According to the MoIT, the total retail sales of goods and services in July reached VND79.500 billion, up 29.8 percent compared to the same period last year. The Consumer Price Index (CPI) saw a rise of 1.13 percent (the lowest increase since early this year).

Export turnover in July is estimated to reach US$6.25 billion, bringing the total export revenue in the past seven months to US$33.88 billion, up 37.7 percent against the same period last year, and accounting for 60.3 percent of the yearly plan. This is also the highest growth rate compared to previous years. Notably, the export turnover increased by more than US$10 billion, 75 percent of the increase due to price hikes and 25 percent of the increase due to export volumes.

Vietnam’s exports to Asia and the Oceanic region have increased by 34.3 percent and 57.8 percent with a turnover of US$13.6 billion and US$2 billion respectively. Notably, the country’s exports to Japan have increased by 61 percent, the Republic of Korea 59 percent, the European Union 22.5 percent and the US 19 percent.

Vietnam’s imports in July are estimated to reach US$7.05 billion, up 31.5 percent against the same period last year, a slight increase over last month. In the past seven months, imports are estimated to have reached US$51.89 billion, up 56.8 percent compared to the same period last year.

The import surplus decreasing sharply in June and July, to US$728 million and US$800 million respectively is a positive sign for the economy.

The ministry also said that the economic situation in July and in the first seven months of the year had seen many positive changes resulting from the government’s effective macro-economic policies. However, there remain many unstable factors in the world and the domestic economic situation, especially price fluctuations. Therefore, in the remaining months of the year, the relevant ministries and localities need to guide the implementation of eight groups of solutions put forward by the Government to curb inflation, stabilise the macro-economy, and ensure social security and sustainable growth.