Industrial Production and Trade Surge, Tourism Booms in April
Hanoi, April 29, 2024 – Vietnam’s industrial production and trade sectors continued to exhibit robust growth in April, with export-import turnover rising 15% year-on-year. Favorable visa policies and enticing tourism promotion initiatives also contributed to a surge in international visitors, according to the latest report released by the General Statistics Office (GSO).
Industrial Production on the Rise
Industrial production maintained its positive trajectory in April, with the industrial production index (IPI) rising by an estimated 0.8% month-on-month and 6.3% year-on-year. Over the first four months of 2024, the IPI grew by an estimated 6%, reversing the 2.5% decline recorded during the same period in 2023.
Flourishing Business Environment
In April, over 15,000 new businesses were registered, an 8.4% increase compared to the previous month. Notably, more than 81,000 businesses resumed operations or were newly established during the first four months of the year, marking a 3% growth from the same period last year.
Fiscal and Investment Growth
Government investment disbursement in April reached approximately VND 44,000 billion, an 8.3% increase year-on-year. Total government investment for the first four months of 2024 amounted to about VND 143,000 billion, a 5.9% increase over the previous year. As of April 20, the total foreign direct investment (FDI) registered in Vietnam exceeded USD 9 billion, representing a 4.5% year-on-year rise.
Robust Consumer Spending
Retail and consumer service revenue reached VND 522,000 billion in April, a 9% increase compared to the previous year. For the first four months of 2024, total retail and consumer service revenue amounted to approximately VND 2,062 trillion, an 8.5% year-on-year growth.
Inflation Remains Moderate
The consumer price index (CPI) edged up by 0.07% in April compared to the previous month. Over the first four months of the year, the average CPI rose by 3.93% year-on-year, while core inflation increased by 2.81%.
Export-Import Surge
Total export-import turnover reached USD 61 billion in April, a 15% increase year-on-year. In the first four months of 2024, the cumulative export-import turnover reached USD 239 billion, a 15.2% increase over the same period last year. Exports climbed by 15%, while imports grew by 15.4%. The trade surplus exceeded USD 8 billion.
Tourism Rebounds
In anticipation of the Hung Kings’ Festival and the April 30th – May 1st holidays, transportation services experienced a surge in demand for travel and leisure activities. Passenger transportation increased by 8.4% during the first four months of the year compared to the same period in 2023.
International Arrivals Skyrocket
Driven by favorable visa policies and enticing tourism campaigns, Vietnam welcomed nearly 1.6 million international visitors in April, a 58.2% increase year-on-year. Over the first four months of 2024, international arrivals reached 6.2 million, a 68.3% increase year-on-year and a 3.9% growth compared to the same period in 2019, before the COVID-19 pandemic.
Industrial Production Continues to Grow in April
Key Indicators for April and the First Four Months of 2024 – Source: GSO
