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Friday, July 19, 2024

Agriculture seen as economic pillar

The Saigon Times

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HCMC – With stable development, the agriculture sector has been seen as a spotlight and a solid pillar for the economy during an economic slowdown.

Officials made the remarks at a regular government meeting on September 9 in Hanoi City, reported the government news site Baochinhphu.vn.

Farm produce exports totaled US$33.21 billion from January to August, with a surplus value of US$6.72 billion.

The manufacturing sector improved further in August, with the index of industrial production inching up 3% versus July and against the same period last year.

In addition, the manufacturing sector returned to growth in the month, with the S&P Global Vietnam Manufacturing Purchasing Managers’ Index (PMI) rising to 50.5 in August. This marked the first time it had crossed the 50.0 no-change mark in six months, indicating improving business conditions in the sector.

The Government report showed Vietnam’s macroeconomic landscape remains stable, with inflation under control. Vietnam’s Consumer Price Index (CPI) averaged a 3.1% increase in the first eight months against the National Assembly’s target of 4.5% for the whole year. This allows the nation to further fuel economic growth and stimulate demand through monetary and fiscal policies.

There were more than 14,000 newly established businesses in August, 2.3% higher than the number recorded in July and 6.6% higher in terms of registered capital. In the eight-month period, the number of new market entrants surpassed that of firms exiting the market by a ratio of 149,400 to 124,700.

Regarding foreign investment, total pledged capital in January-August increased by 8.2% year-on-year to US$18.15 billion. Foreign investors disbursed US$13.1 billion in this period, up by 1.3% year-on-year.

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