1. Agriculture, Forestry, and Fisheries Production
1.1. Agricultural Production
a. Crop Cultivation
The combined cultivated land area amounted to 37,245.25 hectares, meeting 99.32% of the target and showing a decrease of 1.04% (-389.9 hectares) compared to the corresponding period. Cultivated land for the spring season in 2024 saw reductions across key crops: Rice cultivation area decreased by 0.83%; maize decreased by 0.42%; sweet potato decreased by 4.14%; peanuts decreased by 3.40%; soybeans decreased by 14.2%; and assorted vegetables decreased by 1.48%...
b. Livestock Farming
Livestock production outcomes: In April 2024, the total yield of live meat was estimated at 10,273 tons, marking a 2.08% increase compared to the corresponding period (with pork showing a 2.15% increase and poultry meat rising by 3.0%); poultry egg production reached 60.3 million units, reflecting a 4.89% increase; fresh cow's milk amounted to 5,250 tons, showing a 1.94% increase. Estimated livestock figures: Buffalo herds numbered 15.9 thousand, indicating a 4.52% decrease from the same period last year; cattle herds stood at 89.5 thousand, showing a 3.76% decrease; pig herds amounted to 484.1 thousand, indicating a 1.69% increase; poultry herds were 11.7 thousand, marking a 2.51% decrease.
Overall, during the initial four months of the year, the total yield of live meat increased by 2.02%; egg production increased by 5.21%; fresh cow's milk production increased by 2.34% compared to the same period.
1.2. Forestry Production
In April 2024, forestry production activities persisted with tasks including afforestation, scattered planting, forest protection, and maintenance. The province recorded an estimated total of 163.6 hectares of concentrated new forest planting, indicating a decrease of 12.89%, and 105.3 thousand scattered forestry trees, marking an increase of 15.74% compared to the same period. The estimated volume of timber harvested amounted to 4,089.0 cubic meters, showing an increase of 5.20%; the estimated volume of firewood harvested reached 5,561.0 ste, reflecting a 3.83% increase compared to the same period.
Overall, during the first four months of the year, the area of concentrated new forest planting reached an estimated 329.9 hectares, slightly declining compared to the same period in 2023; the number of scattered planting trees reached an estimated 378.8 thousand trees, indicating a decrease of 2.77%; the volume of timber harvested increased by 2.95%; the volume of firewood harvested increased by 0.27%.
Efforts in efficient forest fire prevention and warning continued to be enforced. As of April 2024, no forest fires have been reported in the province.
1.3. Fisheries Production
Fisheries production maintained stability throughout the month. The total fisheries output in April 2024 was estimated at 1,982.5 tons, indicating a 3.42% increase compared to the same period. Within this, domestic catch amounted to 114.7 tons, reflecting a 1.68% increase from the previous month, while aquaculture output reached 1,867.78 tons, showing a 3.53% increase. The number of seedlings produced during the month was estimated at 368 million, marking a 2.22% increase compared to the same period.
Overall, for the first four months of the year, the total fisheries output was estimated at 7,890.15 tons, representing a 3.13% increase. Specifically, domestic catch slightly decreased to 577.2 tons, while aquaculture output increased to 7,312.95 tons, up by 3.43%. Seedling production for the first four months of 2024 was estimated at 1,350 million, showing a 1.88% increase compared to the same period in 2023.
2. Industrial Production
Compared to the previous month and the same period, the mining sector saw a notable increase of 12.90% while maintaining its level at 100%. The processing and manufacturing industry experienced significant growth, with increases of 17.86% and 16.71%, respectively. The production and distribution of electricity, gas, hot water, steam, and air conditioning also showed growth, albeit more modestly, with increases of 0.26% and 5.65%. However, the water supply, waste management, and wastewater treatment sectors faced a decrease of 6.77% compared to the previous month but saw an increase of 8.00% compared to the same period.
During the month, the electronic component manufacturing sector witnessed robust growth, with an increase of 26.86% compared to the previous month and 22.58% compared to the same period. Despite this growth, challenges persist for the local electronic component manufacturing sector, primarily comprised of nearly 200 enterprises, most of which are FDI enterprises heavily reliant on major technology conglomerates like Samsung, Google, Dell, and Apple. These challenges stem from global market dynamics impacting smart electronic product demand, hindering the sector's ability to achieve stability in scale and quantity for sustained growth.
April 2024 also saw growth in the automotive and motorcycle manufacturing sector, with growth rates of 2.70% and 3.88%, respectively, compared to the previous month, and 33.07% and 3.46%, respectively, compared to the same period. Increased demand for automobiles and motorcycles in the market led to higher production volumes, driving growth in these sectors. However, the production of non-metallic mineral products experienced a 13.31% increase compared to the previous month but decreased by 3.29% compared to the same period, mainly due to subdued demand in the construction materials market. The garment manufacturing sector faced a significant decrease of 15.90% compared to the previous month and 20.36% compared to the same period, primarily attributed to inflation in export markets.
Product Output: In April 2024, the production of several main products experienced changes compared to the same period last year. While sports shoes, athletic sandals, and tiles saw a decrease in production, most other key products witnessed an increase in output. Notably, various types of passenger cars experienced the most significant increase, with a growth rate of 34.49%. Overall, for the first four months of the year, the estimated production output of some key industrial products in the province, such as animal feed, tiles, and revenue from electronic components, all showed increases compared to the same period. Conversely, the production of sports shoes, various types of automobiles, and motorcycles decreased during this period. Among them, the most significant decrease was observed in sports shoes production, with a decline of 21.49%.
Labor Utilization Index: In April 2024, alongside positive signals in the production index, there was a significant increase in the labor utilization index of industrial enterprises in the province. Compared to the previous month, it rose by 3.07%, and compared to the same period last year, it increased by 5.74%. However, there were fluctuations in opposite directions across different economic areas: there was a notable increase in the index in areas with foreign-invested enterprises, rising by 7.14% compared to the same period, while a decrease was observed in areas with non-state-owned enterprises, down by 3.45%.
Consumption and Inventory Index of Processing and Manufacturing Industry: In April 2024, the consumption index of the processing and manufacturing industry was estimated to increase by 1.96% compared to the previous month but decreased by 1.56% compared to the same period last year. Additionally, the inventory index decreased by 0.31% compared to the previous month but increased by 7.61% compared to the same period last year.
3. Investment and Enterprise Development Activities
3.1. State Budget Investment:
In April 2024, the implementation of investment capital from the state budget managed by local authorities was estimated at 638.73 billion VND, marking a notable increase of 24.87% compared to the previous month and 26.37% compared to the same period last year.
During the first four months of the year, the total investment capital from the state budget managed by local authorities reached approximately 1,978 billion VND, reflecting a significant increase of 12.84% compared to the same period last year. This amount accounts for 25.44% of the annual allocated capital, representing the highest total investment capital from the state budget managed by local authorities during the same period since 2020. Breaking down the figures, provincial-level state budget capital amounted to 740.44 billion VND, showing an increase of 4.36%. Meanwhile, district-level state budget capital reached 817.78 billion VND, experiencing a decrease of 7.31%. Remarkably, commune-level state budget capital surged to 420.17 billion VND, representing a substantial increase of 160.29% compared to the same period last year.
3.2. FDI Attraction
According to data from the Vinh Phuc Provincial Department of Planning and Investment, as of April 15, 2024, the province had granted investment registration certificates for 34 Foreign Direct Investment (FDI) projects. These projects amounted to a total registered capital of 363.08 million USD, marking a significant increase of 39.74% compared to the same period last year and achieving 90.77% of the assigned plan. The bulk of the registered capital was concentrated in the processing and manufacturing industry, totaling 273.08 million USD across 31 projects. Notably, the electronic component manufacturing sector emerged as the primary focus, attracting 197.25 million USD for 14 projects. Traditional investing countries such as Japan, South Korea, and Taiwan continued to play pivotal roles, with South Korea leading the way as the largest investor, contributing 176.30 million USD, which accounted for 48.56% of the total registered capital. During this period, no Domestic Direct Investment (DDI) projects were granted investment certificates. The total registered capital for DDI projects stood at 2.099 trillion VND across 12 projects, equivalent to 38.16% of the assigned plan.
3.3. Business Registration Situation
The number of newly registered businesses has decreased, and the number of businesses temporarily ceasing operations has increased compared to the same period last year, indicating challenges in the business environment. However, the increase in registered capital and the number of businesses re-entering the market show that businesses are recovering and adapting to difficulties. The total number of newly established businesses as of April 15, 2024, is 434, a decrease of 11.79% with a total registered capital of 4,800 billion VND, an increase of 17.38% compared to the same period last year. It is estimated to create jobs for about 4,315 workers. The number of businesses returning to the market is 185, an increase of 24.16%, bringing the total number of newly established businesses and businesses returning to operation to 619. The number of businesses withdrawing from the market continues to increase, with 666 businesses, up 31.88% compared to the same period last year. Among them, the number of businesses temporarily suspending operations is 605, up 29%; the number of businesses that have completed dissolution procedures is 61, up 25 businesses compared to the same period last year.
4. Commerce, Services, and Prices
4.1. Total retail sales of goods and consumer services
The total retail sales of goods, revenue from accommodation, food and beverage services, tourism, and consumer services in April 2024 reached 6,228.2 billion VND, an increase of 2.46% compared to the previous month and 7.08% compared to the same period last year. Specifically:
Retail sales of goods in April 2024 reached 5,053.1 billion VND, an increase of 2.36% compared to March 2024 and 6.23% compared to the same period last year. All 12 retail sectors saw increased revenue compared to the previous month, notably the group of passenger cars (under 9 seats), which showed positive signals in March and continued to improve in April after two months of decline. Compared to the same period last year, some sectors experienced high growth rates: apparel increased by 37.60%; cultural and educational items increased by 37.96%; other fuels (excluding petroleum) increased by 24.97%; precious stones, metals, and products increased by 61.35%...
Revenue from accommodation, food and beverage services, and tourism reached 576.3 billion VND, an increase of 2.50% compared to March and 6.76% compared to the same period last year. The extended holiday period increased the demand for accommodation and dining services. The hotel, restaurant, and service businesses in famous tourist destinations of the province such as Tay Thien, Tam Dao, Dai Lai, and Flamingo have been renovated, upgraded, and focused on innovation to enhance service quality and attract visitors.
Revenue from other consumer services reached 598.8 billion VND, an increase of 3.30% compared to March and 15.21% compared to the same period last year.
In summary, over the first four months, the total retail sales of goods and consumer services reached 24,688 billion VND, an increase of 5.25% compared to the same period last year. Specifically, retail sales of goods reached 20,093.1 billion VND, an increase of 4.55%; revenue from accommodation, food and beverage services, and tourism reached 2,241.6 billion VND, an increase of 6.10%; revenue from other consumer services reached 2,353.2 billion VND, an increase of 10.76%.
4.2. Passenger and Freight Transport
In April 2024, warehouse transport activities remained stable, meeting the demand for travel and goods transportation. The total transportation revenue in April 2024 reached 705.8 billion VND, an increase of 3.60% compared to the previous month and 34.94% compared to the same period last year. Over the first four months of the year, transportation revenue reached 2,679.8 billion VND, a 34.14% increase compared to the same period last year. Specifically, passenger transport activities estimated 16.4 million passengers transported and 703.5 million passenger-kilometers, with revenue estimated at 532.9 billion VND, a 77.04% increase compared to the same period last year. Freight transport activities estimated 15.2 million tons of goods transported and 1,668.1 billion ton-kilometers of freight, with revenue estimated at 1,911.1 billion VND, a 45.32% increase compared to the same period last year. Warehouse operations, transportation support services, and postal and delivery services also saw significant increases compared to the same period last year, with revenue for the first four months reaching 235.7 million VND, a 42.44% increase compared to the same period last year.
4.3. Price Index
In April 2024, the basic prices remained stable, with the Consumer Price Index (CPI) in the province decreasing slightly by 0.04% compared to the previous month but increasing by 2.49% compared to the same period last year.On average for the first four months of 2024, the CPI increased by 2.40% compared to the same period in 2023, with 8 commodity groups experiencing price increases and 3 commodity groups experiencing price decreases. Factors contributing to the CPI increase included a 3.89% increase in the food and beverage group compared to the same period last year, impacting a 1.34 percentage point increase in the overall CPI; a 6.29% increase in the medicine and medical equipment group compared to the same period last year, impacting a 0.45 percentage point increase in the overall CPI; a 2.09% increase in the housing, electricity, water, fuel, and building materials group compared to the same period last year, impacting a 0.40 percentage point increase in the overall CPI; and a 4.34% increase in the education group compared to the same period last year, impacting a 0.36 percentage point increase in the overall CPI.
Gold and US Dollar Price Index: In April 2024, the gold price index increased by 7.74% compared to the previous month and by 33.01% compared to the same period last year. The US Dollar price index increased by 1.61% compared to the previous month and by 8.25% compared to the same period last year. On average for the first four months of the year, the gold price index increased by 24.34%, and the US Dollar price index increased by 4.93% compared to the same period last year.
5. Finance, Banking, and Insurance
5.1. Revenue and Expenditure of the State Budget
The business and production activities in the area showed positive signs, positively impacting the revenue of the provincial budget. According to data from the State Treasury as of April 15, 2024, the total revenue of the local budget reached 9,301 billion VND, an increase of 2.95% compared to the same period last year, achieving 28.20% of the annual allocated budget. Domestic revenue reached 8,047 billion VND, a 5.83% increase, with significant increases in land-related revenue (reaching 827 billion VND), which increased 3.5 times, and VAT revenue from foreign-invested enterprises (reaching 1,054 billion VND), a 54.66% increase. Customs revenue reached 1,253 billion VND, a decrease of 11.63% compared to the same period last year.
The total expenditure of the state budget by April 15, 2024, reached 9,582 billion VND, an increase of 0.94% compared to the same period last year. Investment expenditure (including advances) reached 5,813 billion VND, a decrease of 4.61%, while regular expenditure reached 3,718 billion VND, an increase of 13.54%. Overall, budget management has been strengthened, with strict expenditure control, management according to the budget, implementation of savings measures, and prevention of waste.
5.2. Banking and Credit Activities
The State Bank of Vietnam (SBV) continues to maintain its key interest rates to facilitate credit institutions' access to low-cost capital from the SBV, contributing to supporting the economy. The interest rate landscape for deposits and loans in the area remains stable compared to the previous month. The lending interest rates commonly range from 4% to 10.5% per year for different terms and subjects, while the deposit interest rates in Vietnamese dong range from 0.2% to 6% per year for various terms.
The total mobilized capital is expected to reach 125,000 billion VND by April 30, 2024, a decrease of 0.97% compared to the end of 2023. Despite the tendency for deposit interest rates to decrease slightly, credit institutions are making efforts to offer various preferential programs and promotions to attract deposits, stimulating the return of deposits from individuals (estimated at 86,000 billion VND), a 2.50% increase compared to the end of 2023. This compensates for the decline in deposits from economic organizations due to foreign businesses settling payments and repatriating profits (estimated at 39,000 billion VND), a 7.84% decrease compared to the end of 2023.
The total outstanding loans are estimated to reach 130,000 billion VND by April 30, 2024, a 1.43% increase compared to the end of 2023, mainly in short-term loans with high liquidity. Short-term loans are estimated at 94,000 billion VND, a 1.25% increase, accounting for 72.31% of the total outstanding loans. Medium and long-term loans are estimated at 36,000 billion VND, a 1.93% increase compared to the end of 2023, accounting for 27.69% of the total outstanding loans. Classified by borrower, loans to households, individuals, and individuals are estimated at 74,615 billion VND, accounting for 57.40% of the total outstanding loans, contributing to job creation and improving household economies. Loans to businesses are estimated at 55,000 billion VND, accounting for 42.31% of the total outstanding loans, a 3.79% increase compared to the end of 2023. Non-performing loans amount to 1,300 billion VND, accounting for 1% of the total outstanding loans.
Outstanding loans for policy credit programs are estimated to reach 4,550 billion VND by April 30, 2024, a 0.9% increase compared to the end of 2023, with over 109 thousand customers borrowing capital. Outstanding loans for specific programs include loans for poor households, near-poor households, and households escaping poverty (1,046 billion VND), loans for students (88 billion VND), loans for clean water and environmental sanitation (1,021 billion VND), loans for employment solutions (1,908 billion VND), among others.
5.3. Insurance
It is estimated that as of April 30, 2024, the entire province has 1,170,617 people participating in various types of insurance. Among them, there are 248,913 participants in social insurance (including: compulsory social insurance: 229,598 people; voluntary social insurance: 19,314 people); 220,955 people participate in unemployment insurance; and 1,151,303 people participate in health insurance. The total amount of insurance premiums collected for all types of insurance until the end of April 2024 is estimated at 2,220.4 billion VND, achieving 31.66% of the provincial plan and increasing by 10.41% compared to the same period last year. The disbursement work, especially in paying pensions and social insurance benefits, is carried out in a synchronized, efficient, and safe manner, reaching the beneficiaries promptly. During the month, monthly social insurance benefits were provided to 50 people (accumulated to 182 people) with an amount of 387.4 million VND; one-time social insurance benefits were provided to 1,424 people (accumulated to 4,204 people) with an amount of 214.5 billion VND; sickness, maternity, and convalescence benefits were provided to 7,756 individuals (accumulated to 33,706 individuals) with an amount of 121.7 billion VND; and a list of payments was prepared for 529 unemployed insurance beneficiaries (accumulated to 2,455 individuals) with an amount of 69.5 billion VND.
6. Some social issues
6.1. Labor and Employment
Employment: In April 2024, the labor market showed positive signs, with the labor utilization index of industrial enterprises in the province increasing by 3.07% compared to the previous month and by 5.74% compared to the same period last year. According to the report from the Department of Labor, Invalids and Social Affairs, 2,399 jobs were created in the month, an increase of 9.5% compared to the previous month. Accumulated over the first four months of the year, the province is expected to create employment for 8,737 workers. Specifically, 8,407 jobs are within the country (1,714 jobs in agriculture, forestry, fisheries; 4,200 jobs in industrial construction; 2,493 jobs in the service sector); 330 workers are exported.
During the period, the number of workers on leave increased while the number of workers resigning or losing their jobs decreased compared to the previous period. From March 15, 2024, to April 14, 2024, the total number of workers on leave, on extended leave, resigned, or lost their jobs was 1,381, a decrease of 18.7% compared to the previous period. Specifically, 295 workers were on extended leave, an increase of 251 workers; 1,086 workers resigned or lost their jobs, a decrease of 570 workers.
Source: Report No. 230/BC-CTK, dated April 25, 2024, from the Provincial Statistics Office.