1. Regarding production of agriculture, forestry and fishery
1.1. Agricultural production
a. Cultivation
As of February 15, 2024, the winter crop harvest in the entire province has largely concluded, with an estimated harvested area of 14,533 hectares, representing a decrease of 2.01% compared to the previous year's winter crop. The market prices for winter vegetables, tubers, and fruits are relatively favorable, contributing to improved agricultural efficiency and increased incomes for farmers.
During this period, farmers implemented proactive measures to protect seedlings and newly transplanted rice from cold weather, and also conducted late spring seed sowing to ensure optimal cropping schedules and to secure additional seed reserves in case of damage. By February 15, 2024, it is estimated that the province has planted spring crops on 26,252 hectares, reaching 70% of the planned area, which is an 18.02% decrease compared to the spring crop of 2023. This includes an estimated 20,713 hectares for rice, 1,440 hectares for corn, 1,075 hectares for peanuts, and 1,463 hectares for various types of vegetables.
b. Animal husbandry
In terms of animal husbandry, authorities are focused on guiding farmers to re-establish cattle and poultry herds at a reasonable scale, particularly as the number of livestock herds has significantly decreased following the Lunar New Year. Additionally, there is a heightened emphasis on inspecting and closely monitoring the disease situation among livestock and poultry herds to mitigate the risk of dangerous infectious diseases.
There has been a notable increase in meat and poultry egg production for the month, with live pork increasing by 11.08%, poultry meat by 11.57%, and poultry eggs by 5.47%. Over the first two months of the year, total live meat output has increased by 2.15%, while egg production has risen by 5.48% compared to the same period last year. The estimated numbers of livestock and poultry herds by the end of February are as follows: buffalo herds decreased to 15.9 thousand heads (down 4.49% compared to the previous year), cow herds decreased to 90.5 thousand cows (down 4.23%), pig herds increased to 430.5 thousand heads (up 1.89%), and poultry herds increased slightly to 11.8 thousand heads (up 0.25%).
1.2. Forestry production
In February 2024, the weather conditions are favorable for tree planting. It is anticipated that the entire province will engage in planting 76.6 hectares of newly concentrated forest areas, marking a 1.30% increase, along with planting 92.5 thousand scattered forestry trees, which is a rise of 1.43% compared to the previous period. Timber production is expected to reach 2,596 cubic meters, reflecting a 4.34% increase, while firewood output is projected to be 2,601 stere, a decrease of 0.73% compared to the same period. Efforts in forest fire prevention and warning have been consistently effective, resulting in no forest fires occurring throughout the month.
1.3. Seafood production
In February, the overall seafood production was approximately 1,905.1 tons, reflecting a 4.26% increase compared to the corresponding period. Specifically, domestic catch output is estimated at 108.1 tons, showing a decrease of 2.17%, while aquaculture output is estimated at 1,797 tons, marking a 4.68% increase. Over the initial two months of the year, the total seafood output is estimated at 4,001 tons, indicating a 3.61% increase. Within this, domestic catch output is estimated at 268 tons, down by 2.23%, whereas aquaculture output is estimated at 3,733 tons, up by 4.06% compared to the same period.
The estimated number of breeds produced in the month stands at 265 million, representing a 1.92% increase. Cumulatively, for the first two months of the year, the estimated number of breeds produced is expected to reach 360 million, showing a 2.27% increase over the same period.
2. Industrial production
Compared to the previous month and the corresponding period last year: the mining industry experienced a decline of 53.95% and 36.42% respectively; the processing and manufacturing industry saw a decrease of 21.39% and an increase of 2.36%; the production and distribution of electricity, gas, hot water, steam, and air conditioning decreased by 15.42% and 7.44%; water supply, waste management, treatment activities, and wastewater decreased by 1.34% and 14.73%.
In the key industries, the electronic components manufacturing sector declined by 16.79% compared to the previous month but increased by 13.82% compared to the same period last year. Both the automobile and motorcycle manufacturing industries experienced significant declines compared to the previous month (-20.03% and -26.47% respectively) and decreased compared to the same period last year (-19.14% and -15.41% respectively). Production of leather and related products decreased by 50.67% compared to the previous month and 49.04% compared to the same period last year; production of non-metallic mineral products decreased by 29.68% and 1.57% respectively.
It is projected that in the first two months of 2024, the Index of Industrial Production (IIP) for the entire industrial sector in the province will increase by 16.16% compared to the same period last year (which had experienced a decrease of 8.66% compared to the same period in 2022).
Product production: In February 2024, apart from the surge in animal feed production and revenue from electronic component manufacturing services compared to the same period last year (increasing by 27.01% and 13.82% respectively), the output of other major products experienced declines. Among them, the most notable decrease was observed in the production of various sports shoes, dropping by 52.87%. The estimated output of several key products in the region for February and the first two months of 2024 is outlined below:
Employment indicators: Following the Lunar New Year break, employees resumed their duties. The labor market in the initial months of 2024 is predominantly steady and exhibits indications of enhancement, with numerous enterprises seeking to hire a considerable number of workers. The labor utilization index of industrial firms in the province for February 2024 witnessed a 2.73% rise compared to the preceding month but registered a 0.51% decline compared to the same period.
Consumption and inventory indicators within the processing and manufacturing industry: In February 2024, it is projected that the consumption index of the processing and manufacturing sector will witness a decline of 33.73% compared to the prior month and a decrease of 16.61% compared to the same period. Concurrently, the inventory index is anticipated to experience a slight decrease of 0.18% from the preceding month, but a notable increase of 11.22% over the corresponding period.
3. Investment and business development activities
3.1. Investment capital from the state budget
During February 2024, numerous construction projects halted temporarily to allow workers to observe the Lunar New Year holiday. Consequently, there was a notable decline in the implementation of investment capital from the State budget managed by local authorities, both in comparison to the previous month (a decrease of 35.46%) and compared to the same period last year (a decrease of 28.59%). Overall, in the first two months of the year, investment capital from the State budget managed by local authorities is estimated at VND 754.37 billion, indicating a 5.45% decrease compared to the corresponding period the previous year, and representing 9.70% of the annual plan. This includes approximately VND 301.76 billion from provincial-level State budget capital, VND 399.49 billion from district-level State budget capital, and VND 53.12 billion from commune-level State budget capital.
3.2. Direct investment attraction
According to information provided by the Department of Planning and Investment in Vinh Phuc province, as of February 15, 2024, the entire province has secured 9 domestic direct investment (DDI) projects, comprising 4 new projects and 5 projects with adjusted capital, totaling a registered capital of VND 1,530 billion. In comparison, during the same period in 2023, the province did not witness any newly granted DDI projects or investment capital adjustments. Concerning foreign direct investment (FDI), the province has granted licenses to 17 projects, consisting of 7 new projects and 10 projects with adjusted capital, totaling a registered capital of 123.94 million USD, which represents 30.99% of the annual plan established at the beginning of the year. Notably, 11 out of the 12 projects attracted in the province are situated in priority sectors for development and investment attraction, particularly in the processing and manufacturing industries, thereby contributing significantly to Vinh Phuc's aspiration of becoming an industrial province oriented towards modernization. South Korea presently stands as the leading investor, with an investment of USD 76.93 million across 7 projects, accounting for 62.07% of the total registered capital.
3.3. Business registration status
By June 15, 2024, the province had seen the establishment of 166 newly registered enterprises, collectively accumulating a total registered capital of VND 1,550 billion. This signifies a 9.93% decrease in the number of enterprises compared to the corresponding period last year, yet reflects a substantial 55.58% increase in registered capital. It is anticipated that these new enterprises will generate employment opportunities for approximately 2,373 individuals. Out of the 18 industries assessed, 14 have observed an upsurge in the number of newly registered businesses compared to the same period in 2023, with the wholesale and retail industry, along with the automotive repair sector, experiencing the most pronounced growth. The largest registered enterprises have reached a count of 63, indicating an increase of 18.87%.
The number of enterprises re-entering the market stands at 143, marking a 21.19% rise compared to the previous year. When combined with the newly established enterprises, the total number of businesses commencing operations or re-entering the market in the initial two months of 2024 has reached 309. Conversely, there has been an escalation in the number of businesses exiting the market, with 547 enterprises discontinuing operations, reflecting a 31.81% increase over the same period. Among these, 520 enterprises have temporarily suspended business operations, marking a rise of 28.40%, while 27 enterprises have completed dissolution procedures, indicating an increase of 17 enterprises compared to the same period last year.
4. Trade, services, and prices
4.1. Total retail sales of consumer goods and services
The estimated retail revenue from goods stands at VND 4,782.5 billion, marking a 12.44% decline compared to the previous month, yet showing a 2.66% increase compared to the same period. Some industry segments experienced significant declines in revenue compared to the preceding month, including garments (estimated at VND 272.1 billion, down by 19.79%), furniture, tools, and household equipment (estimated at VND 510.2 billion, down by 16.38%), and wood and construction materials (estimated at VND 1,255.6 billion, down by 15.61%). Retail sales of passenger cars (under 9 seats) reached VND 307.4 billion, down by 10.73% compared to the previous month. In contrast, 7 out of 12 industry groups saw increased revenue compared to the same period.
Revenue from accommodation, food, and travel services is estimated at VND 523.6 billion, reflecting a 10.34% decrease compared to January but a 2.76% increase over the same period. Specifically, the accommodation service industry reached nearly VND 44 billion, down by 12.84% yet up by 0.57%; food and beverage services amounted to VND 461.5 billion, down by 10.71% yet up by 2.23%; and travel and tourism services reached VND 18.1 billion, witnessing an increase of 8.58% and 25.99%, respectively.
Revenue from other consumer services for the month is estimated at VND 557.7 billion, down by 11.12% compared to the previous month but up by 8.93% over the same period.
In the first two months of 2024, the total retail sales of goods and revenue from consumer services are estimated to reach VND 12,537.3 billion, marking a 5.72% increase compared to the same period. This includes estimated retail revenue of goods amounting to VND 10,244.6 billion, an increase of 5.34%; revenue from accommodation, catering, and travel services estimated at VND 1,107.6 billion, an increase of 5.49%; and revenue from other service industries estimated at VND 1,185.1 billion, showing an increase of 9.39%.
4.2. Transport of passengers and goods
Transportation activities have experienced significant growth during the same period, effectively catering to the public's demands for both goods transportation and travel. The total transportation revenue for February 2024 is estimated at VND 605.2 billion, showing a decrease of 10.61% compared to January but a remarkable increase of 24.78% over the same period. This includes passenger transport revenue estimated at VND 144.26 billion, witnessing a substantial increase of 77.93% compared to the previous month and a remarkable 93.11% increase over the same period. This segment served approximately 4.11 million passengers, covering a distance of 192.24 million person-kilometers. Additionally, freight transport revenue amounted to VND 407.44 billion, declining by 23.70% compared to the previous month yet increasing by 10.15% over the same period. This segment transported approximately 3.73 million tons of goods, encompassing a distance of 374.16 million ton-kilometers.
4.3. Price Index
Throughout the month, there was a significant abundance of goods, and businesses within the province took proactive measures to procure goods. As a result, the provincial goods market experienced minimal fluctuations in prices before, during, and after the Tet holiday. The Consumer Price Index (CPI) for February 2024 rose by 0.91% compared to the previous month, reflecting a 2.76% increase over the same period and a 1.09% increase compared to December of the previous year. On average, in the first two months of 2024, the CPI saw a 2.41% increase.
In comparison to the preceding month, among the 11 primary categories of consumer goods and services, 8 product groups witnessed price increases, while 2 product groups saw price decreases, and 1 product group remained unchanged. Specifically, the food and food services category in February 2024 saw a 3.29% increase, impacting the overall CPI by 0.05 percentage points. The transportation category in February 2024 experienced a 2.09% increase, contributing to a 0.20 percentage point rise in CPI. Additionally, the housing, electricity, water, fuel, and construction materials category in February 2024 rose by 0.58%, resulting in a 0.09 percentage point increase in the overall CPI. Conversely, the garment, hat, and footwear category in February 2024 decreased by 6.75%, leading to a 0.48 percentage point decrease in the overall CPI, as some stores reduced prices to stimulate consumption and prepare for new designs and products for the upcoming spring and summer seasons.
Regarding the Gold Price and US Dollar Index, in February 2024, the gold price index increased by 2.28% compared to the previous month and rose by 20.03% over the same period in the previous year. Meanwhile, the US dollar price index increased by 0.25% from the previous month and by 3.56% over the same period last year.
5. Finance, banking, insurance
5.1. State budget revenue and expenditure situation
The implementation of the 2024 budget collection occurs within a challenging economic context, characterized by numerous difficulties and obstacles. To meet the assigned revenue targets, all levels and sectors have adopted comprehensive and rigorous measures right from the beginning of the year. According to data provided by the State Treasury of Vinh Phuc province, as of February 15, 2024, the total budget revenue in the region amounted to VND 5,369 billion, marking a 0.58% increase over the same period, reaching 16.90% of the estimated target. The primary source of growth was seen in revenues generated from housing and land, which reached VND 456.7 billion, a surge of 4.5 times, while revenue from the non-state enterprise sector reached VND 400 billion, indicating a 20.52% increase compared to the previous year. Consequently, domestic revenue saw a 3.15% increase, amounting to VND 4,872 billion, equivalent to 18.48% of the estimate. However, customs revenue experienced a decline, reaching VND 496 billion, down by 19.88%.
Total state budget expenditure as of February 15, 2024, reached VND 2,760 billion, marking a substantial increase of 22.71% compared to the same period. Within this, regular expenditure amounted to VND 1,703 billion, reflecting a 23.65% increase, while development investment expenditure, including advance expenditure, reached VND 1,044 billion, indicating a 21.70% increase.
5.2. Banking and credit activities
The State Bank (SBV) continues to uphold operational interest rates, aiming to facilitate credit institutions' access to low-cost capital from the SBV, thereby contributing to supporting the economy. Both mobilization and lending interest rates within the region have maintained stability compared to the previous month. Lending interest rates typically range from 4% to 11% per annum across various terms and subjects, while popular deposit interest rates in Vietnamese Dong (VND) range from 0.2% to 6.5% per annum for each term.
It is anticipated that the total mobilized capital will amount to VND 123,000 billion by February 29, 2024, reflecting a decrease of 2.55% compared to the end of 2023. Savings deposits from residents experienced a slight decrease of 0.12% compared to the end of 2023, estimated at VND 83,800 billion. Conversely, deposits from economic organizations decreased by 7.40% compared to the end of 2023 (estimated at VND 38,860 billion) due to foreign enterprises repatriating profits, thus leading to a decline.
The total estimated loan balance as of February 29, 2024, is projected to reach VND 128,000 billion, marking a decrease of 0.13% compared to the end of 2023. Short-term loans are expected to amount to VND 92,200 billion, down by 0.69%, constituting 72.03% of the total outstanding debt. Meanwhile, medium and long-term loan balances are estimated to reach VND 35,800 billion, indicating a 1.36% increase compared to the end of 2023, and accounting for 27.97% of the total outstanding loans. Outstanding loans primarily cater to households, private individuals, and individuals, totaling VND 74,695 billion, contributing significantly to job creation and household economic improvement. The business sector's outstanding loans are estimated at VND 53,050 billion, accounting for 41.45% of the total outstanding loans, with a slight increase of 0.11% compared to the end of 2023. The estimated bad debt stands at VND 1,100 billion, constituting 0.86% of the total outstanding debt.
In terms of lending activities conducted by the Provincial Social Policy Bank under the Socio-economic recovery and development program until January 31, 2024: Loans provided to employers for layoff wages and recovery wages amounted to VND 1.52 billion, serving one loan customer (LC). Loans extended to students for the purchase of computers and equipment for online learning reached VND 6.93 billion, benefiting 423 customers. Furthermore, loans facilitated the acquisition, rent-purchase of social housing, housing for workers, new construction, renovation, and repair of housing as per Decree No. 100/2015/ND-CP, amounting to VND 222.16 billion, benefiting 539 customers. Loans extended to non-public preschool and primary education establishments totaled VND 4.12 billion, benefiting 62 customers.
5.3. Insurance
By February 29, 2024, it is projected that the province will have a total of 1,165,703 individuals making insurance premium payments across various categories. Within this figure, 257,580 individuals are actively engaged in social insurance programs, representing 42.5% of the labor force. This includes 234,196 individuals enrolled in compulsory social insurance and 23,384 individuals participating in voluntary social insurance. Additionally, 225,814 individuals are covered by unemployment insurance, constituting 37.3% of the labor force. The number of individuals enrolled in health insurance is 1,142,319, resulting in a health insurance coverage rate of 94.3% of the population. The total insurance revenue from all categories in February 2024 is estimated to reach 503.4 billion VND, reflecting a 6.18% increase compared to the same period in 2023. Payments, particularly pensions and social insurance benefits, are efficiently and securely disbursed to the recipients in a timely manner. Throughout the month, the provincial social insurance agency processed monthly social insurance benefits for 18 individuals, one-time social insurance payments for 480 individuals, resolved issues related to illness, maternity, and convalescence for 7,437 individuals, and prepared payment lists for 252 individuals receiving unemployment insurance.
6. Situation of security, order, traffic safety, fire and explosion prevention, natural disaster and environmental protection
- In terms of social order and safety, the province has largely ensured social order and safety, albeit with a slight increase in incidents compared to the previous month. Throughout the month, there were 73 cases related to social order and safety, resulting in injuries to 5 individuals and property damage amounting to VND 2,376.29 million. Law enforcement authorities investigated and clarified 67 cases, apprehended 161 suspects, and recovered assets worth VND 694.25 million.
- Regarding traffic safety, Vinh Phuc province has intensified efforts to maintain traffic order and safety during the Tet and early spring festivals of 2024. There were 24 road traffic accidents in the province, resulting in 12 fatalities and 18 injuries. While there were 3 fewer accidents compared to the previous month, the number of fatalities increased by 2 individuals, and injuries decreased by 11. Notably, during the 7-day Tet holiday period, traffic accidents were effectively controlled, with 5 accidents, resulting in 2 fatalities and 6 injuries, representing a decrease compared to the same period in 2023.
- Regarding fire and explosion incidents, there were 14 fires during the reporting period, causing damage totaling 25.5 million VND, with no loss of life.
- In terms of environmental protection efforts, the province dealt with 64 cases of environmental violations during the month, resulting in fines amounting to VND 897.5 million. This represents a decrease of 9 cases compared to the previous month, although the fine amount increased by VND 460 million.
Source: Report No. 95/BC – CTK, dated February 26, 2024 of the Department of Statistics
