Socio-economic situation in November and 11 months of 2024

1. Agriculture, forestry, and fishery

a) Agriculture

– Winter rice: As of November 20, 2024, the whole country harvested 1,403.4 thousand hectares of winter rice, equal to 95.7% of the same period last year. Of which, the northern localities harvested 933.8 thousand hectares; the southern localities harvested 469.6 thousand hectares.

– Autumn-winter rice: The 2024 autumn-winter rice cultivation area in the Mekong Delta was estimated at 717.9 thousand hectares, an increase of 22 thousand hectares compared to the previous autumn-winter crop. As of November 20, 2024, the whole region harvested 414.3 thousand hectares of autumn-winter rice, accounting for 57.7% of the cultivated area and equal to 103.2% of the same period last year.

– Spring rice: As of November 20, 2024, the southern localities had planted 500.3 thousand hectares of early winter-spring rice, equal to 129.9% of the same period last year, mainly concentrated in the Mekong Delta with 498.6 thousand hectares, equal to 130.1%.

– Annual crops: This year’s winter crop focuses on crops of high economic value, implements intensive farming and spreads crops, improves quality to increase selling prices. In particular, focus on producing crops with stable output markets such as vegetables, beans, and peas.

– Livestock: Buffalo and cow husbandry in the month tended to decrease, and diseases are basically under control. It was estimated that the total number of pigs in the country by the end of November 2024 increased by 3.5% compared to the same time in 2023; the total number of poultry increased by 2.9%; the total number of cattles decreased by 0.4%; the total number of buffaloes decreased by 3.1%.

b) Forestry

The area of newly planted forests concentrated in the country in November was estimated at 31.4 thousand hectares, down 4.9% over the same period last year; timber output reached 2,366.2 thousand m3, up 7.5%; the number of scattered planted forestry trees reached 9.0 million trees, down 4.2%; the area of damaged forests was 78.2 hectares, an increase of nearly 2.6 times. Generally, in the first eleven months of 2024, the area of newly concentrated planted forests is estimated at 263.9 thousand hectares, up 2.4% over the same period last year; the number of scattered planted forestry trees reached 89.3 million trees, an increase of 3.4%; timber output reached 20,855.8 thousand m3, up 7.9%; the area of damaged forests was 1,585.9 hectares, down 7.8%.

c) Fisheries

Fishery production in November 2024 is estimated at 864.8 thousand tons, up 3.4% over the same period last year. Generally, in the first eleven months of 2024, aquatic production is estimated at 8,754.6 thousand tons, up 2.5% over the same period last year, of which: Aquaculture production is estimated at 5,189.4 thousand tons, up 3.9%; fishery production was estimated at 3,565.2 thousand tons, up 0.7%.

2. Industrial Production

– The industrial production index (IIP) in November 2024 is estimated to increase by 2.3% compared to the previous month and by 8.9% compared to the same period last year. For the first eleven months of 2024, the IIP is estimated to increase by 8.4% compared to the same period in 2023 (which saw a growth of 0.9%). Specifically, the manufacturing and processing sector increased by 9.7%, contributing 8.5 percentage points to the overall growth; the electricity production and distribution sector increased by 10.2%, contributing 0.9 percentage points; the water supply, waste management, and wastewater treatment sector increased by 9.6%, contributing 0.2 percentage points; while the mining sector decreased by 7.3%, reducing 1.2 percentage points.

– The industrial production index for the first eleven months of 2024 increased in 60 provinces and decreased in 3 provinces nationwide compared to the same period last year.

– The number of workers employed in industrial enterprises as of November 1, 2024, increased by 0.7% compared to the previous month and by 4.4% compared to the same time last year.

3. Enterprise activities

a) Enterprise registration status ^[1]

– In November, the whole country had nearly 11.2 thousand newly established enterprises, a decrease of 21.3% over the previous month and a decrease of 22.6% over the same period last year; over 7.7 thousand enterprises resumed, down 10.9% and up 17.4%; 4,243 temporarily inactive enterprises, down 22.2% and down 5.9%; 7,550 enterprises ceased and awaited dissolution procedures, up 39.2% and up 14.4%; 1,910 enterprises completed dissolution procedures, down 3.9% and up 14.2%.

– Overall, in the eleven months of 2024, the whole country had over 218.5 thousand newly registered businesses and return to operation, a year-on-year increase of 7.4%; on average, there were nearly 19.9 thousand new businesses established and resumed per month. The number of enterprises withdrawing from the market was 173.2 thousand ones, an increase of 9.1%. On average, more than 15.7 thousand enterprises withdrawing from the market per month.

4. Investment

Investment capital from the State budget continues to be focused on and promoted by ministries, branches and localities.Investment capital implemented from the State budget in November 2024 is estimated at nearly 75.9 trillion VND, up 5.6% over the same period last year. In the eleven months of 2024, investment capital implemented from the State budget is estimated at 572.0 trillion VND, equal to 73.5% of the annual plan and up 2.4% over the same period last year (the same period in 2023 was equal to 76.3% and up 24.3%).

Total foreign investment capital registered in Vietnam as of November 30, 2024, including: newly registered capital, adjusted registered capital and capital contribution and share purchase value of foreign investors, reached 31.38 billion USD, up 1.0% over the same period last year.

Foreign direct investment implemented in Vietnam eleven estimated FDI in May 2024 was 21.68 billion USD, up 7.1% over the same period last year.

Vietnam’s overseas investment in the first eleven months of 2024 had 151 projects newly granted investment certificates with a total capital of 555.2 million USD from the Vietnamese side; there were 22 projects adjusting capital with an adjusted capital of 43.5 million USD. In the first eleven months of 2024, Vietnam’s total investment capital abroad (newly granted and adjusted capital) reached 598.7 million USD, an increase of 51.6% over the same period last year.

5. State budget revenue and expenditure

Total state budget revenue in November 2024 was estimated at 139.4 trillion VND. Cumulative total state budget revenue in eleven months of 2024 was estimated at 1,808.5 trillion VND, equal to 106.3% of the annual estimate and up 16.1% over the same period last year

Total state budget expenditure in November 2024 was estimated at 170.8 trillion VND; accumulated expenditure in eleven months of 2024 was estimated at 1,560.7 trillion VND, equal to 73.6% of the annual estimate and up 4.7 % over the same period last year.

6. Trade, prices, transport and tourism

a) Retail sales of consumer goods and services

The total retail sales of consumer goods and services at current prices in November 2024 are estimated to reach 562.0 trillion VND, an increase of 8.8% over the same period last year. Generally for eleven months of 2024, the total retail sales of consumer goods and services at current prices was estimated at 5,822.3 trillion VND, up 8.8% over the same period last year (up 9.7% in the same period in 2023), if excluding the price factor, up 5.8% (the same period in 2023 increased by 7.0%).

b) Export and import of goods^[2]

Total export and import turnover of goods^[3] in 11/2024 preliminary reached  64.4 billion USD, down 4.1% over the previous month and up 9.0% over the same period last year. Generally, in eleven months of 2024, the total export and import turnover of goods preliminary reached 715.55 billion USD, up 15.4% over the same period last year, of which exports increased by 14.4%; imports increased by 16.4%^[4]. The trade balance of goods had a surplus of 24.31 billion USD.

– Export of goods

+ Preliminary export turnover of goods in 11/2024 preliminary reached 33.73 billion USD, down 5.3% over the previous month and  increased by 8.2% compared to the same period last year. Generally in eleven months of 2024, preliminary export turnover reached 369.93 billion USD, increased by 14.4% over the same period last year. Of which, the domestic economic sector was 103.88 billion USD, went up 20.0%, accounting for 28.1% of total export turnover; the FDI sector (including crude oil) attained 266.05 billion USD, increased by 12.4%, sharing 71.9%.

+ Regarding the structure of exported groups in eleven months of 2024, the group of processing industry preliminary reached 325.52 billion USD, accounting for 88.0%.

– Import of goods

+ Preliminary import turnover of goods in 11/2024 preliminary reached 32.67 billion USD, decreased by 2.8% over the previous month and increased by 9.8% compared to the same period last year. Generally, in eleven months of 2024, preliminary import turnover of goods reached 345.62 billion USD, increased by 16.4% over the same period last year. Of which the domestic economic sector reached 126.05 billion USD, went up 18.5%; the FDI sector gained 219.57 billion USD, up 15.2%.

+ Regarding the structure of imported groups in eleven months of 2024, the group of production materials preliminary reached 323.72 billion USD, accounted for 93.7%.

– Regarding the export and import market of goods in eleven months of 2024, the United States was the Viet Nam’s largest export market with a turnover of 108.9 billion USD. China remained the largest import market of Viet Nam with a turnover of 130.2 billion USD.

– The preliminary trade balance of goods in November was 1.06 billion USD. Generally, in eleven months of 2024, the preliminary trade balance of goods had a trade surplus of 24.31 billion USD (in the same period last year, the trade surplus of 26.2 billion USD). Of which, the domestic economic sector has a trade deficit of 22.17 billion USD; the FDI sector (including crude oil) had a trade surplus of 46.48 billion USD.

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

– Consumer price index (CPI) in November 2024 increased by 0.13% compared to the previous month. Compared to December 2023, November CPI increased by 2.65% and compared to the same period last year increased by 2.77%. On average in the eleven months of 2024, CPI increased by 3.69% over the same period last year; Core inflation increased by 2.7%.

– Gold price index in November 2024 increased by 2.26% compared to the previous month; an increase of 32.91% compared to December 2023; increased 38.2% over the same period last year; On average in the eleven months of 2024, the gold price index increased by 28.42%.

– US dollar price index in November 2024 increased by 1.76% compared to the previous month; an increase of 4.22% compared to December 2023; increased 3.63% over the same period last year; The average increase in the eleven months of 2024 is 4.97%.

d) Passengers and freight transport

Passenger transport in 11/2024 was estimated at 464.7 million passengers, increased by 10.4% over the same period last year and passenger traffic was 23.8 billion passengers-kilometers, increased by 12.0%. In eleven months of 2024, passenger carried was estimated at 4,596.7 million passengers, up 8.2% over the same period last year and passenger traffic was 250.9 billion passengers.km, increased by 11.6%.

Freight transport in 11/2024 was estimated at 246.2 million tons of freight carried, increased by 13.5% over the same period last year and 49.6 billion tons.km of freight traffic, increased by 14.4%. Generally for eleven months of 2024, freight transport was estimated at 2,420.4 million tons of freight carried, up 14.1% over the same period last year and 493.5 billion tons.km of freight traffic, an increase of 11.5%.

đ) International visitors to Viet Nam^[5]

Favorable visa policies, enhanced tourism promotion programs, and prestigious tourism awards presented by international organizations have attracted an increasing number of international visitors to Vietnam.

In 11/2024^[6], the number of international visitors to Viet Nam reached 1.7 million, increased by 38.8% compared to the same period last year. In eleven months of 2024, international visitors to our country reached nearly 15.8 million arrivals, up 41.0% compared to the same period last year.

7. Some social situations

– The work of ensuring social security is always carried out promptly and effectively by all levels and sectors. According to a report from the Ministry of Labor, War Invalids and Social Affairs, in eleven months of this year, the Government, ministries, branches and localities have supported people with nearly 21.8 thousand tons of rice, of which: Supported 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; Localities also developed plans and proactively allocated local budgets and socialization resources to support nearly 5 thousand tons of rice for poor, near-poor households and people in difficult circumstances.

– In November (from October 26 to November 25, 2024), there were 1,994 traffic accidents nationwide. In the eleven months of 2024, there were 21,453 traffic accidents nationwide, killing 9,940 people and injuring 15,896 people. On average, every day in the eleven months of 2024, there will be 64 traffic accidents nationwide, killing 30 people and injuring 47 people.

– Damage caused by natural disasters in November is mainly due to the impact of heavy rains, floods and inundations. In total for the eleven months of this year, natural disasters left 541 people dead or missing, and 2,189 people injured; 299.1 thousand houses collapsed and damaged; Nearly 5.3 million cattle and poultry died; 92.2 thousand hectares of crops and 314.8 thousand hectares of rice were flooded and damaged; The total value of property damage is estimated at 84,345.1 billion VND, more than 19.1 times higher than the same period in 2023.

– In the eleven months of 2024, the whole country had 114.9 thousand cases of dengue fever (18 deaths); 67.9 thousand cases of hand, foot and mouth disease; 14.3 thousand cases of typhus suspected of measles (04 deaths); 74 deaths due to rabies; 532 cases of viral encephalitis (06 deaths); 22 cases of meningococcal meningitis; 10 cases of diphtheria (01 death); 01 case of influenza A and died.

– During the month (from October 18 to November 17, 2024), authorities discovered 978 environmental violations in 49/63 localities. In the eleven months of this year, the authorities detected 20,260 cases of environmental violations, of which 18,623 cases were handled with a total fine of 280.9 billion VND, an increase of 6.1% over the same period last year.

– In eleven months of this year, there were 3,772 fires and explosions nationwide, killing 96 people and injuring 111 people, with estimated damage of 454.3 billion VND, an increase of 11.2% over the same period last year./.

[1] Source: National Business Registration Information System, Department of Business Registration Management, Ministry of Planning and Investment, received November 02^nd, 2024. Implementing Decree No. 62/2024/ND-CP dated June 07^th, 2024 of the Government (effective from August 01^st, 2024), the data period on business registration in the month is calculated from the 1st to the last day of the reporting month. Particularly for time indicators (enterprises returning to operations, enterprises temporarily suspending business for a limited period of time, enterprises temporarily suspending operations awaiting dissolution procedures), the data period is the months before the time. August 01^st, 2024 is calculated from the 21^st of the month preceding the reporting month to the 20^th of the reporting month.

[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] Total turnover and value of preliminary export and import goods in November 2024 provided by the General Department of Customs on December 3, 2024.

[4] Total import and export turnover of goods in eleven months of 2023 reached 620.2 billion USD, down 9.5% over the same period last year, of which exports reached 323.2 billion USD, down 5.7%; imports reached 297.0 billion USD, down 13.3%.

[5] According to the report of the Border Gate Department, the Border Guard Command, the Ministry of National Defense and the Immigration Department on November 27, 2024.

[6] The reporting period was from October 26, 2024, to November 25, 2024.