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Date 29/06/2022-09:26:00 AM
Socio-economic situation in 2022

1. Socio-economic situation in the third quarter and nine months of 2022 (Report No. 218/BC-TCTK dated November 29th, 2022 prepared by the General Statistics Office, under the Ministry of Planning and Investment).

- Gross domestic product (GDP) in the third quarter of 2022 was estimated to increase quite high at 13.67% compared to the same period last year because the third quarter of 2021 was the time when the Covid-19 pandemic broke out, seriously production and business activities. Of which, the agriculture, forestry and fishery sector increased by 3.24%; the industry and construction sector increased by 12.91%; service sector increased by 18.86%.

GDP in 9 months of 2022 increased by 8.83% compared to the same period last year, the highest increase of 9 months in the period 2011-2022, production and business activities gradually regained growth momentum, the Govenment’s policies of recovery and socio-economic development have brought into effectiveness. In the general increase of the whole economy, the agriculture, forestry and fishery sector increased by 2.99%, contributing 4.04%; the industry and construction sector increased by 9.44%, contributing 41.79%; the service sector increased by 10.57%, contributing 54.17%.

- Agriculture, forestry, and fishery production in the nine months of 2022 still maintained stable growth despite being affected by erratic weather from the beginning of the second quarter of 2022, and high input prices. Production of some key perennials increased over the same period last year; livestock production developed stably; logging activities were actively implemented. Aquaculture has developed quite well due to the increase in demand and export prices of key aquatic products such as pangasius and shrimp; however, marine fishing faced many difficulties due to high fuel prices.

- Industrial production in the third quarter of 2022 grew quite well because the production and business activities of enterprises were maintained and gradually recovered, the growth rate of value added was estimated at 12.12% over the same period last year. In the nine months of 2022, the value added of the industry increased by 9.63% over the same period last year, of which the manufacturing industry increased by 10.69%.

- Enterprise activities: The number of registered enterprises for new establishment and returning to operation in the nine months of 2022 reached 163.3 thousand enterprises, up 38.6% over the same period last year. The total registered capital added to the economy in the nine months of this year was 3,908.2 trillion VND, up 36% over the same period last year. The number of enterprises withdrawing from the market was 112.7 thousand enterprises, an increase of 24.8% compared to the nine months of 2021.

Generally, in the 9 months of this year, the whole country had 112.8 thousand newly registered enterprises with a total registered capital of 1,272.3 trillion VND and a total number of registered employees of 758.1 thousand employees, up 31.9% in the number of enterprises, an increase of 6.4% in number the registered capital and an increase of 16.8% in the number of employees compared to the same period last year. The average registered capital of a newly established enterprise in 9 months achieved 11.3 billion VND, down 19.4% compared to the same period last year.

- Retail sales of consumer goods and services: Trade and service activities in September recovered and developed positively with total retail sales of consumer goods and services estimated to increase by 2.9% over the previous month and by 36.1% over the same period last year. In nine months of 2022, the total retail sales of consumer goods and services is estimated to increase by 21% over the same period last year, of which the first quarter increased by 5%, the second quarter increased by 20.1%, and the third quarter increased by 41.7%.

- Transport: Transport activities in September continued to grow strongly in both passenger and freight transport. In which, passenger carried was 3.9 times higher and passenger traffic was 5.7 times higher than the same period last year; freight transport increased by 52.6% in terms of carried and 60.4% in traffic.

In the third quarter of 2022, passenger carried was 3.9 times higher and 5.3 times higher in passenger traffic compared to the same period last year; freight transportation increased by 65.5% and 63.7%, respectively. In 9 months of 2022, passenger carried increased by 40.7% and passenger traffic increased by 59.4% over the same period last year; freight carried increased by 24.4% and passenger traffic increased by 31% over the same period last year.

- International visitors to Viet Nam: In nine months of 2022, international visitors to our country reached 1,872.9 thousand arrivals, 16.4 times higher than the same period last year but still down 85.4% compared to the same period in 2019, the year without Covid-19.

- Banking, insurance, and securities activities: Credit growth was quite good, positively supporting economic growth in nine months of 2022. The insurance business is stable, ensuring the interests of beneficiaries. The stock market was affected by the global stock market when many countries implemented tight monetary policies, of which the stock market capitalization as of September 16, 2022 decreased by 17.1% compared to the end of 2021.

- Development investment: Realized social investment capital in 9 months or 2022 at current prices was estimated at 2,130.3 trillion VND, up 12.5% ​​over the same period last year, this increase reflects the strong recovery of business activities, manufacturing business. Of which, foreign direct investment capital realized in Vietnam reached 15.4 billion USD, up 16.3% over the same period, reaching the highest level in 9 months of the years from 2018 to 2022.

In the realized capital of the State sector in the nine months of 2022, the State budget capital was estimated at 334,5 trillion VND, equalling 58.7% of the year plan and up 19.6% compared to the same period last year (the same period in 2021 was equal to 55.7% and decreased by 5.7%).

The foreign direct investment from the beginning of the year to 20th September 2022 including newly registered capital, adjust registered capital, and the total value of capital contribution and share purchases of foreign investors reached nearly 18.75 billion USD, decreased by 15.3% compared to the same period in 2021.

Newly registered capital included 1,355 newly licensed projects with a registered capital of 7.12 billion USD, up 11.8% compared to the same period last year in the number of projects and a decrease of 43% of registered capital.

Adjust registered capital included 769 turns of projects which were licensed in the previous years registered to adjust investment capital with the additional capital of 8.35 billion USD, which increased by 29.9% compared to the same previous of last year.

Capital contribution and share purchases of foreign investors included 2,697 turns with a total value of the capital contribution of 3.28 billion USD, an increase of 1.9% compared to the same period last year.

Foreign direct investment capital implemented in 9 months of 2022 reached 15.43 billion USD, an increase of 16.3% over the same period last year, this is the highest increase of the 9 months of the year in the past 5 years.

Vietnam’s investment abroad in 9 months of 2022, there were 80 projects newly granted investment certificates with a total investment capital of 347.4 million USD, 2.3 times higher over the same period of last year; 15 turns of projects adjusted capital with adjusted capital added 50.9 million USD, a decrease of 87.9%.

- State budget revenue and expenditure: State budget revenue in the nine months of 2022 was estimated to increase by 22% over the same period last year. State budget expenditure was estimated to increase by 5.4% over the same period in 2021, ensuring the needs of socio-economic development, defense, security, state management, payment of due debts as well as timely payment to subjects according to regulations.

- Export and import of goods: Generally, in 9 months, total import-export turnover was estimated at 558.52 billion USD, which rose by 15.1% over the same period last year, of which export turnover increased by 17.3%; import turnover increased by 13%. The trade balance of goods in 9 months of 2022 was estimated to have a trade surplus of 6.52 billion USD.

+) Export of goods: In the third quarter of 2022, export turnover reached 96.5 billion USD, grew by 17.2% over the same period in 2021, and was down 0.5% compared to the second quarter of this year.

Generally, in nine months of 2022, the export turnover was estimated at 282.52 billion USD, which rose by 17.3% over the same period in 2021.

+) Import of goods: In the third quarter of 2022, the import turnover reached 90.7 billion USD, which rose by 8.1% over the same period in 2021, and was down 7.1% compared to the second quarter of this year.

Generally, in nine months of 2022, the import turnover was estimated at 276 billion USD, increased by 13% over the same period in 2021.

- Export and import of services: In the third quarter of 2022, the export turnover of services reached 3.8 billion USD, which increased by 174.6% over the same period in 2021 and 34.2% over the previous quarter; the import turnover of services reached 6.9 billion USD, went up by 36.7% over the same period in 2021 and up 4.4% over the previous quarter.

In nine months of 2022, export turnover of services was estimated at 8.2 billion USD, which went up by 118.4% over the same period in 2021, of which travel service gained 1.9 billion USD (accounting for 24.1% of the total turnover), increased nearly 18 times; transportation service reached 3.7 billion USD (accounting for 45.8%), increased by 164.1%.

- The consumer price index (CPI) in September 2022 increased by 0.4% compared to the previous month mainly due to the increase in prices of essential consumer goods and services in line with the prices of raw materials, fuel, input materials, and some localities increased tuition fees for the new school year 2022-2023. Compared to December 2021, CPI in September increased by 4.01% and increased by 3.94% over the same period last year.

The average CPI in the third quarter of 2022 increased by 3.32% compared to the third quarter of 2021. On average in 9 months of this year, CPI increased by 2.73% over the same period last year; core inflation increased by 1.88%.

- Producer price index: In the first nine months of 2022, the world commodity market will face many difficulties, challenges, increased risk factors and uncertainties along with rapidly changing policies of major economies. Production and consumption supply chains continue to be broken, the risk of energy insecurity increases inflation in many countries. Domestically, the economy recovered quickly in most industries and fields, the demand for production of goods for consumption and export increased, along with the impact of the prices of raw materials, fuel and materials on the world market, pushed up the prices of domestic goods and services. Producer price index, price index of raw materials for production, export and import price index in the third quarter and nine months of 2022 all increased over the same period in 2021.

- The labor and employment situation in the third quarter of 2022 continued to recover, the labor force, the number of working people and the average monthly income of employees increased compared to the previous quarter and the same period last year. Unemployment and underemployment rates decreased compared to the previous quarter and compared to the same period last year.

2. Socio-economic situation in the second quarter and six months of 2022 (Report No. 138/BC-GSO dated June 29th, 2022 prepared by the General Statistics Office, under the Ministry of Planning and Investment).

- Gross domestic product (GDP) in the second quarter of 2022 was estimated to increase by 7.72% over the same period last year, higher than the growth rate of the second quarter of the years in the period 2011-2021. Of which, the agriculture, forestry and fishery sector increased by 3.02%, contributing 4.56% to the increase in total added value of the whole economy; the industry and construction sector increased by 8.87%, contributing 46.85%; the service sector increased by 8.56%, contributing 48.59%.

GDP in the first 6 months of 2022 increased by 6.42%, higher than the growth rate of 2.04% in the first 6 months of 2020 and the growth rate of 5.74% in the first 6 months of 2021 but lower than the growth rate of 7.28 % and 6.98% of the same period in 2018 and 2019.

- Agriculture, forestry and fishery: The production of agriculture, forestry and fishery in the first 6 months of 2022 still maintained a good increase in the context of the impact of the erratic weather from the beginning of the second quarter of 2022 and the high input materials prices. The production of some perennial crops mainly increased over the same period; pig and poultry husbandry develops stably; logging and timber consumption have prospered; aquaculture grew well due to increased consumer demand and export prices. However, marine fishery production decreased due to high gasoline prices, many fishing boats lay ashore. Spring rice production decreased due to the conversion of rice land and unfavourable weather.

- Industrial production: Industrial manufacture in the second quarter of 2022 grew quite well because business activities of enterprises were maintained and gradually recovered, the growth rate of value added was estimated at 9.87% over the same period last year. Generally in the first 6 months of 2022, the value added of the industry increased by 8.48 % over the same period last year, of which the manufacturing industry increased by 9.66%.

- Enterprise activities: Along with the recovery of the economy, the business registration situation in the first 6 months of 2022 recorded many positive signs. The number of newly established enterprises and re-operated enterprises in the first 6 months reached 116.9 thousand enterprises (exceeding 100,000 enterprises for the first time).

According to the results of the survey of business trends of enterprises in the processing and manufacturing industry, enterprises are optimistic about the production and business situation in the third quarter of 2022 with 85.0% of enterprises assessing that they will be stable and better than the second quarter of 2022. However, the price of input materials has continuously increased, putting pressure on the production and business activities of enterprises in the coming time.

In the first 6 months of 2022, the country had 76.2 thousand newly registered enterprises with a total registered capital of 882.1 trillion VND and the total number of registered employees was nearly 514.8 thousand employees, an increase of 13.6% in the number of enterprises, a decrease of 6.4% in registered capital and an increase of 6.3% in the number of employees compared to the same period last year. The average registered capital of a newly established enterprise in the first 6 months of 2022 reached 11.6 billion VND, down 17.7% compared to the same period in 2021.

- Retail sales of consumer goods and services: In the second quarter of 2022, the total retail sales of goods and services was estimated at 1,395.1 trillion VND, up 5.5% over the previous quarter and up 19.5% over the same period last year. Generally, in the first 6 months of 2022, the total retail sales of goods and services were estimated at 2,717 trillion VND, up 11.7% over the same period last year, if excluding the price factor it was an increase of 7.9% (in the same period in 2021 up 1.9%).

- Transport: Generally, in the first 6 months of 2022, passenger carried decreased by 6.2% compared to the same period last year, passenger traffic increased by 15.2% and freight carried increased by 8.6%, freight traffic increased by 16%.

- International visitors to Viet Nam: Generally, in the first 6 months of 2022, international visitors to Viet Nam were estimated at 602 thousand arrivals, 6,8 times higher than the same period last year but still down 92.9% compared to the same period in 2019, the year no Covid-19 epidemic.

- Banking, insurance and securities activities: Implementing the Government’s socio-economic recovery and development program, the State Bank of Vietnam continues to keep the operating interest rates unchanged. creating favorable conditions for credit institutions to reduce lending interest rates, supporting the economic recovery. The insurance business grew steadily; The stock market is affected by the volatility of global stocks, in which the stock market capitalization as of June 15, 2022 decreased by 18.4% compared to the end of 2021.

- Development investment: Realized social investment capital in the second quarter of 2022 at current prices was estimated at 738.6 trillion VND, up 10.1% over the same period last year; the realized investment capital at current prices was estimated at 1,301.2 trillion VND, up 9.6% over the same period last year. Of which, the foreign direct investment capital in the first six months reached the highest level compared to the same period in the years 2018-2022, this is an important driving force contributing to the growth of the first six months and the year 2022.

The foreign direct investment from the beginning of the year to 20th June 2022, including newly registered capital, adjust registered capital, and the total value of capital contribution and share purchases of foreign investors reached nearly 14.03 billion USD, decreased by 8.1% compared to the same period in 2021.

Newly registered capital included 752 newly licensed projects with a registered capital of 4.94 billion USD, a decrease of 6.5% in the number of projects and a decrease of 48.2% of registered capital compared to the same period last year.

Adjust registered capital included 487 turns of projects which were licensed in the previous years registered to adjust investment capital with the additional capital of 6.82 billion USD, increased by 65.6% compared to same previous of last year.

Capital contribution and share purchases of foreign investors included 1,707 turns with a total value of the capital contribution of 2.27 billion USD, an increase of 41.4% compared to the same period last year. Of which 786 turns of capital contribution, share purchase caused the increase of charter capital of the enterprise with the value of contributed capital of 1.1 billion USD, and 921 turns of foreign investors repurchased domestic shares without increasing the charter capital with a value of 1.17 billion USD.

Foreign direct investment capital that was implemented in 6 months of 2022 reached 10.06 billion USD, an increase of 8.9% over the same period last year, this is the highest increase of the first 6 months of the year in the past 5 years.

- State budget revenues and expenditures: State budget revenue in the first 6 months of 2022 increased by 18.8% over the same period last year. State budget expenditure increased by 4.5% over the same period in 2021, meeting the needs of socio-economic development, defense, security, state management, payment of due debts, as well as timely payment to subjects as prescribed.

- Export and import of goods and services: Generally in the first 6 months, total import-export turnover was estimated at 371.17 billion USD, rose by 16.4% over the same period last year, of which export turnover increased by 17.3%; import turnover increased by 15.5%. The trade balance of goods in the first 6 months of 2022 was estimated to have a trade surplus of 710 million USD.

+ Export of goods: In the second quarter of 2022, export turnover reached 96.8 billion USD, grew by 21% over the same period in 2021 and rose by 8.7% compared to the first quarter of this year. Generally, in the first six months of 2022, the export turnover was estimated at 185.94 billion USD, rose by 17.3% over the same period in 2021.

+ Import of goods: In the second quarter of 2022, the import turnover reached 97.6 billion USD, rose by 15.7% over the same period in 2021 and grew by 11.3% compared to the first quarter of this year.

Generally, in the first six months of 2022, the import turnover was estimated at 185.23 billion USD, increased by 15.5% over the same period in 2021, of which the domestic economic sector reached 65.23 billion USD, went up by 15.2%; the FDI sector gained 120 billion USD, edged up by 15.6%.

+ Export and import of services: In the second quarter of 2022, export turnover of services reached 2.7 billion USD, increased by 116.7% over the same period in 2021 and up 67.9% over previous quarter; import turnover of services reached 6.4 billion USD, went up by 25.6% over the same period in 2021 and up 8.3% over previous quarter.

In the first six months of 2022, export turnover of services was estimated at 4.3 billion USD, went up by 81.8% over the same period in 2021, of which travel service gained 651 million USD (accounting for 15.1% of the total turnover), increased nearly 8 times; transportation service reached 2 billion USD (accounting for 46.4%), increased by 154.5%.

- Consumer price index (CPI): Average CPI in the second quarter of 2022 increased by 2.96% compared to the second quarter of 2021. On average, in the first 6 months, CPI increased by 2.44% over the same period last year.

On average, in the first 6 months of 2022, core inflation increased by 1.25% over the same period in 2021, lower than the general average CPI (up 2.44%), which reflects mainly consumer price fluctuations. due to food prices and gasoline prices.

- Labor and employment: The labor and employment situation in the second quarter of 2022 continued to maintain the recovery momentum, the labor force, the number of people working, the average monthly income increased compared to the previous quarter and compared with the same period last year. The unemployment rate and the underemployment rate among working age decreased compared to the previous quarter and compared with the same period last year.

3. Socio-economic situation in the first quarter of 2022 (Report No. 52/BC-GSO dated March 29th, 2022 prepared by the General Statistics Office, under the Ministry of Planning and Investment).

- Gross domestic product (GDP) growth rate: GDP in the first quarter of 2022 was estimated to increase by 5.03% over the same period last year, higher than the growth rate of 4.72% in the first quarter of 2021 and 3.66% in the first quarter of 2020 but still lower than the growth rate of 6.85% in the first quarter of 2019. Of which, the agriculture, forestry, and fishery sector increased by 2.45%, contributing 5.76% to the overall growth; the industry and construction sector increased by 6.38%, contributing 51.08%; the service sector increased by 4.58%, contributing 43.16%.

- Agriculture, forestry, and fishery: Agricultural production in the first quarter of 2022 took place in relatively favorable weather conditions for spring rice to grow and develop, but due to the complicated developments of the Covid-19 pandemic, it has greatly affected agricultural production and consumption. Livestock production has been in recovery but faced difficulties due to the high price of animal feed. The development of forestry production, wood processing, and export in the first months of 2022 had many positive signs. Aquaculture and seafood processing activities recovered strongly, the price of pangasius increased to a record level in 2018 after more than two consecutive years at a low level. Shrimp prices also tended to increase. Fishing output decreased due to high gasoline prices, many fishing boats lay ashore.

- Industrial production: Industrial production in the first quarter of 2022 continued to prosper with the value-added of the whole industry increasing by 7.07% over the same period last year, of which the manufacturing increased by 7.79%; electricity production and distribution grew steadily; the mining and quarrying increased positively due to an increase in coal and metal ore.

- Enterprise activities: The situation of business registration in the first quarter of 2022 has many improvements, the number of newly-established enterprises and re-operated enterprises in the first quarter of 2022 increased by 36.7% compared to the same period last year; the total capital registered to the economy increased by 21%, of which the additional registered capital of active enterprises increased by 34.5%. In addition, the results of the survey of business trends of enterprises in the processing and manufacturing industry showed that enterprises are optimistic about the production and business situation in the second quarter of 2022 with 82.3% of enterprises assessing that it will be stable and better than the first quarter of 2022.

- Retail sales of consumer goods and services: Generally, in the first quarter of 2022, the total retail sales of consumer goods and services were estimated at 1.318 trillion VND, up 4.4% over the same period last year, if excluding the price factor it was an increase of 1.6% (in the same period in 2021, up 2%).

- Banking, insurance, and securities activities: In the first quarter of 2022, in the context of the economy facing many difficulties due to the impact of the Covid-19 pandemic, the State Bank of Vietnam continued to maintain the operating interest rate, creating favorable conditions for credit institutions to continue to reduce lending interest rates, and support the recovery of the economy. The insurance business grew steadily; the stock market has many positive prospects with the stock market capitalization estimated to increase by 28% over the same period of last year.

- Development investment: The realized investment in the first quarter of 2022 at current prices was estimated at 562.2 trillion VND, a growth of 8.9% over the same period last year, of which: The investment capital of the State sector reached 136.5 trillion VND, representing 24.3% of the total capital and increasing by 9.3% compared to the same period last year; the non-state sector gained 323.1 trillion VND, accounting for 57.5% and rising by 9.1%; the foreign direct investment recorded 102.6 trillion VND, accounting for 18.2% and decreasing by 7.9%.

The foreign direct investment from the beginning of the year as of 20th March 2022 including newly registered capital, adjust registered capital, and the total value of capital contribution and share purchases of foreign investors reached 8.91 billion USD, decreased by 12.1% compared to the same period in 2021.

Newly registered capital included 322 newly licensed projects with a registered capital of3.21 billion USD, an increase of 37.6% in the number of projects and a decrease of 55.5% of registered capital compared to the same period last year. Adjust registered capital included 228 turns of projects (which were licensed in the previous years) registered to adjust investment capital with the additional capital of 4.07 billion USD, increased by 93.3% compared to the same previous last year.

Capital contribution and share purchases of foreign investors included 734 turns with a total value of the capital contribution of 1.63 billion USD, an increase of 102.6% compared to the same period last year. Of which, 341 turns of capital contribution, share purchase caused the increase of charter capital of the enterprise with the value of contributed capital of 819.7 million USD, and 393 turns of foreign investors repurchased domestic shares without increasing the charter capital with a value of 811.4 million USD.

Foreign direct investment capital that was implemented in 3 months of 2022 reached 4.42 billion USD, an increase of 7.8% over the same period last year, this is the highest level of foreign direct investment made in the past 5 years.

- State budget revenues and expenditures: State budget revenue from the beginning of the year to 15/3/2022 reached 25.5% of the annual estimate. State budget expenditure reached 15.6% of the annual estimate, ensuring needs of socio-economic development, defense, security, state management, payment of due debts as well as timely payment for specified objects.

- Export and import of goods and services: In the first quarter of 2022, the total export and import turnover of goods reached 176.35 billion USD, up 14.4% over the same period last year, of which exports increased by 12.9%; imports increased by 15.9%.

+ Export of good: The export turnover of goods in February 2022 reached 23.42 billion USD, 470 million USD higher than the estimated figure.

Export turnover of goods in March 2022 was estimated at 34.06 billion USD, up 45.5% over the previous month and up 14.8% over the same period last year. Generally in the first quarter of 2022, export turnover of goods was estimated at 88.58 billion USD, up 12.9% over the same period last year.

+ Import of goods: Import turnover of goods in February 2022 reached 25.38 billion USD, 101 million USD higher than the estimate figure.

Import turnover of goods in March 2022 was estimated at 32.67 billion USD, up 28.7% over the previous month and up by 14.6% over the same period last year. Generally in the first quarter of 2022, the import turnover of goods was estimated at 87.77 billion USD, up 15.9% over the same period last year, of which the domestic economic sector reached 29.43 billion USD, up 13.7%; FDI sector reached 58.34 billion USD, up 17.1%. In the first quarter of 2022, there are 16 imported products with a value of over 1 billion USD, accounting for 76.1% of the total import turnover.

+ Export and import of services: In the first quarter of 2022, service export turnover was estimated at 1.05 billion USD, up 19.6% over the same period last year, of which tourism services gained 77 million USD (accounting for 7.3% of total turnover), an increase of 75%; transportation services reached 140 million USD (accounting for 13.4%), up 97.2%.

Service import turnover in the first quarter of this year was estimated at 5.18 billion USD, up 10% over the same period last year, of which transportation services gained 2.6 billion USD (accounting for 49.4% of total turnover), up 11.3%; tourism services reached 1.1 billion USD (accounting for 20.3%), up 16.7%.

- Consumer price index (CPI): In the first quarter of 2022, CPI increased by 1.92% over the same period last year; CPI in March 2022 up 1.91% compared to December 2021 and up 2.41% over the same period in 2021.

The average core inflation increased by 0.81% compared to the same period in 2021, lower than the general average CPI (up 1.92%), this reflects fluctuations in consumer prices mainly due to rising food, gasoline, oil, and gas prices.

- Labour and employment: The policy of safe, flexible adaptation and effective control of the Covid-19 epidemic made the labor market in the first quarter of 2022 had many signs of prosperity. Labor force, the number of employed people and average monthly income of employees increased compared to the previous quarter and to the same period last year. The unemployment rate and underemployment rate in working-age both decreased compared to the previous quarter, although still higher than the same period last year, but gradually decreasing./.

General Statistics Office
Ministry of Planning and Investment

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