enterprises believed that high competitiveness of imported goods was an important factor.

Regarding production volume, 35.4% of enterprises pointed out production volume of enterprises in the first quarter of 2018 increased compared to the previous quarter; 27.2% of enterprises reported that the production volume reduced and 37.4% of enterprises considered stable[12]. For the trend of the second quarter, 58.1% of enterprises predicted an increase in production volume compared to the first quarter of this year; 9% of enterprises forecasted a decrease and 32.9% of enterprises predicted stability.

Regarding orders for goods, 30.8% of enterprises had more orders in the first quarter of this year than the previous quarter; 24.4% of enterprises gained fewer orders and 44.8% of enterprises recorded stable orders[13]. For the trend in the second quarter, there were 53% of enterprises expected an increase in orders compared to the first quarter; 9.2% of enterprises expected to decrease and 37.8% of enterprises forecasted to have stable orders.

Regarding export orders, 28.2% of enterprises confirmed more export orders in the first quarter of this year; 19.8% of enterprises experienced fewer export orders and 52% of enterprises kept export orders stable. 43.6% of enterprises expected to have an increase in export orders in the second quarter compared to the first quarter; 9.5% of enterprises expected to decrease and 46.9% of enterprises expected to be stable.

  1. Service operation

     a. Retail sales of goods and services

Trade and service activities in March – the month right after the Lunar New Year tended to decrease against the previous month. Gross retail sales of consumer goods and services in March 2018 were estimated at 343.8 trillion VND, down 2% over the previous month and up 9.3% over the same period in 2017, of which: Retail sales of goods reached 259.5 trillion VND, decreased by 3.2% and increased by 11.1%; revenue from accommodation and catering services reached 43.5 trillion VND, up 6.2% and up 6.5%; traveling revenue reached 2.8 trillion VND, decreased by 17.9% and increased by 17.2%; revenue  from other services reached 38 trillion VND, decreased by 0.9% and increased by 0.4%. Generally for the first 3 months, gross retail sales of consumer goods and services were estimated at 1,048 trillion VND, an increase of 9.9% over the same period last year, if excluding the price factor, the growth was 8.6 % (the same period in 2017 increased by 6.4%).

By kinds of economic activity, retail sales of goods in the first quarter of this year were estimated at 792.6 trillion VND, accounting for 75.6% of the total and increasing by 10.5% over the same period last year, of which: food and foodstuff increased by 11.9%; garments by 12.6%; household appliances, tools and equipment by 11%; cultural and educational items by 8.3%; vehicles increased by 8.4%. Some provinces achieved a good increase as follows: Lai Chau by 12.5%; Ho Chi Minh City by 11.8%; Ha Giang by 11.8%; Ha Nam by 11.7%; Binh Dinh by 11.4%; Dak Nong by 11.4%; and Ha Noi by 11.1%.

Revenue from accommodation and catering services in the first 3 months was estimated at 128.9 trillion VND, accounting for 12.3% of the total and increasing by 9% over the same period last year, of which Khanh Hoa gained an increase in turnover by 13.9%; Binh Thuan by 12.6%; Thanh Hoa by 11%; Ha Noi by 9.6%; and Ho Chi Minh City increased by 9.4%.

Tourism revenue in the 1st Quarter was estimated at 10.2 trillion VND, accounting for 1% of the total and increasing by 30.3% over the same period last year, of which Ho Chi Minh City increased 32.3%; Binh Dinh rose by 29%; Kien Giang expanded by 28.1%; Hai Phong grew by 22.6%; Ha Noi increased by 15.3%; Thanh Hoa went up 8.6%; and Khanh Hoa soared by 6.4%.

Revenue from other services in 3 months was estimated at 116.3 trillion VND, accounting for 11.1% of the total and increasing by 5% over the same period in 2017, of which the turnover of some provinces was as follows: Nghe An increased by 5%; Can Tho expanded by 4.9%; Hai Duong rose by 4.6%; Ho Chi Minh City grew by 4.4%; Ha Noi expanded by 0.9%.

       b. Transportation and telecommunication

Passenger carriage in March was estimated at 370.5 million passengers, down 1.6% over the previous month and 16.4 billion passengers-kilometers, down 2.1%. In the first 3 months, passenger carriage reached 1,049.8 million persons, an increase of 9.5% over the same period last year and 46.8 billion passengers.km, an increase of 10%, of which passenger carried by road reached 988.8 million persons, increasing by 9.8% and 32.1 billion passengers.kilometers, increasing by 10.2%; Inland waterway reached 45.3 million persons, an increase of 5.2% and 851.1 million passengers.km, an increase of 6%; seaway reached 1.7 million passengers, up 6% and 101.3 million passengers.km, up 7%; Airway achieved a good increase with 11.8 million passengers, up by 10.3% and 12.8 billion passengers-kilometers, up by 10.8%. Particularly, railway transport reached 2.2 million passengers, down 8.7% compared to the same period last year and 1 billion passengers.kilometers, down 2.4% because train fare was unable to compete with budget airway and coach.

Freight carriage in March was estimated at 131.5 million tons, up 1.6% against the previous month and 24.5 billion tons-kilometers, up 2.8%. Generally for 3 months, freight transport reached 391.5 million tons, up 8.8% over the same period last year and 72.7 billion tons.km, up 5.8%, of which domestic transport reached 383.2 million tons, up 9% and 38.8 billion tons.km, up 8.8%; overseas transport reached 8.3 million tons, up 1% and 33.8 billion tons.km, up 2.5%. By kinds of transport, the road reached 302.4 million tons, up 9.6% over the same period last year and 20 billion tons.km, up 9.3%; Inland waterway reached 69 million tons, up 7% and 14.7 billion tons.km, up 6.6%; seaway ​​ achieved 18.7 million tons, up 3.9% and 36.9 billion tons.km, up 3.4%; airway reached 69 thousand tons, up 6.2% and 181.4 million tons.km, up 7.1%; railway gained 1.3 million tons, up 4.6% and 0.9 billion tons.km, up 16.9%.

Revenue from telecommunications activities in the first quarter of 2018 was estimated at 96.4 trillion VND, up 7.4% over the same period last year. By the end of March 2018, the total number of telephone subscribers was estimated at 126.3 million, down 0.5% over the same period last year, of which mobile subscribers were 118.7 million, down 0.8%; fixed broadband internet subscribers were estimated at 12.2 million, up 27.5%.

      c. International visitors to Viet Nam

International visitors to Viet Nam in March were estimated at 1,343.3 thousand, decreasing by 6.2% over the previous month and increasing by 33.6% against the same period last year, of which arrivals from Asia increased by 41.6%; from Europe rose by 12.7%; from Oceania increased by 11.8%; from the Americas expanded by 11.9%; from Africa grew by 34.7%.

Generally for the first quarter of 2018, international visitors to Viet Nam were estimated at 4,205.4 thousand, increasing by 30.9% compared to the same period last year, of which arrivals by air reached 3,365.7 thousand, an increase of 27.9%; 719.9 thousand by road, a rise of 53.6%; by sea reached 119.8 thousand person, an increase of 6.9%.

In the first 3 months, international visitors to Viet Nam from Asia reached 3,153.3 thousand persons, an increase of 37.6% compared to the same period last year, of which visitors from major markets increased: from China was 1,356.4 thousand persons, an increase of 42.9%; South Korea 892.5 thousand persons, an increase of 69.2%; Japan 215.4 thousand persons, an increase of 6.9%; Taiwan 164.4 thousand persons, an increase of 9.5%; Malaysia 129.3 thousand persons, an increase of 14.3%; Thailand 83.4 thousand persons, up 6.2%; Singapore 67.8 thousand persons, an increase of 7.7%.

Visitors from Europe were estimated at 645.8 thousand persons, up 15.4% against the same period last year, of which: visitors from the Russian Federation 203.1 thousand persons, up 15.8%; the United Kingdom 85.8 thousand persons, an rise of 14.4%; France 83.9 thousand persons, an increase of 12%; Germany 68 thousand persons, up 9.8%; Sweden 25.3 thousand persons, an increase of 20.6%; Italy 20.8 thousand persons, a growth of 22.4%; the Netherlands 19.6 thousand persons, an increase of 9.3%.

Visitors from the Americas reached 276.2 thousand, an increase of 11.5% compared to the same period last year, of which visitors from the United States reached 203.7 thousand, up 13.4%. Visitors from Australia reached 119.1 thousand persons, a growth of 13.5%, of which visitors from Australia reached 108.5 thousand, an increase of 14.1%. Visitors from Africa reached 11.1 thousand, increasing by 25.7% compared to the same period in 2017.

      II. MACROECONOMICS STABILIZATION AND INFLATION CONTROL

  1. Banking and insurance activities

As of 20th March, 2018, the total payment facilities increased by 3.23% compared to the end of 2017 (same period in 2017 was a rise of 2.88%); capital mobilization of commercial banks increased by 2.20% (same period in 2017 was an increase of 2.43%); Credit growth of the economy reached 2.23% (same period in 2017 was an increase of 2.81%).

Current mobilized interest rates were moderate stable. The mobilized interest rate of VND was popular at 0.6% -1% per year for less-than-1-month term deposits; at 4.3% -5.5% per year for from-1-month-to-less-than-6-months term deposits; at 5.3% -6.5%  per year for deposits with from-6-months-to-less -than- 12- months term; at 6.5% -7.3% per year for the term of over-12- months. The lending interest rate for VND for priority sectors was 6% -6.5% per year. The lending interest rates for VND for normal business sectors was 6.8% -9% per year for short-term; 9.3% -11% per year for medium and long term. For customers with transparent financial situation, short-term lending interest rate was from 4% -5% per year.

Insurance market in the first 3 months of 2018 maintained a positive growth. Insurance revenue in the first quarter of 2018 was estimated to increase by 19% compared to the same period in 2017, in which revenue of life insurance premium increased by 28%; non-life insurance premiums increased by 9%.

  1. Investment

In March, the implementation and disbursement of investment had positive changes. Ministries, lines and provinces focused on the completion of allocation the early year in public investment and speeded up the progress of key transitional sites and projects. The realized investment in the first quarter of 2018 at current prices was quite good with 331.2 trillion VND, up 10.4% over the same period last year and sharing 32.2% of the GDP, including: State sector reached 104.6 trillion VND, accounting for 31.6% of the total capital and increasing by 4.4% over the same period last year; non-state sector reached 138.8 trillion VND, accounting for 41.9% and increasing by 16.9%; FDI sector reached 87.8 trillion VND, accounting for 26.5% and rising by 8.1%.

 

The growth rate of the realized investment

first quarters of 2016-2018 in comparison with same periods of the previous year

(At current prices)

 %

Quarter I
2016
Quarter I
2017
Quarter I  2018
Total110.9109.5110.4
State sector105.9105.3104.4
Non-State sector114.5115.0116.9
FDI sector112.8107.1108.1

 

In the investment of the State sector, the capital from the State budget in the first quarter of 2018 increased significantly, estimated at 48.7 trillion VND, equaling 14.4% of the yearly plan and increasing by 9.2% compared to the first quarter of 2017 (the rate in the same period of previous year was an increase of 3.6%), including:

– The capital under central management reached 9.6 trillion VND, equaling 14.6% of the yearly plan and increasing by 4.2% over the same period last year, of which the investment of the Ministry of Transportation reached 3,588 billion VND, equaling 19.5% and decreasing by 26.5%; Ministry of Agriculture and Rural Development 908 billion VND, equaling 11.2% and rising by 19.4%; Ministry of Health 537 billion VND, equaling 16.3% and decreasing by 13.9%; Ministry of Natural Resources and Environment 184 billion VND, equaling 12.4% and increasing by 54.7%; Ministry of Education and Training 159 billion VND, equaling 11.8% and going up 34.1%; Ministry of Culture, Sports and Tourism 117 billion VND, equalling 15.6% and jumping up 18.7%; Ministry of Construction 33 billion VND, equaling 12.1% and reducing 59%; Ministry of Industry and Trade 33 billion VND, equaling 14.8% and down 12.4%; Ministry of Science and Technology 28 billion VND, equaling 11.6% and increasing by 51.9%; Ministry of Information and Communications 15 billion VND, equaling 11.4% and growing by 14.3%.

– The capital under local management reached 39.1 trillion VND, equaling 14.3% of the yearly plan and increasing by10.5% compared to the same period of 2017, of which: State budget capital at provincial level reached 26.7 trillion VND, equaling 13.2% of the yearly plan and rising by 9.4%; state budget capital at district level reached 10.3 trillion VND, equaling 17% and increasing by 13.1%; state budget capital at commune level reached 2,136 billion VND, equaling 21.5% and increased by 12.2%. The realized investment from the State budget of some provinces and cities directly under the Central Government was as follows: Ha Noi gained 5,647 billion VND, equaling 14.8% of the yearly plan and growing by 4.1% over the same period last year; Ho Chi Minh City 2,475 billion VND, equaling 6% and increasing by 4.5%; Nghe An 1,399 billion VND, equaling 23.9% and going up 1.2%; Thanh Hoa 1.394 billion VND, equaling 22.2% and increasing by 41.9%; Ba Ria – Vung Tau 1,270 billion VND, equaling 19.5% and increasing by 15.9%; Vinh Phuc 1,235 billion VND, equaling 20.7% and climbing up 0.6%; Can Tho 1,117 billion VND, equalling 22% and increasing by 62.7%; Hai Phong 1,081 billion VND, equaling 11.9% and increasing by 46.7%; Quang Nam 1,072 billion VND, equaling 23.4% and increasing by 32.6%.

Foreign direct investment from the beginning of the year to 20th March, 2018 attracted 618 newly licensed projects with a registered capital of 2,121.6 million USD, an increase of 25.4% in number of projects and a decrease of 27.3% of registered capital compared to the same period in 2017. Besides, 199 licensed projects from previous years registered to adjust investment capital with an additional capital of 1,789.9 million USD, reducing 54.6% over the same period last year. As a result, the total newly registered and additional capital in 3 months was 3,911.5 million USD, going down 43% compared to the same period of 2017. The realized FDI capital in 3 months was estimated at 3,880 million USD, growing by 7.2% compared to the same period in 2017. In 3 months of 2018, there were 1,285 turns of capital contribution and share purchases of foreign investors with a total capital contribution of 1,890.1 million USD, an increase of 121.6% compared to the same period in 2017, of which 732 turns of capital contributions and shares purchase increased the charter capital of enterprises with the value of 1.34 billion USD and 553 foreign investors repurchased domestic shares without increasing charter capital with a value of 547.8 million USD.

In 3 months, the manufacturing activity attracted the largest foreign direct investment with the registered capital of newly licensed projects reaching 1,296.3 million USD, accounting for 61.1% of the total registered capita; the electricity, gas, hot water, steam and air conditioning supply reached 253.8 million USD, accounting for 12%; the other sectors reached 571.5 million USD, accounting for 26.9%. If including additional registered capital of licensed projects from previous years, foreign direct investment in manufacturing activity in the first 3 months of this year recorded at 2,952.6 million USD, accounting for 75,5% of the total registered capital; real estate activities reached 275.1 million USD, accounting for 7%; the other sectors reached 683.8 million USD, accounting for 17.5%. For the capital contribution, share purchases of foreign investors, investment in manufacturing activity withnessed 491.4 million USD, accounting for 26% of the total value of capital contribution; construction activity reached 340.8 million USD, accounting for 18%; the other sectors reached 1,057.9 million USD, accounting for 56%.

In the whole, there are 32 provinces and cities directly under the Central Government had newly licensed foreign direct investment projects in the first 3 months of the year, in which Ho Chi Minh City had the largest registered capital with 340 million USD, accounting for 16% of total newly registered capital; followed by Binh Duong 298.5 million USD, accounting for 14.1%; Ninh Thuan was 253.9 million USD, accounting for 12%; Ha Nam with 179.5 million USD, accounting for 8.5%; Dong Nai: 164.7 million USD, accounting for 7.8%; Bac Ninh 118.3 million USD, accounting for 5.6%; Binh Phuoc 103 million USD, accounting for 4.9%.

Among 40 countries and territories with new licensed investment projects in Vietnam in the first quarter, Korea was the largest investor with 493 million USD, accounting for 23.2% of the total newly registered capital; followed by Singapore 421.7 million USD, accounting for 19.9%; Japan 265.6 million USD, accounting for 12.5%; China 205.8 million USD, accounting for 9.7%; Netherlands 136.6 million USD, accounting for 6.4%; Hong Kong Special Administrative Region (China) 130.5 million USD, accounting for 6.1%; British Virgin Islands 98.1 million, accounting for 4.6%.

Vietnam’s outward investment in the first quarter of 2018 had 23 new projects granted investment certificates with the total investment of 123.6 million USD, 5 capital adjusted projects with an additional capital of 25.9 million USD. The total outward investment of Viet Nam (newly licensed and supplementary capital) of in the first quarter of this year reached 149.5 million USD, of which the financial and banking activities witnessed 105 million USD, accounting for 70.2% of the total investment; the manufacturing activity reached 19.9 million USD, accounting for 13.3%; real estate activities gained 12 million USD, accounting for 8%; wholesale and retail trade reached 8.5 million USD, accounting for 5.7%. In the first quarter of 2018, Viet Nam outward invested in 16 countries and territories, of which, Lao People’s Democratic Republic was the leading with a share of 53.5% of the total investment capital; Cambodia accounted for 17.3%; Cuba accounted for 13.3%; Australia made up 8%.

  1. State budget Revenue and Expenditure

The state budget revenue from the beginning of the year to March 15, 2018 was estimated at 232.2 trillion VND, equaling 17.6% of the yearly estimate, of which domestic revenue was 185.6 trillion VND, equaling 16.9%; crude oil revenue reached 10.7 trillion VND, equaling 29.9%; budget balance revenue from import and export gained 35.8 trillion VND, equaling 20%. In domestic revenue, the state-owned enterprises reached 24.6 trillion VND, equaling 14.8% of the yearly estimate; foreign invested enterprises (excluding crude oil) was 35.8 trillion VND, equaling 16.1%; taxes on trade and non-state services recorded at 44.3 trillion VND, equaling 20.3%; personal income tax revenue was 18.7 trillion VND, equaling 19.3%; environmental protection tax witnessed 6.7 trillion VND, equaling 13.7%; land use fee reached 19.7 trillion VND, equaling 23%.

The state budget expenditure from the beginning of the year to March 15, 2018 was estimated at 225.9 trillion VND, equaling 14.8% of the yearly estimate, of which recurrent expenditure reached 183 trillion VND, making up 19.5%; development investment expenditure reached 17.5 trillion VND, equaling 4.4% of the yearly estimate; interest payment was 24.9 trillion VND, accounting for 22.1%.

  1. Export and import of goods and services

      a. Exports of goods

Export turnover of goods in February 2018 reached 14.327 million USD, 927 million USD higher than the estimated figures, of which: phones and their parts were 699 million USD higher; electronic goods, computers and their parts were 118 million USD higher; iron and steel were 95 million USD higher; machinery, instrument and accessory were 83 million USD higher; vegetables were 47 million USD higher; petroleum was 22 million USD higher; wood and wooden products were 63 million USD lower; textiles were 170 million USD less than estimated.

Export turnover in March was estimated at 19.80 billion USD, went up by 38.2% over the previous month, of which: the domestic economic sector was 5.36 billion USD, grew by 43.3%; FDI sector (including crude oil) reached 14.44 billion USD, jumped up by 36.4%. Most of export products had increased turnover compared to the previous month, of which: Rubber soared by 81%; wood and wooden products surged up by 60.1%; rice climbed up by 53.9%; fishery products increased by 48.1%; phones and their parts rose by 47.1%; textiles grew by 35%; machinery, instrument and accessory increased by 32.3%; electronic goods, computers and their parts went up by 28%. Compared to the same period last year, export turnover in March this year increased by 15.4%, of which: the domestic economic sector rose by 9.2%; FDI sector (including crude oil) grew by 17.9%. Some products had increased export turnover over the same period last year: Phones and their parts soared by 62.2%; means of transport and spare parts increased by 21.7%; machinery, instrument and accessory rose by 19.6%.

In the first quarter of this year, export turnover was estimated at 54.31 billion USD, went up by 22% over the same period last year, of which: the domestic economic sector reached 14.97 billion USD, rose by 18.9%; FDI sector (including crude oil) reached 39.34 billion USD, edged up by 23.2%. If excluding the price factor, export turnover in the first quarter increased by 22.1% over the same period in 2017.

Export turnover of some main products in the first quarter of this year still maintained a high growth rate over the same period last year: Phones and their parts achieved 12.3 billion USD, surged up by 58.8%; textiles and garments gained 6.3 billion USD, rose by 12.9%; electronic goods, computers and their parts reached 6.3 billion USD, grew by 13.2%; machinery, instrument and accessory attained 3.5 billion USD, climbed up by 22.3%; footwear reached 3.5 billion USD, went up by 10.9%; means of transport and spare parts reached 2.1 billion USD, increased by 20.1%; wood and wooden products reached 1.9 billion USD, edged up by 8%; fishery products gained 1.7 billion USD, grew by 11.2%; vegetables and fruits attained 950 million USD, edged up by 35.6%; iron and steel reached 949 million USD, rose by 43.3%. Some products had decreased export turnover over the same period last year: Crude oil reached 509 million USD, went down by 21.1% (volume decreased by 36.5%); rubber gained 408 million USD, fell by 19.8% (volume increased by 10.5%); cassava and cassava products reached 277 million USD, reduced by 5.3% (volume decreased by 27.7%); pepper attained 190 million USD, went down by 41.3% (volume fell by 2%). The proportion of main export products still belonged to the FDI sector, accounted for 99.7% of the turnover of phones and their parts; 90% of turnover of machinery, instrument and accessory; 61% of textile and garment turnover.

Regarding the structure of export commodity groups in the first quarter of this year, the group of heavy and mineral products was estimated at 28 billion USD, went up by 31.8% over the same period last year; accounting for 51.6% of total export turnover (an increase of 3.9 percentage points compared to the same period in 2017), of which: phones and their parts reached 12.3 billion USD, soared by 58.8% and accounted for 22.7%. The group of light industrial and handicraft products reached 19.8 billion USD, edged up by 14.6%; shared 36.4% (a reduction of 2.4 percentage points). Group of agricultural and forestry products attained 4.8 billion USD, increased by 7.8%; contributed 8.9% (a fall of 1.2 percentage points). The group of fishery products was estimated at 1.7 billion USD, grew by 11.2% and accounted for 3.1% (a decrease of 0.3 percentage points).

Regarding the exported goods market in the first quarter of 2018, the EU was Vietnam’s largest export market with ab export turnover of 9.8 billion USD, went up by 19.7% compared to the same period in 2017, of which: phones and their parts increased by 33.6%; electronic goods, computers and their parts rose by 13.9%. The United States gained 9.6 billion USD, edged up by 11.6%, of which: footwear grew by 19.3%; textile rose by 15.4%; wood and wooden products went up by 9.5%. China achieved 9 billion USD, climbed up by 46%, of which: phones and their parts soared by 674.4%; vegetables and fruits surged up by 56%; electronic goods, computers and their parts jumped up by 31.7%. ASEAN attained 5.6 billion USD, went up by 13.5%, of which: iron and steel increased by 41.6%; phones and their parts rose by 16.8%. South Korea reached 4.3 billion USD, grew by 35.8%, of which: phones and their parts increased by 63.5%; electronic goods, computers and their parts jumped up by 59.4%; textiles and garments increased by 12.2%. Japan gained 4.2 billion USD, edged up by 12%, of which: textiles and garments increased by 18.8%; means of transport and spare parts grew by 13.9%.

       b. Imports of goods

The import turnover of goods in February 2018 reached 14,033 million USD, 1,533 million USD higher than the estimated figures, of which: electronic goods, computer and their parts were 432 million USD higher; high quality plastic products were 96 million USD higher; iron and steel were 75 million USD higher; cotton was 67 million USD higher; materials for textile, garment and footwear were 55 million USD higher; automobiles were 54 million USD higher; metals were 51 million USD higher; chemical products were 42 million USD higher; fabric and petroleum were 37 million USD higher; chemicals were 35 million USD higher; high quality fibres were 32 million USD higher; paper of all kinds were 30 million USD higher; fishery products were 19 million USD higher; liquefied gas and phones and their parts were 17 million USD higher than estimated.

Import turnover in March this year was estimated at 19.0 billion USD, went up by 35.4% over the previous month, of which: the domestic economic sector reached 7.5 billion USD, increased by 35.7%; FDI sector gained 11.5 billion USD, rose by 35.2%. Import turnover of most products increased compared to the previous month, of which: phones and their parts grew by 43.5%; machinery, instrument and accessory climbed up by 26.8%; electronic goods, computer and their parts increased by 18.7%. Compared to the same period last year, import turnover in March increased by 3.1%, of which: the domestic economic sector rose by 3%; FDI sector edged up by 3.2%. Many products for domestic production and processing had increased turnover over the same period last year: Metals increased by 26.4%; plastics rose by 18.6%; electronic goods, computer and their parts grew by 13.8%.

In the first 3 months of the year, import turnover was estimated at 53.01 billion USD, went up by 13.6% over the same period last year, of which: the domestic economic sector reached 21.26 billion USD, increased by 13.4%; FDI sector gained 31.75 billion USD, edged up by 13.7%. If excluding the price factor, import turnover in the first quarter of 2018 increased by 12.8% compared to the same period in 2017.

In the first quarter of this year, import turnover of some products increased sharply over the same period last year: Electronic goods, computers and their parts reached 10.3 billion USD, jumped up by 30.2%; phones and their parts reached 3.4 billion USD, edged up by 17.2%; petroleum gained 2.2 billion USD, grew by 37.1% (volume increased by 20.1%); plastics attained 2.1 billion USD, rose by 21.5% (volume increased by 13.8%); metals attained 1.5 billion USD, went up by 19.9%; plastic products reached 1.4 billion USD, jumped up by 15.3%; chemical products reached 1.2 billion USD, grew by 15.9%; chemicals gained 1.2 billion USD, edged up by 22.9%.

Regarding the structure of imported goods in the first quarter, the group of capital goods was estimated at 48.6 billion USD, increasing by 14.1% and accounting for 91.6% of the total import turnover (an increase of 0.4 percentage points compared with the same period in 2017), of which: machinery, instrument and accessory reached 22.9 billion USD, edging up by 13.1% and accounting for 43.1% (a decrease of 0.2 percentage points); material and fuel reached 25.7 billion USD, grew by 15% and accounted for 48.5% (an increase of 0.6 percentage points). Consumer goods was estimated at 4.4 billion USD, grew by 8.5% and shared 8.4% (a reduction of 0.4 percentage points).

Regarding the imported goods market in the first quarter of 2018, China was still the largest import market of Vietnam with a turnover of 14.3 billion USD, grew by 13.7% compared to the same period in 2017[14], of which: import turnover of some products for production and processing increased: Phone and their parts increased by 30%; machinery, instrument and accessory went up by 6.8%; electronic goods, computers and their parts increased by 5.6%. The following was the South Korean market with an import turnover of 11.9 billion USD, climbed up by 19%, of which: electronic goods, computers and their parts soared by 52.8%; phones and their parts increased by 13.6%. ASEAN reached 7.3 billion USD, went up by 12.3%, of which: electronic goods, computers and their parts increased by 35.7%; petroleum grew by 33.1%; machinery, instrument and accessory rose by 26.5%. Japan gained 4.2 billion USD, an increase of 13.4%, of which: electronic goods, computers and their parts rose by 46.5%; iron and steel edged up by 5%. EU attained 3 billion USD, went up by 7.2%, of which: chemicals increased by 33.8%; machinery, instrument and accessory increased by 20.9%. The United States achieved 2.5 billion USD, went up by 11.5%.

Trade balance of goods in February witnessed a trade surplus of 294 million USD[15]; trade surplus in March was estimated at 800 million USD. In the first quarter of 2018, the trade surplus reached 1.3 billion USD, of which: the domestic economic sector saw a trade deficit of 6.3 billion USD; the FDI sector (including crude oil) saw a trade surplus of 7.6 billion USD.

        c. Import and export of services

Services export turnover in the first quarter of 2018 was estimated at 3.9 billion USD, increased by 18.2% over the same period in 2017, of which: tourism services reached 2.8 billion USD (accounting for 70.5% of the total turnover), went up by 23.3%; transportation services gained 700 million USD (sharing 18%), rose by 8.5%. Service import turnover was estimated at 4.3 billion USD, grew by 7.8% over the same period last year, of which: transportation services reached 2 billion USD (contributing 46.6% to the total turnover), went up by 11.1%; tourism services attained 1.4 billion USD (accounting for 31.8%), increased by 9.2%. Service trade deficit in the first quarter was 391 million USD, equaling 10% of service export turnover.

  1. Price index

     a. Consumer price index

The consumer price index (CPI) in March 2018 decreased by 0.27% compared to the previous month, of which 8/11 groups of goods and services had a fall in price index. Transportation group decreased by 0.77% because import tax of completed automobile from ASEAN region reduced to 0%, caused the selling price of domestic cars to decrease; gasoline prices fell by 1.3% against the previous month[16]  and the price of passenger cars and trains decreased after the Lunar New Year in 2018. The group of food and catering services decreased by 0.62% (food increased by 0.35%, foodstuff dropped by 1.05% due to a decrease in the price of fresh food items after the Lunar New Year, making the overall CPI fall by 0.23%. Housing and construction materials group dropped by 0.28%, mainly due to gas adjustment of domestic enterprises prices from March 1, 2018. Beverage and tobacco group decreased by 0.28%; garments, hats and shoes decreased by 0.17%; culture, entertainment and tourism by 0.09%; post and telecommunications fell 0.04%; other goods and services decreased by 0.1%. The remaining groups of goods and services had an increase in price index: Medicine and health services increased by 1.98% (health services increased by 2.54%) because 9 provinces and cities adjusted the price of medical services for those who did not have health insurance cards (caused the overall CPI to increase by 0.1%); household appliances and equipments up by 0.02%; education increased by 0.01% (education service expanded by 0.01%).

Average CPI in the first quarter of 2018 increased by 2.82% compared to the average of the same period in 2017. CPI in March 2018 increased by 0.97% compared to December 2017 and increased by 2.66% compared to the same period last year. The average CPI in the first quarter of 2018 increased due to the following main reasons: (i) Local authorities adjusted health service prices and implemented the tuition increase schedule[17]; (ii) The first two months of this year coincided with Tet, so the demand for tourism and travel increased[18]; (iii) Fuel prices in the world market in the first 3 months of the year increased sharply, leading to an average increase of 9.18% in petrol price in Q1, contributing 0.38% to the overall CPI increase. In addition, there were a number of factors such as the increase in the regional minimum wage applied to employees in enterprises from January 1, 2018, which made average prices of some services such as repairing household appliances and house maintenance, housing, service of family workers increase by 2% -8% compared to the same period last year.

Besides, there were a number of factors contributing to curbing the growth rate of CPI in the first quarter of 2018: Food price index decreased by 1.47% compared to the same period in 2017 (because pork price dropped sharply); all authorities and branches actively took measures to stabilize market prices during the Lunar New Year without causing a sudden increase in prices; the State Bank of Vietnam navigated a monetary policy firming to the target of macroeconomic stability and controling inflation.

Core inflation in March 2018 decreased by 0.09% over the previous month and increased by 1.38% over the same period last year. The average core inflation in Q1/2018 increased by 1.34% compared to the average of the same period in 2017.

      b. Gold and US dolar price index

Domestic gold prices fluctuated in line with world gold prices. Index of gold price in March 2018 decreased by 0.35% compared to the previous month; increased by 3.18% compared to December 2017 and up by 5.97% over the same period last year. The US dollar price index in March 2018 increased by 0.27% over the previous month; rose by 0.22% compared to December 2017 and decreased 0.09% compared to the same period in 2017.

      c. Producer price index

The price index of raw materials, fuel and materials for production in the first quarter of 2018 increased by 2.11% compared to the Q.4 of 2017 and increased by 4.09% over the same period last year, of which the price index of raw materials, fuel and materials used for agriculture, forestry and fishery production increased by 1.09% and decreased by 2.58%, respectively; for processing and manufacturing industries expanded by 2.24% and by 3.86%; for construction rose by 1.04% and by 7.82%.

The producer price index of agricultural, forestry and fishery sector in the Q.1 of 2018 increased by 1.18% compared to the Q.4 of 2017 and declined by 2.59% compared to the same period last year, of which the producer price index of agriculture increased 0.58% and fell by 5.34%; forestry increased by 1.43% and by 3.24%; seafood grew by 3% and by 5.69%.

The industrial producer price index in the first quarter increased by 0.79% compared to the fourth quarter of 2017 and expanded by 2.64% compared to the same period last year, of which the producer price index of mineral products increased by 5.17% and by 9.24%; processing and manufacturing products rose by 0.42% and by 1.97%; electricity, gas, hot water, steam and air conditioning products went up by 0.84% and by 4.72%; clean water, waste water treatment increased by 0.66% and by 1.54%.

The producer price index of the service in the first quarter of 2018 increased by 1.04% compared to the fourth quarter of 2017 and increased by 2.92% compared to the same period last year, of which the producer price index for transport and storage services rose by 2.45% and 3.03%, respectively; accommodation and catering services increased by 0.94% and by 2.38%; administrative and supporting services expanded by 0.78% and by 0.69%; education and training increased by 0.38% and by 6.04%, health and social assistance increased by 2.16% and by 15.78%.

      d. Merchandise export, import price index

The merchandise export price index of the first quarter of 2018 increased by 0.46% compared to the fourth quarter of 2017 and decreased by 0.05% compared to the same period last year. Compared to the fourth quarter of 2017, the export price index of some commodities increased sharply: Petrol was 15.45%; crude oil by 8.39%; Chemical products by 5%. Meanwhile, export price index of some commodity groups fell significantly: pepper was 5.86%; coffee by 5.66%.

The merchandise import price index of the first quarter increased by 0.38% compared to the Q.4 of 2017 and rose by 0.76% compared to the same period last year, of which the coal import price index increased by 6.16% compared to the Q.4 of 2017; petrol and oil of all kinds rose by 2.9%; wheat rose by 1.88%.

The merchandise term of trade[19] in the first quarter increased by 0.07% compared to the Q.4 of 2017 and decreased by 0.8% compared to the same period last year. Compared to the Q.4 of 2017, the merchandise term of trade of petroleum rose by 12.2%; seafood expanded by 2.71%; iron and steel grew by 2.32%; computers, electronic products, phones and spare parts increased by 1.75%; vegetables and fruits declined by 5.1%.

      III. SOCIAL ISSUES

  1. Labor and employment

As of 01 April 2018 labor force aged 15 years and over of the whole country was estimated at 55.1 million persons, a year on year increase of 586.8 thousand, of which the number of male employees was 28.6 million persons, accounted for 52%; the number of female employees was 26.5 million persons, made up 48%. The employed population aged 15 years and over working in urban and rural area was 17.7 million persons and and 37.4 million persons respectively with the corresponding share of 32.2% and 67.8%. As of 01 April 2018, labor force in working age was estimated at 48.4 million persons, a year on year increase of 497.3 thousand persons, of which male employees was 26.2 million persons, made up 54.2%; female employees was 22.2 million persons, accounted for 45.8%. Labor force in working age working in urban and rural area was 16.1 million persons and and 32.3 million persons respectively with the corresponding share of 33.3% and 66.7%.

In Q1 2018, the employed population aged 15 years and over was estimated at 54.0 million persons, of which employees of the agriculture, forestry and fishery sector were 20.9 million, made up 38.6% of the total employed population; the industry and construction sector was 14.4 million persons, the corresponding share of 26.7%; and the service sector was 18.7 million persons, with the corresponding share of 34.7%.

In Q1 2018, unemployment rate of labor force in working age was estimated at 2.2%, of which unemployment rate of labor force in working age in urban and rural was 3.13% and 1.73%, respectively[20]. The youth unemployment rate (aged 15 to 24) in Q1 2018 was estimated at 7.25%, of which urban and rural was 11.47% and 5.63%, respectively.

Underemployment rate at working age in Q1 2018 was estimated at 1.48%, of which underemployment rate in urban and rural area was 0.55% and 1.94%, respectively (the corresponding figures for Q1 2017 were 1.82%; 0.83% and 2.31%).

Percentage of employment in the informal economy in non-agricultural activities[21] in Q1 2018 was estimated at 56.8%, of which urban and rural area was 48.3% and 63.8%, respectively. (Corresponding figures in Q1 2017 were 56.9%; 48.8% and 64.0%).

  1. Living standards and social security

People’s life in the first months of 2018 was generally stable, food shortage among farmers significantly decreased compared to the same period in 2017. According to preliminary reports, in Q1 2019, the whole country witnessed 46.2 thousand households suffering from food shortage a year on year fall of 39.5%, corresponding to 173.2 thousand persons suffering from food shortage, declined by 44.5%. In order to overcome food shortage, from the beginning of the year, all administrative levels, sectors and organizations from central to local level supported these households with 4.6 thousand tons of rice.

Social security continued to be paid attention by authorities. According to preliminary statistics, in the first quarter of this year, there were 11.4 million health insurance cards; free health care books/cards were donated to policy beneficiaries in the whole country.

  1. Education and Training

According to preliminary report, in the 2017-2018 school year, there were 712 thousand children enrolled nursery schools, up 5.4% against the previous school year; 4,588 thousand children enrolled kindergartens, an increase of 4.1% compared to the 2016-2017 school year; 15,882 thousand general school pupils, an increase of 2.4%, of which 8,015 thousand primary school pupils; an increase of 2.7%; 5,361 thousand pupils at lower secondary school, up 2.4% and 2,506 thousand pupils at upper secondary school, an increase of 1.2%.

In the school year 2017-2018, the number of nursery teachers was 71.4 thousand persons, rose by 8.5% compared to the same period of the previous school year; the number of kindergarten teachers was 265 thousand persons, increased by 5.7%; number of thousand classroom teachers reached 852.3 thousand persons, reduced by 0.7%, of which number of primary school teachers was 396.9 thousand persons, a decrease of 0.05%; number of lower secondary school teachers was over 305 thousand persons, down 1.9%; number of upper secondary school teachers was 150.4 thousand persons, reduced by 0.2%. The number of general school teachers tended to decrease in recent years mainly because some localities did not hold regular enrollment exams to replace teachers who reached retirement age and transfered to other jobs.

  1. Epidemic diseases and food poisoning

In March, the whole country witnessed 1.5 thousand cases of hand, foot and mouth disease; 3.4 thousand cases of hemorrhagic fever (1 death); 55 cases of typhoid; 38 cases of viral encephalitis (2 deaths), 16 cases of whooping cough; 7 cases of human streptococcus suis infection and 223 cases of food poisoning (3 deaths). Generally, for the first 3 months of 2018, the whole country witnessed 4.5 thousand cases of hand, foot and mouth disease; 11.4 thousand cases of hemorrhagic fever (4 deaths); 95 cases of typhoid; 85 cases of viral encephalitis (2 deaths); 53 cases of whooping cough; 230 meningococcal meningitis; 27 cases of human streptococcus suis infection (3 deaths); 18 deaths from rabies and 502 cases of food poisoning (3 deaths).

As of 15 March 2018, the total number of alive HIV-infected persons over the country was 209.3 thousand persons and the number of cases turned to AIDS was 90.4 thousand persons; the number of persons died of HIV/AIDS nationwide was 95.8 thousand persons.

  1. Culture and Sport

Cultural activities in the first 3 months of 2018 focused on celebrating the Party, celebrating the Mau Tuat Lunar New Year and traditional festivals in many localities across the country. Professional art shows, popular art performances, folk games were organized with diversified content of national cultural identity. Many events were organized on a large scale and receive actively response of many people. Communication and advocacy activities were organized in many forms, ensuring practicality, efficiency and savings, creating an exciting atmosphere among the people. Besides, festival management was paid attention by authorities focused on promoting the positiveness of folk festivals and in line with cultural traditions; strengthening supervision and determined to address those festivals that violated the regulation and failure in ensuring security and environmental sanitation.

Mass sports movement took place vigorously throughout the locality with many activities such as organizations of folk games, traditional sports, a day of Olympic jogging for people’s health 2018, movement of drown prevention by teaching children nationwide how to swim 2018.

In high performance sports, the sports sector focused on preparing forces to attend important international tournaments: Asian U23 Football Championship, Asian Bicycle Championship, Asian Indoor Athletics, World Diving Cup, prepared athletes to attend the Asian Para Games and international sports tournaments held in Viet Nam.

  1. Traffic accidents

In March (from 16 February to 15 March), there were 1,329 traffic accidents traffic accidents occurred nationwide, including 720 traffic accidents from less serious to more and 609 traffic collisions, causing 643 deaths, 440 injuries and 670 slight injuries. Compared to the same period last year, the number of traffic accidents in March decreased by 1.4% (the number of traffic accidents from less serious to more increased by 10.3% and the number of traffic collisions went down by 12.4%); the number of deaths rose by 18.2%; the number of injuries increased by 4% and the number of slight injuries decreased by 10.9%.

Generally, for the first 3 months of 2018, there were 4,674 traffic accidents occurred nationwide, including 2,396 traffic accidents from less serious to more and 2,278 traffic collisions, causing 2,149 deaths, 1,220 injuries and 2,407 slight injuries. Compared to the same period last year, the number of traffic accidents in the first 3 months of this year decreased by 2.9% (traffic accidents from less serious to more decreased by 2.3%; the number of traffic collisions decreased by 3.5%); the number of deaths increased by 1.7%; the number of injuries rosed by 18.2% and the number of slight injuries decreased by 14.1%. On average 52 traffic accidents occurred a day in the first 3 months of 2018 nationwide, including 27 traffic accidents from less serious to more and 25 traffic collisions, caused 24 deaths, 14 injuries and 27 slight injuries.

Although traffic accident situation witnessed improvement recently, the number of serious traffic accidents mainly occurred on roads. In the first 3 months of 2018, there were 2,332 road accidents (accounted for 97.3% of total traffic accidents from less serious to more), causing 2,106 deaths (accounted for 98% of total traffic accidents fatalities) and 1,211 injuries (made up 99.3%). There were some serious accidents caused great losses of people and property such as: the accident in Ha Giang on 2 January left 5 dead; the accident in Quang Ninh on 1 February caused 2 deaths, 1 seriously injuries and 7 injuries; the accident in Kon Tum on 1 March caused 1 death and 19 injuries; the accident between a bus and a fire truck on Phap Van highway on 18 March caused 1 death and 9 injuries.

  1. Damages caused by natural disasters 

Natural disasters occurred in March were mainly hail, thunderstorms and coastal erosion in some localities, caused 7 injuries, damaged 94.6 ha of rice and arable crops; more than 2.7 thousand houses collapsed and damaged. According to preliminary reports, the total value of loss caused by natural disasters in the month was 24.2 billion VND. Generally, for the first 3 months of 2018, natural disasters caused over 4.3 thousand hectares of paddy and arable crops were damaged, nearly 8.3 thousand of cattle and poultry heads killed, more than 2.7 thousand houses collapsed, damaged, estimated losses of more than 178 billion VND, 3.1 times higher than damages caused by natural disasters in Q1 2017. Particularly, damage caused by bitterly cold, damaging cold  in the North and North Central provinces occurred in the first months of 2018, damaged nearly 840 ha of rice and arable crops, and killed more than 8.2 thousand cattle and poultry heads, estimated loss of 144.3 billion VND.

Currently, the Mekong Delta provinces entered the dry season but many places of saltwater intrusion and drought fast occurred. Because localities increased irrigation for winter-spring rice crop, led to the rapid decrease of fresh water sources on the rivers and streams system, combined with high tide, saltwater intruded into the inner field, affected production and people’s life. In order to proactively respond to complicated developments of saltwater intrusion, localities developed solutions to respond and actively manage water sources, accelerated the construction of key irrigation projects and dredged sedimentation in canals to store fresh water.

  1. Environment protection, fire and explosion prevention

In March, 1,805 cases of violating regulations of environment protection were found, of which 1,745 cases were addressed with total fine of over 28.6 billion VND. Generally, for the first 3 months, 4,260 cases of violating regulations of environment protection were found, of which 3,929 cases were addressed with total fine of 55.7 billion VND.

In the month, (from 16 February to 15 March) there were 370 cases of fire and explosion across the country, causing 10 deaths and 7 injuries, with an estimated damage of 70.7 billion VND. Generally, for the first 3 months (from 16 February 2017 to 15 March 2018) there were 1,085 cases of fire and explosion across the country, causing 33 deaths and 66 injuries, with an estimated damage of over 413.2 billion VND. Fire and explosion occurred mainly in residential areas, high apartment blocks, industrial parks, business renting establishment. The cause of the fire and explosion mainly due to the low awareness of the people, in addition to the basic knowledge of fire prevention was not widely advocated. Especially the fire alert system in apartment blocks did not paid much attention on safety, therefore when a fire occurred and left serious consequences. In the first quarter, a number of serious fires and explosions occurred: Explosion occurred in Bac Ninh on 3 January 2018, caused 2 deaths, 5 injuries and damaged many houses; the fire and explosion occurred in Ca Mau on 6 February 2018, left 2 dead and destroyed 4 houses. Remarkably, the apartment fire that occurred in Ho Chi Minh City on 23 March left serious consequences on death toll and property, according to preliminary reports 13 persons died and dozens wounded, the value of property damage had not been calculated yet.

In general, socio-economic situation in the Q1 2018 continued to witness positive change. The economy achieved a good growth rate, macro-economy was stable, and inflation was curbed. Agricultural production recored a clearly recovery. Business environment and conditions continued to improve; the Purchasing Managers Index (PMI) witnessed continuous improvement in the first months of the year[22]. Exports and attraction of international visitors continued on the rising trend. Labor, employment, social security were paid attention to and achieved certain results, the unemployment rate and underemployment witnessed a decreasing trend. In addition to the achieved results, in the first 3 months of this year, there were still some limitations and shortcomings: The disbursement of public investment progress was lower than planned. Pig husbandry still faced difficulties, the situation of excess vegetables and tubers occurred in some localities. There were many serious cases in the field of traffic safety, fire and explosion situation.

The year 2018 has a very important meaning and it is the key year in completing the 5-year socio-economic development plan for 2016-2020. Besides the favorable factors, the economic forecast of our country reveals many difficulties and challenges: Low growth quality and labor productivity. Inflation hid risk of increasing higher than threshold set by the National Assembly. Manufacturing industries were difficult to maintain a high growth rate during the last months of the year. Protection policies in some countries, especially the US, continued to expand, will be a barrier to Viet Nam’s exports products. Weather, droughts and saltwater intrusion were complicated and could affect agricultural production and people’s life.

In the coming time, in order to achieve the socio-economic development objectives and targets of 2018, all levels, branches and localities should continue to synchronously  and effectively implement solutions set out in the Resolution No.01/NQ-CP dated 01 January 2018 of the Government on the main missions and solutions to implement the Socio-economic Development Plan and the State budget estimate for 2018 and the Prime Minister’s directions Government, which focuses on the following main contents:

Firstly, to navigate monetary policy in the direction of prudence and flexibility, closely in line with fiscal and policy and other macro policies to stabilize macro economy, to have effective solution to respond to the US Federal Reserve to raise basic interest rates in 2018 and plan to absorb cash flows from equitization’s outcomes, divestment of State capital in large enterprises aiming at controlling inflation and promoting economic growth. To have appropriate credit growth associated with credit quality improvement, to focus on lending in priority areas such as agriculture, rural area, export goods trading, auxiliary industries, small and medium enterprises, high-tech applied enterprise.

Secondly, to implement fiscal policy closely, strengthen financial discipline. To promote tax inspection, tighten declaration and refund of value-added tax, take effective measures to prevent losses for transfer pricing, smuggling, trade frauds, collect unpaid tax debts. To closely monitor State budget expenditures, thrift practice and anti-waste, thoroughly save recurrent expenditure, purchasing and meeting. Disbursement of public investment must be speeded up. To calculate and adjust prices of goods managed by the State following a roadmap at a reasonable time to ensure inflation control targets in 2018.

Thirdly, to focus on implementing the production plan for summer-autumn and autumn-winter and summer crops in 2018. To regularly monitor weather changes, especially droughts, saltwater intrusion to actively respond and take preventive measures. To continue to convert the structure of crops and products in accordance with market demand, high added value and adapt to climate change. To promote connection between production with processing and consumption of products, application of science and technology, especially post-harvest handling and storage technology. To tighten supervision of food safety and hygiene, detect and prevent timely use of prohibited substances in cultivation, husbandry and aquaculture; to minimize biological pollution and residues of chemicals and antibiotics in producing and trading agricultural products and foodstuffs to meet domestic consumption requirements and expand export markets.

Fourthly to promote the development of manufacturing industries, especially in-depth processing industries, processing agricultural products, auxiliary industries, production of consumer goods. To continue to create a favorable business environment for business development; to speed up the completion of investment projects in the industrial sector to improve production capacity. To concentrate on developing high value-added service industries, agricultural and industrial support services, information technology, finance, banking, insurance, logistics and tourism services. To enhance tourism promotion, policies and measures to effectively attract international visitors, especially those coming from markets with high spending and long stay in Viet Nam.

Fifthly,to encourage domestic consumption demand, increase competitiveness of domestic goods over imported goods, contribute to maintain growth of manufacturing industries. To promote trade promotion, seeking and expanding export  markets for key agricultural products, in the coming timeminimize disadvantages of catfish export to the US and EU markets, enterprises need to strengthen and promote catfish  exports to other markets such as China, Brazil, Mexico, ASEAN, Saudi Arabia, etc. and focus on improving quality, food safety and meeting the regulations of importers. Totimely update new information, policies, tariff measures, technical barriers, market information of countries to have solutions to solve.

Sixthly, to effectively implement social security policies. To provide ad-hoc assistance to ensure that people get stuck in risks and natural disasters are timely supported to overcome difficulties and stabilize their lives. Strengthen environmental protection, ensure traffic order and safety and prevent fire and explosion./.

GENERAL STATISTICS OFFICE


[1] GDP growth in the 1st quarter of some years was as follows: 2009:  3.14%; 2010: 5.84%; 2011:  5.90%; 2012: 4.75%; 2013:  4.76%; 2014: 5.06%; 2015: 6.12%; 2016: 5.48%; 2017: 5.15%; 2018: 7.38%.

[2] GDP growth in the 1st quarter of the agriculture was as follows: 2011: 3.65%; 2012: 2.66%; 2013: 2.01%; 2014: 2.03%; 2015: 1.58%; 2016: 2.69%; 2017: 1.38%.

[3] GDP growth in the 1st quarter of the fishery was as follows: 2011: 2.87%; 2012: 4.06%; 2013: 2.28%; 2014: 4.72%; 2015: 3.38%; 2016: 1.90%; 2017: 3.76%; 2018: 4.76%.

[4] GDP growth in the 1st quarter of the manufacturing was as follows: 2012: 8.74%; 2013: 4.38%; 2014: 5.97%; 2015: 9.70%; 2016: 8.94%; 2017: 8.60%.

[5] GDP in the 1st quarter of the mining declined as follows: 2016: 0.2%; 2017: 10%.

[6]  Number of cattle died in mountainous northern provinces: Đien Bien 2,308 heads; Cao Bang 1,590 head; Yen Bai 1,264 head; Lao Cai 1,022 heads; Lang Son 301 heads; Ha Giang 273 heads.

[7] Some provinces occured high decrease of pig population: Hue decreased by 16.1%; Tra Vinh decreased by 15.4%; Vinh Long decreased by 15.1%; Ha Tinh decreased by 11.3%; Hoa Binh decreased by 10.9%.

[8] Nguồn: Hệ thống thông tin đăng ký doanh nghiệp quốc gia, Cục Quản lý đăng ký kinh doanh, Bộ Kế hoạch và Đầu tư.

[9] Compared to the same period last year, the number of enterprises decreased by 32.8%; the registered capital decreased by 31.6%.

[10] In the first quarter of 2017, the number of newly registered enterprises increased by 11.4% over the same period last year; the registered capital rose by 45.8%; the average registered capital of an enterprise went up 30.9%.

[11] The corresponding index of the fourth quarter of 2017: 44.8% of enterprises assessed a better the business production situation than the previous quarter; 18.7% of businesses faced difficulties and 36.5% of enterprises said that the business production situation was stable.

[12] The corresponding index of the fourth quarter of 2017: 46.2% of enterprises assessed the production volume increased compared with the previous quarter; 18.4% of enterprises rated the production volume decrease and 35.4% of enterprises said that it was stable.

[13] The corresponding index of the fourth of 2017: 39.3% of enterprises has more orders than the previous quarter; 18.3% of enterprises have fewer orders and 42.4% of enterprises have stable orders.

[14] Trade deficit from China in the first quarter of 2018 was 5.3 billion USD, went down by 17.5% YoY.

[15] Trade surplus in February was estimated at 900 million USD.

[16] Caused overall CPI to reduce by 0.06%

[17] An increase in price of medical service items caused the CPI of medical services in Q1 to rise by 35.32% against the same period last. A rise of 7.34% in price of educational services made CPI of educational service group in Q1 expand by 6.57%, which contributed to a growth of 0.34% in average CPI in Q1.

[18]  On average in Q1, 2018, price index of cultural, entertainment and tourism group increased by 1.02% so over the same period in 2017; price index of transportation rose by 3.69%.

[19] Merchandise export price index/Merchandise import price index.

[20]Unemployment rate of labor force in working age in Q1 2017 was 2.3%, (urban area: 3.24%; rural area: 1.83%).

[21] Employment in the informal economy in non-agricultural activities include those who do not work in agriculture, forestry and fisheries and belong to one of the following three groups: (i) wage earners in the formal sector who are not entitled to enter into a labor contract or to be entered into a labor contract with definite term but not paid compulsory social insurance by employers; family labor in establishments in the formal sector and cooperative members who do not have a compulsory social insurance; (ii) owners of establishments, self-employed workers, wage earners and family labor in establishments in the informal sector; (iii) self-employed workers for self-consumption of households and hired labor in households.

[22] Viet Nam’s Purchasing Managers Index (PMI) increased from 52.5 points in December 2017 to 53.4 points in January 2018 and reached 53.5 points in February 2018.