CPI rises 3.02 percent in first 11 months of 2022

In the first 11 months of 2022, the consumer price index (CPI) increased by an average of 3.02 percent over the same period last year, possibly achieving the target assigned by the National Assembly (not exceeding 4 percent).

The General Statistics Office of Vietnam, on the morning of November 29, said that the CPI in November 2022 rose by 0.39 percent over the previous month, 4.56 percent compared to December 2021, and 4.37 percent over the same period last year. Thus, on average, in 11 months of 2022, CPI surged by 3.02 percent over the same period last year, possibly achieving the target assigned by the NA.

Core inflation climbed by 2.38 percent, lower than the average CPI, reflecting consumer price fluctuations mainly driven by food and petrol prices.

The index of industrial production (IIP) in November was estimated to edge up by 0.3 percent over the previous month and 5.3 percent over the same period last year. In the first 11 months of 2022, the IIP was estimated to soar by 8.6 percent over the same period last year (it advanced by 4.2 percent in the same period in 2021).

Of which, the processing and manufacturing industry jumped by 8.9 percent (it increased by 5.4 percent in the same period in 2021), contributing 6.8 percentage points to the general growth; electricity generation and distribution gained by 7.7 percent, contributing 0.7 percentage points; water supply, waste, and wastewater treatment and management activities went up by 7.1 percent, contributing 0.1 percentage points; the mining industry rallied by 6.5 percent, contributing 1 percentage point to the general growth.

The IIP in 11 months of 2022 increased in 61 localities and decreased in two localities nationwide compared to the same period last year. Specifically, Tra Vinh Province dropped by 24 percent, and Ha Tinh Province declined by 16.9 percent.

The number of laborers working in industrial enterprises by November 1, 2022, inched up by 0.4 percent compared to last month and 5.9 percent over the same period last year.

According to the national statistics agency, the total foreign investment capital registered in Vietnam by November 20, 2022, including newly registered capital, adjusted registered capital, capital contribution, and purchase of shares of foreign investors, reached nearly US$25.14 billion, down 5 percent over the same period last year. However, realized foreign direct investment capital in Vietnam in 11 months of 2022 was estimated at $19.68 billion, up 15.1 percent over the same period last year. This is the highest amount of realized FDI capital in 11 months in the past five years.

In the first 11 months of 2022, 101 Vietnamese projects aboard have been granted new investment certificates, with a total capital of $395.8 million, up 61.9 percent over the same period last year. There were 22 times of capital adjustments with additional capital of $78.3 million, down 81.9 percent. In general, the total Vietnamese overseas investment reached $474.1 million, down 30 percent compared to the same period last year.

Transport activities maintained a positive growth momentum in both passenger and cargo transport in November. In the first 11 months of 2022, passenger transport increased by 48.7 percent, and passenger rotation rocketed by 71.4 percent over the same period last year; cargo transportation rose by 24.6 percent, and cargo rotation climbed by 32.8 percent over the same period last year. Although there have been many positive signs, the passenger transport volume in the first 11 months of this year only accounted for 72.6 percent, and passenger rotation accounted for 68.4 percent of those in the same period in 2019, the year before the Covid-19 pandemic occurred. Cargo transportation in the first 11 months of this year increased by 7.4 percent in terms of transport and 21 percent in terms of rotation over the same period in 2019.