Socio-economic situation report in the second quarter and six months of 2024

1. Gross domestic product growth rate

Gross domestic product (GDP) in the second quarter of 2024 grew positively, the growth rate was estimated 6.93% over the same period last year, only lower than the growth rate of 7.99% in the second quarter of 2022 in period 2020-2024 ^[1]. Of which, the agriculture, forestry and fishery sector increased by 3.34%, contributing 5.36% to the overall growth; the industrial and construction sector increased by 8.29%, contributing 45.73%; the service sector increased by 7.06%, contributing 48.91%.

GDP in the first 6 months of 2024 increased by 6.42%, lower than the growth rate of 6.58% in the first six months of 2022 in the period 2020-2024^[2]. In the increase in total added value of the entire economy, the agriculture, forestry and fishery sector increased by 3.38%, contributing 5.96%; the industrial and construction sector increased by 7.51%, contributing 44.28%; the service sector increased by 6.64%, contributing 49.76%.

In the agriculture, forestry and fishery sector, the agricultural sector maintained stable growth, the production of some perennial crops mainly increased compared to the same period last year, aquaculture increased quite well. The value added of the agricultural sector in the first six months of 2024 increased by 3.15% over the same period last year, contributing 0.27 percentage points to the increase in the total added value of the entire economy; the forestry sector increased by 5.34% but accounted for a low proportion so it only contributed 0.03 percentage points; the fisheries sector increased by 3.76%, contributing 0.09 percentage points.

In the industrial and construction sector, the industry maintained growth momentum, a number of key industrial products increased quite well, meeting the needs of businesses for new orders. The value added of industry in the first six months of 2024 increased by 7.54% over the same period last year, lower than the 8.32% increase in the same period in 2022 in the period 2020-2024^[3], contributing 2.44 percentage points to the growth rate of total value added whole economy. The manufacturing industry is the growth engine of the whole economy with an increase rate of 8.67%, contributing 2.14 percentage points; the electricity production and distribution industry increased by 13.26%, contributing 0.5 percentage points; water supply, garbage and wastewater management and treatment increased by 7.13%, contributing 0.04 percentage points; the mining industry decreased by 7.22%, reducing 0.24 percentage points. The construction industry increased by 7.34%, this is the highest increase over the same period of years in the period 2020-2024^[4], contributing 0.48 percentage points.

In the service sector, foreign trade, transportation, and tourism activities have increased to meet regional and world consumption needs, positively contributing to economic growth. The value added of the service sector in the first six months of 2024 increased by 6.64% over the same period last year^[5]. The contributions of some industries with a large proportion to the increase in total value added of the entire economy are as follows: Wholesale and retail increased by 7.34% over the same period last year, contributing 0.79 percentage points; the transportation and warehousing industry increased by 11.02%, contributing 0.73 percentage points; finance, banking and insurance activities increased by 5.18%, contributing 0.30 percentage points; Accommodation and catering services increased by 9.94%, contributing 0.27 percentage points.

Regarding the economic structure in the first six months of 2024, the agriculture, forestry and fisheries sector accounts for 11.55%; industrial and construction sector accounts for 36.44%; service sector accounts for 43.35%; Product tax minus product subsidies accounts for 8.66% (The corresponding structure for the same period in 2023 is 11.64%; 36.46%; 43.10%; 8.80%).

Regarding GDP usage in the first six months of 2024, final consumption increases by 5.78% over the same period in 2023, contributing 64.26% to the overall growth rate of the entire economy; accumulated assets increased 6.72%, contribution 35.15%; export of goods and services increased by 16.89%; imports of goods and services increased by 16.95%, the difference between exports and imports of goods and services contributed 0.59%.

2. Agriculture, forestry, and fishery

a) Agriculture

– Winter-spring rice: This year’s winter-spring rice is harvested and priced. The planting area of winter-spring rice in the country in 2024 will reach 2,954.0 thousand hectares, an increase of 1.2 thousand hectares compared to the winter-spring crop in 2023; the yield was estimated at 68.8 quintals/ha, an increase of 0.4 quintals/ha; output reached 20.32 million tons, an increase of 132.5 thousand tons.

– Summer-autumn rice: As of the middle of June 2024, localities across the country have seeded 1,825.4 thousand hectares of summer-autumn rice, equaling 98.3% of the same period last year, of which the Mekong Delta region reached 1,419.3 thousand hectares, equaling 97.8%.

– Annual crops: The area of corn, peanuts and soybeans continued to decrease compared to the same period last year, mainly due to low economic efficiency; the area of planting vegetables and beans of all kinds decreased due to prolonged hot weather. Particularly, the area of sweet potatoes increased slightly.

– Perennials: The total area of existing perennials is estimated at 3,784.9 thousand hectares, up 0.8% over the same period in 2023. In which, the group of fruit trees reached 1,271.1 thousand hectares, an increase of 2.6%; industrial crops reached 2,183.0 thousand hectares, down 0.5%.

– Livestock: Buffalo and cow farming in the month tended to decrease. The pig herd tends to increase sharply again. It is estimated that the total number of pigs in the country as of the end of June 2024 will increase by 2.9% compared to the same time in 2023; the total number of poultry increased by 2.3%; the total number of cows decreased by 0.9%; the total number of buffaloes decreased by 3.9%.

b) Forestry

In the second quarter of 2024, the area of newly concentrated planted forests is estimated at 90.8 thousand hectares, up 5.1% over the same period last year; the area of damaged forests was 851.8 hectares, down 6.7%. Generally, in the first six months of 2024, the area of newly concentrated planted forests is estimated at 128.5 thousand hectares, up 3.5% over the same period last year; the area of damaged forests was 1,165.3 hectares, down 0.2%.

c) Fishery

Fishery production in the second quarter of 2024 is estimated at 2,439.5 thousand tons, up 2.9% over the same period last year. Generally, in the first six months of 2024, aquatic production is estimated at 4,384.7 thousand tons, up 2.7% over the same period last year, of which aquaculture production is estimated at 2,431.4 thousand tons, up 4.1%; fishery production was estimated at 1,953.3 thousand tons, up 1.0%.

3. Industrial production

– The value added of the whole industry in the first six months of 2024 is estimated to increase by 7.54% over the same period last year (the first quarter increased by 6.47%; the second quarter increased by 8.55%). In which: The processing and manufacturing industry increased by 8.67% (the first quarter increased by 7.21%; the second quarter increased by 10.04%), contributing 2.14 percentage points to the increase in the total added value of the whole economy; the electricity production and distribution industry increased by 13.26%, contributing 0.5 percentage points; the water supply and waste and wastewater treatment industry increased by 7.13%, contributing 0.04 percentage points. Particularly, the mining industry decreased by 7.22%, reducing 0.24 percentage points in the overall increase.

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

– The consumption index of the whole processing and manufacturing industry in June 2024 decreased by 4.3% compared to the previous month and increased by 10.5% over the same period last year. Generally, in the first six months of 2024, the consumption index of the whole processing and manufacturing industry increased by 10.8% over the same period in 2023 (the same period last year decreased by 2.2%).

– The inventory index of the manufacturing was estimated at 30/6/2024 up 7.6% over the same time last month and up 9.6% over the same time last year. The average inventory rate of the entire processing and manufacturing industry in the first six months of 2024 is 76.9% (the average in the first six months of 2023 is 83.1%).

– The number of employees working in industrial enterprises as of June 1, 2024 increased by 1.1% over the same period last month and increased by 3.8% over the same period last year.

4. Enterprise activities

a) Enterprise registration status ^[6]

– In June, the whole country had 15.7 thousand newly established enterprises, an increase of 19.1% over the previous month and 13.1% over the same period last year; more than 7.5 thousand enterprises resumed, up 11.6% and up 6.1%; 5,418 temporarily inactive enterprises, up 2.2% and up 6.2%; 5,404 enterprises ceased and awaited dissolution procedures, an increase of 18.8% and a reduction of 6%; 2,228 enterprises completed dissolution procedures, up of 44.9% and up 50.3%.

– Overall, in the first six months of 2024, the whole country had nearly 119.6 thousand newly registered businesses and return to operation, an year-on-year increase of 5.3%. On average, there were 19.9 thousand new businesses established and resumed per month. The number of enterprises withdrawing from the market was 110.3 thousand ones, an increase of 18.4%. On average, nearly 18.4 thousand enterprises withdrawing from the market per month.

b) Business trends of the enterprise

Results of the survey of business trends of enterprises in the processing and manufacturing industry in the second quarter of 2024 show that 37.4% of enterprises rated it better than the first one and expected in the third quarter of 2024, 40.7% of enterprises assessed that the trend would be better compared to the second one.

5. Service activities

Total retail sales of consumer goods and services in 6/2024 estimated to increase by 1.1% over the previous month and by 9.1% over the same period last year. In the second quarter of 2024, the total retail sales of consumer goods and services was estimated at 1,558.4 trillion VND, up 1.2% compared to the previous quarter and up 8.8% over the same period last year. Generally for the first 6 months of 2024, the total retail sales of consumer goods and services was estimated at 3,098.7 trillion VND, up 8.6% over the same period last year (up 11.3% in the same period in 2023), if excluding the price factor, up 5.7% (the same period in 2023 increased by 8.8%).

Passenger transport in 6/2024 was estimated at 375.1 million passenger carried, up 3.4% over the previous month and 22 billion passengers-kilometers, up 4.3%; the second quarter of 2024 was estimated to reach 1,112.6 million passenger carried, an increase of 0.1% over the same period last year and 64.7 billion passengers.km, an increase of 9.3%. In the first 6 months of 2024, passenger transport was estimated at 2,312.1 million passengers carried, up 4.3% over the same period last year (up 17.9% in the same period in 2023) and passenger traffic was 132.5 billion passengers.km, increased by 11.0% (up 33.5% in the same period in 2023).

Freight transport in 6/2024 was estimated at 219.5 million tons of freight carried, up 1.6% over the previous month and 43.0 billion tons.km of freight traffic, up 1.1%; in the second quarter of 2024 was estimated to reach 642.9 million tons of transported goods, an increase of 14.0% over the same period last year and 127.5 billion tons.km, an increase of 11.0%. In the first 6 months of 2024, freight transport was estimated at 1,263.0 million tons of freight carried, up 13.5% over the same period last year (up 16.3% in the same period in 2024) and 254.8 billion tons.km of freight traffic, an increase of 10.3% (the same period last year up 14.1%).

Telecommunications revenue in the second quarter of 2024 was estimated at 89.6 trillion VND, up 4.6% over the same period last year. In the first 6 months of 2024, telecommunications revenue was estimated at 179 trillion VND, up 4.2% over the same period last year (if excluding the price factor, it increased by 4.0%).

International visitors to Viet Nam in 6/2024 reached over 1.2 millions arrivals, up 28.1% compared to the same period last year. In the first 6 months of 2024, international visitors to Viet Nam reached 8.8 million arrivals, up 58.4% over the same period last year and up 4.1% compared to the same period in 2019, the year without Covid-19.

The number of Vietnamese people leaving the country in 6/2024 was 470.6 thousand people, an increase of 5.2% over the same period last year. In the first six months of 2024, the number of Vietnamese leaving the country reached 2.6 million, up 11.4% over the same period last year.

6. Banking, insurance, and securities activities

– As of June 24, 2024, capital mobilization of credit institutions increased by 1.50% compared to the end of 2023; credit growth of the economy reached 4.45%.

– Regarding the insurance market, total insurance premium revenue in the second quarter of 2024 is estimated to reach 55.6 trillion VND, down 6.6% over the same period last year. In the first six months of 2024, total insurance premium revenue was estimated at 109.1 trillion VND, down 3.8%.

– Since the beginning of the year until now, the average transaction value reached 24,309 billion VND/session, an increase of 38.3% compared to the average in 2023; Since the beginning of the year until now, the average transaction value reached 10,187 billion VND/session, an increase of 56.3%; On the derivatives market, , the average trading volume of futures products on the VN30 index has reached 218,500 contracts/session, down 7.1%; secured warrant products reached 56.9 million warrants/session, an increase of 73.7% and transaction value reached 50.8 billion VND/session, an increase of 77.7%.

7. Development investment

Realized social investment capital in the second quarter of 2024 at current prices is estimated at 834.3 trillion VND, up 7.5 % over the same period last year. It is estimated that in the six months of 2024, realized investment capital for the whole society at current prices is estimated to reach 1,451.3 trillion VND, up 6.8% over the same period last year.

Total foreign investment capital registered in Vietnam as of June 20, 2024, including: Newly registered capital, adjusted registered capital and value of capital contributions and share purchases by foreign investors reached nearly 15.19 billion USD, an increase of 13.1%. compared to the same period last year.

Foreign direct investment capital made in Vietnam six The first month of 2024 is estimated to reach 10.84 billion USD, up 8.2% over the same period last year. This is the highest amount of realized foreign direct investment capital in the first six months of the year in the past 5 years.

Vietnam’s investment abroad in the first six months of 2024 has 57 projects newly granted investment certificates with a total Vietnamese capital of 118.6 million USD, down 19.3% over the same period. last year; There were 11 projects with adjusted capital with an increase of 18.4 million USD, a decrease of 89.4%.In the first six months of the year, Vietnam’s total investment capital abroad (new and adjusted capital) reached 137 million USD, down 57.3% over the same period last year.

8. State budget revenue and expenditure

Total State budget revenue in June 2024 was estimated at 105.1 trillion VND, The accumulated total state budget revenue in the first six months of 2024 was estimated at 1,020.6 trillion VND, equal to 60% of the yearly estimate and increasing by 15.7% over the same period last year.

Total State budget expenditure in June 2024 was estimated at 151.6 trillion VND, accumulated in the first six months of 2024 will was estimated at 803.6 trillion VND, equaling 37.9% of the year estimate and down 0.1% compared to the same period last year.

9. Export and import of goods and services

a) Export and import of goods^[7]

 – Export of goods: Export turnover of goods in 6/2024 was estimated at 33.09 billion USD, up 2.6% over the previous month and increased by 10.5% compared to the same period last year, In the second quarter of 2024, export turnover was estimated at 97.2 billion USD, up 12.5% over the same period last year and up 4.6% compared to the first quarter of 2024. Generally in the first six months of 2024, the export turnover was estimated at 190.08 billion USD, increased by 14.5% over the same period last year. Of which, the domestic economic sector was 53.39 billion USD, went up 20.6%, accounting for 28.1% of total export turnover; the FDI sector (including crude oil) attained 136.69 billion USD, increased by 12.3%, sharing 71.9%.

Regarding the structure of exported groups in the first six months of 2024, the group of processing industry was estimated at 166.79 billion USD, accounting for 87.7%.

 

– Import of goods: Import turnover in 6/2024 was estimated at 30.15 billion USD, decreased by 7.9% over the previous month and increased by 13.1% compared to the same period last year. In the second quarter of 2024, import turnover was estimated at USD 93.4 billion, up 19.8% over the same period last year and up 9.7% compared to the first quarter of 2024. Generally in the first six months of 2024, the import turnover was estimated at 178.45 billion USD, increased by 17% over the same period last year. Of which the domestic economic sector reached 65.74 billion USD, went up 22.3%; the FDI sector gained 112.71 billion USD, up 14.1%.

Regarding the structure of imported groups in the first six months of 2024, the group of production materials was estimated at 167.73 billion USD, accounted for 94%.

– Regarding the export and import market of goods in the first six months of 2024, the United States was the Viet Nam’s largest export market with a turnover of 54.3 billion USD. China remained the largest import market of Viet Nam with a turnover of 67 billion USD.

– The trade balance of goods in June was estimated to have a trade surplus of 2.94 billion USD. Generally in the first six months of 2024, the trade balance of goods is estimated to have a trade surplus of 11.63 billion USD (in the same period last year, the trade surplus of 13.44 billion USD). Of which, the domestic economic sector has a trade deficit of 12.35 billion USD; the FDI sector (including crude oil) had a trade surplus of 23.98 billion USD.

b) Export and import of services

In the second quarter of 2024, export turnover of services reached 5.5 billion USD, increased by 17.1% over the same period in 2023 and down 4.6% over previous quarter; import turnover of services reached 8.3 billion USD, went up by 20.1% and up 6.5%.

In six months of 2024, export turnover of services was estimated at 11.25 billion USD, went up by 20% over the same period in 2023, of which travel service gained 6 billion USD (accounting for 53.1% of the total turnover), up 40.1% over the same period last year; transportation service reached 3 billion USD (accounting for 26.8%), increased by 2%.

Import turnover of service in six months of this year was estimated at 16.11 billion USD (of which transportation and insurance service fees for imported goods are 5.7 billion USD), up 22% over the same period last year, of which transportation service gained 6.9 billion USD (accounting for 42.7% of the total turnover), increased by 18.6%; travel service reached 4.9 billion USD (accounting for 30.4%), increased by 52.9%.

The trade deficit of services in six months of 2024 was 4.86 billion USD.

10. Consumer Price Index, Gold Price Index and US Dollar Price Index

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

– Consumer price index (CPI ) in June 2024 increased by 0.17% compared to the previous month. Compared to December 2023, June CPI increased by 1.40% and compared to the same period last year increased by 4.34%. Average CPI in the second quarter of 2024 increased by 4.39% over the same period last year. In the first six months of 2024, CPI increased by 4.08% over the same period last year; Core inflation increased by 2.75%.

– Gold price index in June 2024 decreased 2.64% compared to last month; an increase of 18.26% compared to December 2023; increased 29.51% over the same period last year; The average increase in the first six months of 2024 is 24.02%.

– US dollar price index in June 2024 decreased by 0.04% compared to the previous month; an increase of 4.17% compared to December 2023; increased 7.66% over the same period last year; The average increase in the first six months of 2024 is 5.64%.

b) Producer price index

The producer price index in the second quarter and the first six months of 2024 tends to increase, the industry producer price index, and input producer increased slightly compared to the same period last year; the producer price index of agriculture, forestry, fishing and the service price index increased quite high, while the export and import price index of goods decreased according to the world market.

11. Some social situations

a) Labor and employment

Labor force aged 15 years and older of the whole country in the second quarter of 2024 was estimated at 52.5 million people, an increase of 148.6 thousand people over the previous quarter and an increase of 217.3 thousand people over the same period last year . In the first six months of 2024 , the labor force aged 15 and over is 52.5 million people, an increase of 196.6 thousand people over the same period last year.

Employed persons second quarter of 2024 is estimated to be 51.4 million people, an increase of 126.6 thousand people compared to the previous quarter and an increase of 217.4 thousand people over the same period last year. In the first six months of 2024, there are 51.4 million employed workers, an increase of 195.7 thousand people over the same period last year.

The underemployment rate among the working age population in the second quarter of 2024 is 2.06%, an increase of 0.03 percentage points compared to the previous quarter and unchanged compared to the same period last year. In the first six months of 2024, the underemployment rate among the working age population is 2.05%, an increase of 0.05 percentage points over the same period last year; them, the underemployment rate in urban areas is 1.37%; the underemployment rate in rural areas is 2.49%.

Average income of workers second quarter 2024 To be 7.5 million VND/month, down 137 thousand VND compared to the first quarter of 2024 and up 490 thousand VND compared to the same period in 2023. Overall, in the first six months of 2024, the average income of workers is 7.5 million VND/month , an increase of 7.4%, equivalent to an increase of 519 thousand VND compared to the same period last year.

Unemployment rate across age groups Labor force in the second quarter of 2024 is 2.29%, of which 2.7 1% in urban areas; rural areas is 2.01%. The unemployment rate in the working age in the first six months of 2024 was 2.27%, unchanged compared to the same period last year, of which in urban areas it was 2.68%; rural areas is 2%.

b) Residential life and social security assurance

The population’s life situation in the first six months of this year improved. According to preliminary results of the 2024 Residential Living Standards Survey, the average monthly income per capita in the first six months of this year is estimated to reach 5.3 million VND, an increase of 8.2% over the same period in 2023.

The work of ensuring social security is always carried out promptly and effectively by all levels and sectors. According to local reports, in the first six months of this year (as of June 19, 2024), leaders at all levels from central to local levels, departments, branches, unions, and benefactors organized visits to ask, encourage and give gifts to many social protection beneficiaries according to Decree No. 20/2021/ND-CP dated March 15, 2021 with a total amount of 11.7 trillion VND; Poor and near-poor households are more than 3 trillion VND; People with meritorious services and relatives of people with meritorious services to the revolution are 16.5 trillion VND; Unexpected and unusual support arising locally is nearly 70.1 billion VND. In addition, social insurance has issued more than 26.2 million health insurance cards/books/free medical examination and treatment cards to beneficiaries.

According to information from the Ministry of Labor, War Invalids and Social Affairs, in the first six months of this year, the Government, ministries, branches and localities have supported people with nearly 21.3 thousand tons of rice to support people. Famine relief in 2024.

c) Cultural and sports activities

In the first six months of 2024, cultural activities will take place enthusiastically across the country, especially after the Lunar New Year 2024. In addition to the exciting festival activities, there will be activities commemorating the 49th anniversary of the World Cup. completely liberate the South, unify the country (April 30, 1975 – April 30, 2024) in April and a series of activities commemorating the 70th anniversary of the Dien Bien Phu Victory in May.

Regarding high-performance sports, the Vietnamese men’s football team participated in the second qualifying round of the 2026 World Cup and ranked 3rd in the Asian Regional Qualifying Rankings, officially stopping in the qualifying round with a result of 6 points.  Up to now, Vietnamese sports have won 12 official tickets to the 2024 Paris Olympics in the following events: Cycling, swimming, shooting, weightlifting, canoeing, rowing, badminton, boxing and shooting bow.

d) Traffic accident

In the first six months of this year, there were 12,353 traffic accidents nationwide, including 8,728 less serious traffic accidents and 3,625 traffic collisions, killing 5,343 people and 5,557 others. injured and 3,995 people suffered minor injuries. On average, every day in the first 6 months of this year, there were 68 traffic accidents nationwide, including 48 traffic accidents of less serious severity and 20 traffic collisions, killing 30 people , 30 people were injured and 22 people suffered minor injuries.

e) Damage caused by natural disasters

In the first six months of this year, natural disasters left 68 people dead or missing and 56 injured; 28.1 thousand houses collapsed and damaged; 22.9 thousand cattle died; 36.8 thousand hectares of rice and crops were damaged. The total value of property damage is estimated at 1,723.3 billion VND, nearly 2.5 times higher than the same period in 2023.

g) Environmental protection and fire and explosion prevention

In the first six months of this year, the authorities detected 12,650 cases of environmental violations, of which 11,418 scases were handled with a total fine of 156.5 billion VND, an increase of 5.8% over the same period last year; There were 2,231 fires and explosions, killing 55 people and injuring 52 people, with an estimated loss of 127.9 billion VND, down 36.5% over the same period last year.

[1]The GDP growth rate in the second quarter compared to the same period last year in the years 2020-2024 was: 0.34%; 6.55%; 7.99%; 4.25 %; 6.93%.

[2]The GDP growth rate in the first 6 months of the year compared to the same period last year in 2020-2024 was: 1.74%; 5.71%; 6.58%; 3.84%; 6.42%.

[3]The growth rate of value added of the industry in the first 6 months of the year compared to the same period last year in the period 2020-2024 was: 2.26%; 7.44%; 8.32%; 0.08%; 7.54%.

[4] The growth rate of added value of the construction industry in the first 6 months of the year compared to the same period last year in the period 2020-2024 is: 4.84%; 4.27%; 5.63%; 4.82%; 7.34%.

[5] The growth rate of added value of the service sector in the first 6 months of the year compared to the same period last year in the years 2020-2024 is: 1.18%; 5.06%; 6.73%; 6.75%; 6.64%.

[6] Source: National Enterprise Registration Information System, Business Registration Management Agency, Ministry of Planning and Investment on 25^th June, 2024.

[7] Estimated total export and import value in June 2024 provided by the General Department of Customs on June 27, 2024. The General Statistics Office estimated the import and export value of key commodities in June 2024 based on preliminary data provided by the General Department of Customs by June 25, 2024.