Socio-economic situation in February and 2 months of 2024

1. Agriculture, forestry and fishery

a) Agriculture

– Agricultural production in February focused on planting and taking care of spring rice, annual spring crops across the country. As of mid-February, the whole country had cultivated 2,557.4 thousand hectares of spring rice, equaling 94,8% of the same period last year. Of which, the northern provinces reached 680,9 thousand hectares, equaling 82.6%; the southern localities reached 1,876.5 thousand hectares, equaling 100.2%; only the Mekong Delta provinces cultivated 1,481.7 thousand ha, equaling 100.5%.

– Annual crops: The area of some crops decreased compared to the same period last year, mainly due to low economic efficiency and difficulties in product consumption.

– Livestock: Pig and poultry farming have developed well; buffalo and cow husbandry tends to decrease due to low economic efficiency and shrinking grazing area. At the end of 02/2024, pig population increased by 4.8% compared to the same period in 2023; poultry population increased by 2.1%; cattle population decreased by 0.1%; buffalo population decreased by 2.6%.

As of 23/02/2024, the whole country has no longer blue-ear disease; foot-and-mouth disease was still Quang Ngai; avian flu remained in Ninh Binh, Khanh Hoa, Long An; LSD was still in Ha Tinh, Quang Ngai and African swine fever was reported in 15 localities for less than 21 days.

b) Forestry

The area of ​​newly concentrated planted forests in 02/2024 was estimated at 9.8 thousand hectares, down 9.5% over the same period last year; the damaged forest area was 54.2 hectares, up 3.4%, of which the burned forest area was 0.4 hectares, down 87.5%; the forest was destroyed with 53.8 hectares, up 9.8%. Generally for the first 2 months of 2024, the area of ​​newly concentrated planted forest was estimated at 17.6 thousand ha, down 7.3% over the same period last year; the damaged forest area was 88.6 hectares, down 9.2%, of which the burned forest area was 0.7 hectares, went down 87.9%; the destroyed forest area was 87.9 ha, down 4.1%.

c) Fishery

Fishery output in 02/2024 was estimated at 621 thousand tons, up 0.4% over the same period last year. Generally, in the first 2 months of 2024, fishery output was estimated at 1,211.1 thousand tons, up 1.6% over the same period last year, including: Fish reached 896.1 thousand tons, up 1.4%; shrimp reached 119.4 thousand tons, up 4%; other fishery products reached 195.6 thousand tons, up 1.6%.

2. Industrial production

– The index of industrial production (IIP) in 02/2024 estimated to decrease by 18% over the previous month  and decrease by 6.8% over the same period last year. General, in the first 2 months of 2024, IIP estimated to increase by 5.7% over the same period last year (the same period in 2023 decreased by 2.9%). Of which, the mining and quarying decreased by 3.5%, a decrease of 0.6 percentage points to the general growth; manufacturing increases by 5.9%, contributing 5.2 percentage points; electricity, gas, steam and air conditioning supply increased by 12.2%, contributing 1.1 percentage points; water supply, sewerage, waste management and remediation activities increase by 2.5%, contributing 0.04 percentage points.

– Industrial production index in the first 2 months of 2024 increased in 56 localities and decreased in 7 localities across the country compared to the same period last year..

– The number of employees working in industrial enterprises as of 01/02/2024 increased by 0.3% compared to the same time last month and decreased by 0.5% compared to the same time last year.

3. Enterprise registration status^[1]

– In February, the whole country had nearly 8.6 thousand newly established enterprises, down 36.5% compared to 01/2024 and down 2.8% compared to the same period last year; more than 5.3 thousand enterprises re-operated, down 61.3% and up 36%; 5,146 enterprises ceased for a certain time, down 88.3% and up 35.3%; 2,153 enterprises temporarily ceased and awaited dissolution procedures, down 72.4% and down 18.3%; 1,506 enterprises completed dissolution procedures, down 30.4% and up 29%.

– Generally, in the first 2 months of 2024, more than 41.1 thousand newly established enterprises and re-operated enterprises, up 8.5% compared to the same period last year; the average every month had over 20.5 thousand newly established and re-operated enterprises. The number of businesses withdrawing from the market was 63 thousand enterprises, an increase of 22.5% over the same period last year. On average, nearly 31.5 thousand enterprises withdraw from the market every month.

4. Investment

Implemented investment capital from the State budget in February is estimated to reach 26.9 trillion VND, down 13.1% over the same period last year. Generally for the first 2 months of 2024, realized investment capital from the State budget is estimated to reach more than 59.8 trillion VND, equal to 8.4% of the yearly plan and up 2.1% over the same period last year (the same period in 2023 equalled 8% and increased by 21.8%).

Total foreign investment capital registered in Vietnam as of 20/02/2024, including: Newly registered capital, adjusted registered capital and value of capital contributions and share purchases by foreign investors reached nearly 4.29 billion USD, an increase of 38.6% compared to the same period last year.

Foreign direct investment capital implemented in Vietnam in the first 2 months of 2024 is estimated to reach 2.8 billion USD, up 9.8% over the same period last year.

Vietnam’s investment abroad in the first 2 months of 2024 had 17 projects newly granted investment certificates with a total Vietnamese capital of 24.8 million USD, down 77.3% over the same period last year; There were 02 turns of capital adjusted projects with the adjusted capital increasing by 220 thousand USD, a decrease of 96.1%.

Generally, Vietnam’s total investment capital abroad (newly licenced and adjusted capital) reached 25 million USD, down 78.3% over the same period last year.

5. State budget revenue and expenditure

Total State budget revenue in 02/2024 was estimated to reach 132.7 trillion VND. Accumulated total State budget revenue in the first 2 months of 2024 reached 399.4 trillion VND, equal to 23.5% of the year’s estimate and up 10.4% over the same period last year.

Total State budget expenditure in 02/2024 was estimated to reach 117.8 trillion VND. Accumulated for the first 2 months of 2024 was estimated to reach 260.7 trillion VND, equal to 12.3% of the year’s estimate and up 7.7% over the same period last year.

6. Trade, prices, transportation and tourism

a) Retail sales of goods and services

Total retail sales of consumer goods and services in February was estimated at 509.7 trillion VND, down 2.3% over the previous month and up 8.5% over the same period last year. Generally, for the first 2 months of 2024, the total retail sales of consumer goods and services at current prices was estimated at 1,031.5 trillion VND, up 8.1% over the same period last year (up 14.7% in the same period in 2023), if excluding the price factor, up 5.0% (the same period in 2023 increased by 10.9%).

b) Export and import of goods^[2]

Total export and import turnover of goods^[3] in February was estimated at 48.54 billion USD, down 25.8% over the previous month and down 1.8% over the same period last year[4]. Generally, in the first 2 months of 2024, the total export and import turnover of goods reached 113.96 billion USD, up 18.6% over the same period last year, of which exports increased by 19.2%; imports increased by 18%[5]. The trade balance of goods in 2 months of 2024 is estimated to have a trade surplus of 4.72 billion USD.

– Export of goods

+ Export turnover of goods in 02/2024 was estimated at 24.82 billion USD, down 28.1% over the previous month and down 5% compared to the same period last year. Generally in the first 2 months of 2024, the export turnover was estimated at 59.34 billion USD, increased by 19.2% over the same period last year. Of which, the domestic economic sector was 16.14 billion USD, went up 33.3%, accounting for 27.2% of total export turnover; the FDI sector (including crude oil) attained 43.2 billion USD, increased by 14.7%, sharing 72.8%.

+ Regarding the structure of exported groups in the first 2 months of 2024, the group of processing industry was estimated at 52.45 billion USD, accounting for 88.4%.

– Import of goods

+ Import turnover in 02/2024 was estimated at 23.72 billion USD, decreased by 23.2% over the previous month and increased by 1.8% compared to the same period last year. Generally in 2 months of 2024, the import turnover was estimated at 54.62 billion USD, increased by 18% over the same period last year. Of which the domestic economic sector reached 19.67 billion USD, went up 27.4%; the FDI sector gained 34.95 billion USD, up 13.3%.

+ Regarding the structure of imported groups in 2 months of 2024, the group of production materials was estimated at 51.47 billion USD, accounted for 94.2%

– Regarding the export and import market of goods in the first 2 months of 2024, the United States was the Viet Nam’s largest export market with a turnover of 17.4 billion USD. China remained the largest import market of Viet Nam with a turnover of 20.9 billion USD.

– The trade balance of goods in the first 2 months of 2024 is estimated to have a trade surplus of 4.72 billion USD (the same period last year was 3.5 billion USD). Of which, the domestic economic sector’s trade deficit was 3.53 billion USD; the foreign invested sector (including crude oil) had a trade surplus of 8.25 billion USD.

c) Consumer price index, gold price index and US dollar price index

– Consumer price index (CPI) in 02/2024 increased by 1.04% compared to the previous month; increased by 1.35% compared to 12/2023 and increased by 3.98% compared to the same period in 2023. On average, in the first 2 months of 2024, CPI increased by 3.67% over the same period last year; core inflation increased by 2.84%.

– Gold price index in 02/2024 increased by 2.01% compared to the previous month; an increase of 4.61% compared to 12/2023; increased 16.67% over the same period last year; On average, in the first 2 months of 2024, the gold price index increased by 16.05%.

– US dollar price index in 02/2024 increased by 0.4% compared to the previous month; an increase of 0.92% compared to 12/2023; increased 3.89% over the same period last year; The average increase in the first 2 months of 2024 was 3.79%.

d) Transport

Passenger carried in 02/2024 was estimated at 421.5 million passengers, increased by 8.7% over the previous month and passenger traffic was 23.7 billion passengers.kilometers, up 10.2%. Generally, in the first 2 months of 2024, passenger carried was estimated at 809.1 million passengers, up 9.2% over the same period last year and passenger traffic was 45.2 billion passengers.km, increased by 11.8%.

Freight transport in 02/2024 was estimated at 205.5 million tons of freight carried, down 2.2% from the previous month and 41.1 billion tons.km of freight traffic, down 12%. Generally for the first 2 months of 2024, freight transport was estimated at  415.8 million tons of freight carried, up 13.9% over the same period last year and 54.9 billion tons.km of freight traffic, an increase of 13.8%.

đ) International visitors to Viet Nam

International visitors to Viet Nam in February reached over 1.5 million arrivals, up 1.3% compared to the previous month and 64,1% over the same period last year. In the first 2 months of 2024, international visitors to our country reached more than 3 million arrivals, increased by 68.7% compared to the same period last year.

7. Some social situations

– In the joyful atmosphere of spring to welcome the 2024 Dragon Festival, the situation of residential life in February this year is much better than in January. The work of ensuring social security is always carried out promptly and effectively by all levels and sectors during the Lunar New Year. According to the Report dated 14/02/2024 of the Ministry of Labor, War Invalids and Social Affairs, the whole country supported and gave Tet gifts to 13.9 million people with a total cost of nearly 7.8 trillion VND. The President gave gifts to nearly 1.5 million people with a total cost of 449.4 billion VND according to Decision No. 1583/QD-CTN dated 26/12/2023. Local authorities at all levels gave Tet gifts worth about 2.7 trillion VND.

– In February (from 15/01 to 14/02/2024), there were 2,421 traffic accidents nationwide. In the first 2 months of this year, there were 4,855 traffic accidents nationwide, including 3,272 less serious traffic accidents and above, 1,583 traffic collisions, caused 1,980 people died, 2,176 people injured and 1,803 people suffered minor injuries. On average, per day in the first 2 months of the year, there were 78 traffic accidents nationwide, including 52 traffic accidents of less serious severity and 26 traffic collisions, caused 32 people died, 35 people injured and 29 people suffered minor injuries.

– Natural disasters in the month caused 12 houses to be collapsed, be swept away and damaged; More than 1 thousand hectares of rice and crops were damaged; 1,024 cattles and poultries died; The total value of property damage caused by natural disasters in the month was estimated at 16.9 billion VND. In the first 2 months of this year, natural disasters left 9 people missed and 1 person injured; 84 houses collapsed and damaged; 1.2 thousand cattle and poultry died; 2.1 thousand hectares of rice and crops were damaged. The total value of property damage is estimated at 79.1 billion VND, 2.5 times higher than the same period in 2023.

– In 02/2024, according to reports from the Department of Natural Resources and Environment, Provincial and Central City Police compiled by the Statistics Department, the authorities discovered 2,367 cases of environmental violations. In the first 2 months of this year, 5,810 environmental violations were detected, of which 5,046 cases were handled with a total fine of 54.7 billion VND, an increase of 18.3% over the same period last year.

– During the month, there were 449 fires and explosions nationwide, caused 11 people died and 12 people injured, with estimated damage of 27.4 billion VND, an increase of 40.4% compared to the previous month and 2.9 times higher than the same period last year. In the first 2 months of this year, there were 825 fires and explosions nationwide, caused 16 people died and 13 people injured, with an estimated loss of 46.9 billion VND, 2.8 times higher than the same period last year./.

[1] Source: National Enterprise Registration Information System, Business Registration Management Agency, Ministry of Planning and Investment (Received the report on 24/02/2023).

[2] The value of export turnover is calculated at F.O.B price and import turnover is calculated at C.I.F price (including transportation and insurance costs of imported goods). When calculating the economy’s trade balance, import and export turnover is calculated according to the F.O.B price.

[3] Estimated total export and import value in February 2024 provided by the General Department of Customs on February 28, 2024. The General Statistics Office estimated the import and export value of key commodities in February 2024 based on preliminary data provided by the General Department of Customs by February 25, 2024.

[4]  Because this year’s Lunar New Year falls entirely in February, the number of working days in February this year is 5 days less than February last year.

[5] Total import and export turnover of goods in 2 months of 2023 reached 96.1 billion USD, down 13.3% over the same period last year, of which exports reached 49.8 billion USD, down 9.9%; imports reached 46.3 billion USD, down 16.7%.