During its meeting on Monday to announce Viet Nam's macroeconomic update report in November 2023, the World Bank (WB) underlined the need for authorities to extend the implementation of the economic support programme next year in order to allow its planned investments to be fully deployed amid the economy facing headwinds.

Illustrative image (Photo: Internet)

WB experts assessed that FDI commitment in Viet Nam for the first 11 months of 2023 reached US$ 28.8 billion, a rise of 14.8% compared to the same period in 2022 despite global uncertainties, reflecting investors' confidence in Vietnam's economic prospects in the future. However, this figure was still about 10% lower than that before COVID-19.

Production accounted for more than 60% of newly registered and additional capital.

On the other hand, real estate only made up 3.5% of the total registered capital in between January and November compared with 16.7% in the same period in 2022, reflecting the stagnation of the domestic real estate market.

As late November, disbursed FDI capital stood out US$20.3 billion, up 2.9% over the same period last year.

Meanwhile, the Consumer Price Index (CPI) inflation remained stable at 3.5% on-year in November, compared with 3.6% on-year in October, much lower than the target inflation of 4.5% set for 2023.

The main drivers of CPI inflation were food and housing, contributing 1.1 and 0.9 percentage points to November’s CPI, respectively.

According to the WB, the industrial production index in November grew by 2.7% due to the increased production of key export products such as textiles at 4.4 % on-month and electric equipment at 7.9% on-month.

Food and beverage production for domestic consumption also increased by 2.0% and 5.2% respectively. These expansions reflected relatively resilient domestic consumption and a continued recovery in external demand.

Reporting by B.T – Translating by M.DUNG