Socio-economic situation in January of 2024

1. Agriculture, forestry and fishery

a) Agriculture

– Agricultural production in the month focuses mainly on planting, taking care of spring rice, and planting annual crops across the country. As of January 15, 2024, the whole country cultivated 1,821.4 thousand hectares of spring rice, equaling 96.9% of the same period last year, of which, the northern provinces reached 63.4 thousand hectares, equaling 66.6%; the southern provinces reached 1,757.9 thousand hectares, equaling 98.5%; particularly the Mekong River Delta reached 1,427.7 thousand hectares, equaling 99.5%.

– Annual crops:  The area of corn and peanuts decreased compared to the same period last year mainly due to low economic efficiency, so farmers had tending to switch to growing sweet potatoes, soybeans and all kinds of vegetables to serve people’s consumption during Lunar New Year.

– Livestock: Pig population was estimated at the end of January 2024 increasing of 4.1% compared to the same time last year, number of cattles up 0.4%; number of buffaloes down 1.2%; poultry population up 3.6%.

As of January 23, 2024, the whole country has no longer blue-ear disease, foot-and-mouth disease was still in Hoa Binh, Cao Bang; LSD was reported in Tien Giang; avian flu remained Bac Ninh, Tien Giang, African swine fever was reported in 16 localities for less than 21 days. It is noteworthy that there was being an outbreak of rabies in animals in 5 localities in less than 21 days.

b) Forestry

The area of ​​newly concentrated planted forests in 01/2024 was estimated at 7.8 thousand hectares, down 4.3% over the same period last year; damaged forest area was 31.5 ha, down 0.8% over the same period last year, of which burnt forest area was 2.5 ha, up 2%; the deforested forest area was 29 ha, down 1%.

c) Fishery

Fishery output in 01/2024 was estimated at 590.1 thousand tons, up 3.1% over the same period last year, of which aquaculture production reached at 313.3 thousand tons, up 1.9%; catch fishery production reached 276.8 thousand tons, up 4.6%.

2. Industrial production

– The index of industrial production (IIP) in January 2024 is estimated to decrease by 4.4% over the previous month  and increase by 18.3% over the same period last year. Of which, the manufacturing industry increased by 19.3% over the same period last year, contributing 15.1 percentage points to the general growth; electricity production and distribution increased by 21.6%, contributing 1.9 percentage points; water supply, waste and wastewater management and treatment activities increased by 5.7%, contributing 0.1 percentage points; the mining industry increased by 7.3%, contributing 1.2 percentage points..

– The industrial production index in January 2024 compared to the same period last year increased in 60 localities and decreased in 3 localities across the country..

– Number of employees working in industrial enterprises as of January 1, 2024 up 0.5% compared to the same time last month and increased by 0.1% compared to the same time last year.

3. Enterprise registration status ^[1]

In January 2024, the whole country had 13.5 thousand newly established enterprises, an increase of 2.2% compared to December 2023 and an increase of 24.8% compared to the same period last year. In addition, there were 13.8 thousand re-operated enterprises, up 2.2 times compared to December 2023 and decreased by 8.4% compared to January 2023, bringing the total number of newly-established enterprises and re-operated enterprises in January 2024 to over 27.3 thousand enterprises, an increase of 5.5% over the same period last year.

In January 2024, 43.9 thousand enterprises ceased for a certain time, an increase of 25.5% compared to the same period 2023; 7,798 enterprises temporarily ceased and awaited dissolution procedures, up 14%; 2,165 enterprises completed dissolution procedures, up 6.2%.

4. Investment

Implemented investment capital from the State budget in January, 2024 is estimated to reach 31.1 trillion VND, equal to 4.4% of the year’s plan and an increase of 12.5% over the same period last year (same period in 2023 equals 3.8% and increased by 5.6%).

Total foreign investment capital registered in Vietnam as of January 20, 2024 , including newly registered capital, adjusted registered capital and the value of capital contributions and share purchases by foreign investors reached 2.36 billion USD, an increase of 40.2% compared to the previous year. in the same period last year.

Foreign direct investment capital realized in Vietnam in January 2024 was estimated at 1.48 billion USD, up 9.6 % over the same period last year.

Vietnam’s investment abroad in January 2024 had 11 projects granted new investment certificates with a total Vietnamese capital of 16.2 million USD, 9.3 times higher than the same period last year.

5. State budget revenue and expenditure

Total State budget revenue in January 2024 was estimated to reach nearly 231 trillion VND, equal to 13.6% of the year’s estimate and down 2.8% over the same period last year.

Total State budget expenditure in January 2024 was estimated at 128.9 trillion VND, equal to 6.1% of the yearly estimate and down 0.2% over the same period last year.

6. Trade, prices, transportation and tourism

a) Retail sales of goods and services

Gross retail sales of goods and services in January 2024 were estimated at 524.1 trillion VND, up 1.6% over the previous month and up 8.1% over the same period last year (in the same period in 2023, it increased by 13.3%[2]), if excluding the price factor, it increased by 5.8% (in the same period in 2023, it increased by 9.1%).

b) Export and import of goods [3]

The number of working days in January 2024 is more than January 2023 (the month in which the Lunar New Year takes place entirely), so the export and import turnover of goods in January 2024 compared to the same period last year is the same. increase. The import and export turnover of goods^[4] in January 2024 was estimated at 64.22 billion USD, which went up 17.1% compared to the same period last year, of which exports increased by 42%; imports increased by 33.3%^[5]). The trade balance of goods in January 2024 was estimated to have a trade surplus of 2.92 billion USD.

 – Export of goods

+ Export turnover in January 2024 was estimated at 33.57 billion USD, a increase of 6.7% over the previous month and went up 42% compared to the same period last year.

 + Regarding the structure of exported groups in January 2024, the group of processing industry was estimated at 29.48 billion USD, accounting for 87.8%.

 – Import of goods

+ Import turnover in January 2024 was estimated at 30.65 billion USD, which increased by 4.2% over the previous month and increased by 33.3% compared to the same period in 2023.

+ Regarding the structure of imported goods in January 2024, the group of production materials was estimated at 28.84 billion USD, accounted for 94.1%.

– Regarding the export, import of goods market in January 2024, the United States was Viet Nam’s largest export market with a turnover of 9.6 billion USD. China remained the largest import market of Viet Nam with a turnover of 10.9 billion USD.

– The trade balance of goods in January 2024 was estimated at 2.92 billion USD. Of which the domestic economic sector saw a trade deficit of 2.12 billion USD; the FDI sector (including crude oil) saw a trade surplus of 5.04 billion USD.

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

– Consumer price index (CPI) in January 2024 increased by 0.31% compared to the previous month. Compared to the same period in 2023, January CPI increased by 3.37%; Core inflation in January 2024 increased by 2.72%.

– Gold price index in January 2024 increased by 2.55% compared to December 2023 and increased by 15.43% over the same period last year.

– US dollar price index in January 2024 increased by 0.52% compared to December 2023 and increased by 3.69% over the same period last year.

d) Transport

Passengers carried in January 2024 were estimated at 392.7 million persons, increased by 3% compared to the previous month, and an increase of 5.5% over the same period last year; passenger traffic gained 22.7 billion passengers-km, increased by 3.6% and up 7.4%.

Freight carried in January 2023 was estimated at 205 million tons, increased by 1.8% compared to the previous month, and up 11.5% against the similar period last year; freight traffic gained 43 billion tons-km, decreased by 0.2%  and increased by 13.8%.

đ) International visitors to Viet Nam

Policies to promote Vietnamese tourism are widely implemented.Viet Nam being a safe destination so that international visitors to our country in January  2024  reached more than 1.5 million people increased 10.3% over the previous month and increased 73.6% over the same period last year.

7. Some social situations

– According to the survey on the living situation of households in January 2024, the proportion of households assessed to have income during the month remained unchanged and increased compared to the same period last year at 92.4%.

– In January (December 15, 2023 – January 14, 2024), there were 2,434 traffic accidents nationwide. On average, one day in a month, there are 79 traffic accidents nationwide, including 52 less serious traffic accidents and 27 traffic collisions, killing 31 people and 35 injured and 31 people suffered minor injuries.

– Natural disasters that occurred during the month were mainly heavy rain; Landslide left 9 people missing and 1 person injured; 969.4 hectares of rice and crops were damaged; 72 houses were flooded and damaged, the damage was estimated at 62.2 billion VND, 3.9 times higher than the same period in 2023.

– In January 2024 (calculated from December 17, 2023 to January 16, 2024), according to reports from the Department of Natural Resources and Environment, Police of provinces and centrally-run cities approved by the Statistics Departments. In total, the authorities discovered 3,443 cases of environmental violations, of which 2,952 cases were handled with a total fine of 26.1 billion VND, an increase of 49.5% compared to December 2023 and a decrease of 6. 8% over the same period last year.

– In January 2024, there were 376 fires and explosions nationwide, killing 5 people and injuring 1 person, with an estimated loss of 19.5 billion VND, 4.6 times higher than the previous month and and 2.7 times 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 January 23, 2024).

[2] January 2023 coincides with Lunar New Year.

[3] The value of export turnover calculated at F.O.B price and the value of import turnover calculated at C.I.F price (including transportation and insurance costs of imported goods).

[4] Estimated total export and import value in January 2024 provided by the General Department of Customs on January 29, 2024. The General Statistics Office estimated the import and export value of key commodities in January 2024 based on preliminary data provided by the General Department of Customs by January 25, 2024.

[5] Total export and import turnover in January 2023 reached 46.6 billion USD, went down 25% over the same period last year, of which exports reached 23.6 billion USD, decreased by 25.8%; import reached 23 billion USD, went down 24.1%.