Socio-economic situation report in July and 7 months of 2024

In the past few days in July, the people of the whole country and our overseas compatriots and international friends deeply mourned to bid farewell to General Secretary Nguyen Phu Trong – a steadfast Communist who devoted his whole life to the country, the Party and the People. The legacy left by the General Secretary is a great inspiration and motivation to help us overcome all obstacles and difficulties together on the path that our Party, Uncle Ho and People have chosen.

In the first seven months of 2024, our country’s socio-economy will continue to face many difficulties and challenges in the face of fast, complex and unpredictable developments of the world situation. Ministries, branches and localities have seriously and drastically effectively implemented the Government’s Resolutions in order to achieve the highest results of the set goals. As a result, the socio-economic situation in July and seven months of our country maintained a positive trend, sectors and fields achieved many important results, creating growth momentum for the following months and quarters.

1. Agriculture, forestry, and fishery

a) Agriculture

– Winter rice: As of July 15, 2024, the whole country has cultivated 1,206.9 thousand hectares of seasonal rice, equaling 99.5% of the same period last year, of which: Northern localities have cultivated 852.5 thousand hectares, equaling 99.3%; the southern localities cultivated 354.4 thousand hectares, equivalent to the same period last year.

– Summer-autumn rice: By the middle of July, the whole country cultivated 1,902.2 thousand hectares of summer-autumn rice, equal to 99.6% of the same period last year. In which, the Northern localities reached 173.6 thousand hectares, equaling 100.6%; the southern localities reached 1,728.6 thousand hectares, equaling 99.5%, especially the Mekong Delta region reached 1,465.9 thousand hectares, equaling 99.5%.

– Autumn-winter rice: As of July 15, 2024, the Mekong Delta region has seeded 297.1 thousand hectares of autumn-winter rice, equaling 110.7% of the same period last year.

– 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 unfavorable weather. Particularly, the area of sweet potatoes increased slightly due to many varieties of good quality sweet potatoes with high economic efficiency.

– Livestock: Buffalo and cow farming in the month tended to decrease. Pig and poultry farming developed stably. It is estimated that the total number of pigs in the country by the end of July 2024 will increase by 3.0% compared to the same time in 2023; the total number of poultry increased by 2.6%; the total number of cows decreased by 0.4%; the total number of buffaloes decreased by 3.6%.

b) Forestry

The area of newly concentrated planted forests nationwide in July 2024 is estimated at 13.8 thousand hectares, up 6.9% over the same period last year; the number of scattered planted forestry trees reached 6.5 million trees, an increase of 4%; timber output reached 1,945.7 thousand m3, up 7.8%; the damaged forest area was 80.5 hectares, down 61.1%. Generally, in the first seven months of 2024, the area of newly concentrated planted forests is estimated at 143.4 thousand hectares, up 4.6% over the same period last year; the number of scattered planted forestry trees reached 51.1 million trees, an increase of 3%; timber output reached 11,943.2 thousand m3, up 7.1%; the area of damaged forests was 1,303.0 hectares, down 5.3%.

c) Fishery

Fishery production in July 2024 is estimated at 841.1 thousand tons, up 2.2% over the same period last year. Generally, in the first seven months of 2024, aquatic production is estimated at 5,225.8 thousand tons, up 2.6% over the same period last year, of which: Aquaculture production is estimated at 2,922.1 thousand tons, up 3.9%; fishery production was estimated at 2,303.7 thousand tons, up 0.9%.

2. Industrial production

– Industrial production maintained a positive growth momentum. The index of industrial production (IIP) in July 2024 is estimated to increase by 0.7% compared to the previous month and increase by 11.2% over the same period last year. Generally, in the first seven months of 2024, IIP is estimated to increase by 8.5% over the same period last year (the same period in 2023 decreased by 0.8%). In which, the processing and manufacturing industry increased by 9.5%, contributing 8.2 percentage points to the overall increase; the electricity production and distribution industry increased by 12.4%, contributing 1.1 percentage points; water supply, waste and wastewater management and treatment activities increased by 7.2%, contributing 0.1 percentage points; the mining industry alone decreased by 6.2%, decreasing by 0.9 percentage points.

– The industrial production index in the first seven months of 2024 compared to the same period last year increased in 60 localities and decreased in 03 localities across the country.

– The number of employees working in industrial enterprises as of July 1, 2024 increased by 0.9% over the same time last month and increased by 3.3% over the same time last year

3. Enterprise activities^[1]

– In July, the whole country had 14.7 thousand newly established enterprises, a decrease of 6.3% over the previous month and an increase of 7.3% over the same period last year. Besides, there were more than 6.8 thousand enterprises resumed, up 26.2% and down 0.7%; 6,837 temporarily inactive enterprises, up 26.2% and down 0.7%; 7,035 enterprises ceased and awaited dissolution procedures, an increase of 30.2% and 33.8%; 1,730 enterprises completed dissolution procedures, down 22.4% and up 9.4%.

– Overall, in the seven months of 2024, the whole country had 139.5 thousand newly registered businesses and return to operation, a year-on-year increase of 5.8%; on average, there were over 19.9 thousand new businesses established and resumed per month. The number of enterprises withdrawing from the market was 125.5 thousand ones, an increase of 18.4%. On average, over 17.9 thousand enterprises withdrawing from the market per month.

4. Investment

– Investment capital from the State budget continues to be promoted by ministries, branches and localities. Implemented investment capital from the State budget in July 2024 is estimated to reach 57.6 trillion VND, up 8.2% over the previous month and down 1.6% over the same period last year. In the seven months of 2024, realized investment capital from the State budget is estimated to reach 301.5 trillion VND, equal to 40.6% of the year’s plan and up 2.3% over the same period last year (same period). in 2023 by 40.2% and increase by 23.6%).

– Total foreign investment capital registered in Vietnam as of July 20, 2024 includes: Newly registered capital, adjusted registered capital and value of capital contributions and share purchases of foreign investors reaching more than 18 billion USD, an increase of 10.9% over the same period last year.

– Foreign direct investment capital in Vietnam in the first seven months of 2024 is estimated to reach 12.55 billion USD, up 8.4% over the same period last year.

– Vietnam’s investment abroad in the seven months of 2024 has 64 projects newly granted investment certificates with a total Vietnamese capital of 122 million USD, down 18.2% over the same period last year. ; There were 15 projects with adjusted capital with an increase of 28.6 million USD, a decrease of 83.3%. In the seven months of 2024, Vietnam’s total investment capital abroad (new and adjusted capital) reached 150.7 million USD, down 53% over the same period last year.

5. State budget revenue and expenditure

Total State budget revenue in July 2024 was estimated at nearly 150 trillion VND. The accumulated total state budget revenue in the seven months of 2024 was estimated at 1,188.1 trillion VND, equal to 69.8% of the yearly estimate and increasing by 14.6% over the same period last year.

Total State budget expenditure in July 2024 was estimated at 152.6 trillion VND, accumulative total State budget expenditure in the seven months of 2024 was estimated at 948.3 trillion VND, equaling 44.7% of the yearly estimate and up 0.6% over the same period last year.

6. Trade, prices, transport and tourism

a) Retail sales of consumer goods and services

Total retail sales of consumer goods and services at current prices in 7/2024 was estimated at 528.3 trillion VND, up 9.4% over the same period last year. Generally for seven months of 2024, the total retail sales of consumer goods and services at current prices was estimated at 3,625.7 trillion VND, up 8.7% over the same period last year (up 10.6% in the same period in 2023), if excluding the price factor, up 5.2% (the same period in 2023 increased by 9.8%).

b) Export and import of goods^[2]

Total export and import turnover of goods^[3] in 7/2024 was estimated at 69.72 billion USD, up 8.7% over the previous month and up 21.8% over the same period last year.

– Export of goods

+ Export turnover of goods in 7/2024 was estimated at 35.92 billion USD, up 6.7% over the previous month and up 19.1% compared to the same period last year. Generally in seven months of 2024, the export turnover was estimated at 226.98 billion USD, increased by 15.7% over the same period last year. Of which, the domestic economic sector was 63.08 billion USD, went up 21.1%, accounting for 27.8% of total export turnover; the FDI sector (including crude oil) attained 163.9 billion USD, increased by 13.8%, sharing 72.2%.

+ Regarding the structure of exported groups in seven months of 2024, the group of processing industry was estimated at 199.94 billion USD, accounting for 88.1%.

– Import of goods

+ Import turnover in 7/2024 was estimated at 33.8 billion USD, increased by 11% over the previous month and up 24.7% compared to the same period last year. Generally in seven months of 2024, the import turnover was estimated at 212.9 billion USD, increased by 18.5% over the same period last year. Of which the domestic economic sector reached 78 billion USD, went up 21.5%; the FDI sector gained 134.9 billion USD, up 16.9%.

+ Regarding the structure of imported groups in seven months of 2024, the group of production materials was estimated at 199.88 billion USD, accounted for 93.9%.

– Regarding the export and import market of goods in seven months of 2024, the United States was the Viet Nam’s largest export market with a turnover of 66.1 billion USD. China remained the largest import market of Viet Nam with a turnover of 79.2 billion USD.

– The trade balance of goods in July was estimated to have a trade surplus of 2.12 billion USD. Generally in seven months of 2024, the trade balance of goods is estimated to have a trade surplus of 14.08 billion USD (in the same period last year, the trade surplus of 16.5 billion USD). Of which, the domestic economic sector has a trade deficit of 14.92 billion USD; the FDI sector (including crude oil) had a trade surplus of 29 billion USD.

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

– Consumer price index (CPI) in July 2024 increased by 0.48% compared to the previous month. Compared to December 2023, July CPI increased by 1.89% and compared to the same period last year increased by 4.36%. On average, in the seven months of 2024, CPI increased by 4.12% over the same period last year; core inflation increased by 2.73%.

– Gold price index in July 2024 decreased by 0.12% compared to the previous month; an increase of 18.11% compared to December 2023; increased 29.39% over the same period last year; on average in the seven months of 2024, the gold price index increased by 24.77%.

– US dollar price index in July 2024 increased by 0.05% compared to the previous month; an increase of 4.22% compared to December 2023; increased 7.14% over the same period last year; the average increase in the seven months of 2024 is 5.85%.

d) Transport

Passenger transport in 7/2024 was estimated at 447.7 million passengers, increased by 11.9% compared to the same period last year and passenger traffic was 22.7 billion passengers-kilometers, increased by 5.5%. In seven months of 2024, passenger carried was estimated at 2,805.7 million passengers, up 7.2% over the same period last year and passenger traffic was 155.6 billion passengers.km, increased by 10.5%.

Freight transport in 7/2024 was estimated at 217.9 million tons of freight carried, increased by 14.5% and 45.4 billion tons.km of freight traffic, increased by 12.4% compared to the same period last year. Generally for seven months of 2024, freight transport was estimated at 1.476.8 million tons of freight carried, up 13.3% over the same period last year and 302.2 billion tons.km of freight traffic, an increase of 11.3%.

đ) International visitors to Viet Nam

Favorable visa policies and tourism promotion programs in 2024 have been promoted by localities across the country, attracting a high increase in international visitors to Vietnam compared to the same period last year. In 7/2024, the number of international visitors to Viet Nam reached 1.15 million, increased by 10.9% compared to the same period last year. In seven months of 2024, international visitors to our country reached nearly 10 million arrivals, up 51.0% compared to the same period last year and up 1.9% compared to the same period of 2019 – the year before the Covid-19 pandemic.

7. Some social situations

– The work of ensuring social security is always implemented promptly and effectively by all levels and sectors, notably the policy of increasing the base salary implemented from July 1, 2024. The policy of giving gifts of gratitude on the occasion of the 77th anniversary of War Invalids and Martyrs’ Day includes two gift levels of 600,000 VND and 300,000 VND depending on each specific object. According to a report from the Ministry of Labor, War Invalids and Social Affairs, in seven months of this year, the Government, ministries, branches and localities have supported people with more than 21.3 thousand tons of rice, of which: provided 10.4 thousand tons of rice for hunger relief on the occasion of the Lunar New Year Giap Thin for 693.4 thousand people; supporting more than 5.9 thousand tons of rice to relieve hunger in 2024 for 396.3 thousand people.

– In seven months of 2024, the whole country will have 35.3 thousand cases of dengue fever (04 deaths); 34.6 thousand cases of hand, foot and mouth disease; 887 cases of typhus suspected of measles; 53 deaths due to rabies; 256 cases of viral encephalitis (06 deaths); 12 cases of meningococcal meningitis; 01 case of influenza A and died.

– During the month (from June 15 to July 14, 2024), there were 1,889 traffic accidents nationwide. In the seven months of this year, there were 14,242 traffic accidents nationwide, including 10,083 less serious traffic accidents and 4,159 traffic collisions, killing 6,203 people and 6,394 people. injured and 4,582 people suffered minor injuries. On average, every day in seven months of this year, there were 67 traffic accidents nationwide, including 47 less serious traffic accidents and 20 traffic collisions, killing 29 people. 30 people were injured and 22 people suffered minor injuries.

– Damage caused by natural disasters in July is mainly due to the impact of heavy rains, floods and inundations. In the seven months of this year, natural disasters left 91 people dead or missing, and 67 people injured; 28.9 thousand houses collapsed and damaged; 28.4 thousand cattle and poultry died; 25.7 thousand hectares of crops and 64.3 thousand hectares of rice were flooded and damaged; The total value of property damage is estimated at 2,122.9 billion VND, more than 2.3 times higher than the same period in 2023.

– During the month (from June 18 to July 17, 2024), authorities discovered 1,513 environmental violations in 53/63 localities. In the seven months of this year, the authorities detected 14,163 cases of environmental violations, of which 12,977 cases were handled with a total fine of more than 177 billion VND, an increase of 0ss.2% over the same period last year.

– In seven months of this year, there were 2,539 fires and explosions nationwide, killing 75 people and injuring 65 people, with an estimated loss of 139 billion VND, down 39.3% over the same period last year. /.

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

[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).

[3] Estimated total export and import value in July 2024 provided by the General Department of Customs on July 26, 2024. The General Statistics Office estimated the import and export value of key commodities in July 2024 based on preliminary data provided by the General Department of Customs by July 25, 2024.