Report on the socio-economic situation of Vinh Phuc province In March and the 1st quarter of 2024

04:12 28/03/2024

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Report on the socio-economic situation of Vinh Phuc province In March and the 1st quarter of 2024. I. ECONOMIC GROWTH 1. Growth in Gross Regional Product (GRDP) The economic growth of the province in the first quarter of 2024 continued its recovery trend with a steady increase compared to the same period last year. The GRDP growth rate for the first quarter was 4.06%. Specifically, the agriculture, forestry, and fisheries sector grew by 2.70%, the industrial and construction sector by 6.79%, and the service sector by 2.81%. 1.1. Growth in agriculture, forestry and fisheries The added value (VAT) of the agriculture, forestry, and fisheries sector increased by 2.70% compared to the same period last year. Within this, the agricultural sector grew by 2.61%, contributing 0.14 percentage points; the forestry sector maintained stable production with a 3.27% increase; and fisheries production rose by 3.53%. In agriculture, the cultivation sector saw a 2.58% increase, with higher outputs of main winter crops. The price of live pigs stabilized more than the previous year, supporting steady livestock production, which resulted in a 2.6% increase in livestock industry revenue, contributing 0.09 percentage points to the province's overall growth. 1.2. Growth of the industrial and construction sector Revenue from the industrial and construction sector increased by 6.79%, contributing 3.21 percentage points to the province's growth. Although this is a key economic sector on the path to recovery, its progress remains relatively slow. Industry: Industrial revenue increased by 6.68%, contributing 2.84 percentage points to the overall provincial growth. Key industries include: The electronic components manufacturing industry increased by 14.17%, contributing 2.91 percentage points. The relocation of electronic components production stages from Korea and China to Vietnam has contributed to maintaining growth. for the province's key economic sector; The textile and garment industry increased by 7.31%, contributing 0.09 percentage points, and some businesses in the industry were able to access long-term orders. However, the global economic recession has reduced consumer demand for high-value items such as cars and motorcycles, impacting these industries and slowing the province's economic recovery. The automobile manufacturing industry decreased by 20.08%; reduces by 0.55 percentage points. The motorbike manufacturing industry decreased by 5.39%, causing a decrease of 0.45 percentage points. Construction industry: Construction activities in the first quarter of 2024 remained stable and continued to grow despite the general economic difficulties. Challenges included rising raw material prices, a sluggish real estate market, and limited access to credit. However, the efforts of authorities, businesses, and the community have sustained construction projects, contributing to local economic development. Revenue from the construction industry in Q1 2024 increased by 7.81% compared to the same period last year, adding 0.38 percentage points to the province's GRDP growth. 1.3. Service sector growth The service industry's revenue increased by 2.81%, contributing 0.64 percentage points to the GRDP growth. This increase is modest, only slightly higher than the first quarter of 2022, which saw a decline due to Covid-19 prevention measures. Over the 2018-2024 period, this is one of the lowest growth rates. Transportation and warehousing activities grew significantly, meeting the demand for goods transportation and travel, with an 18.97% increase, contributing 0.38 percentage points to growth. Consumer purchasing power has declined, primarily focusing on essential goods. Some major service industries experienced low growth rates or slight declines: Sector G decreased by 1.02%, causing a decrease of 0.07 percentage points; Sector I decreased by 0.04%; Sector J increased by 0.90%, contributing 0.02 percentage points. 2. Agricultural, forestry and fishery production 2.1. Agricultural production a. Crop cultivation: + Winter Crop Results: The production of winter crops in 2024 benefited from favorable weather conditions, which supported plant growth and development, while harmful pests and diseases were minimal. The total planted area reached 14,829.03 hectares, comparable to the winter crop of 2023. The output of major crops increased: Corn reached 26,097 tons (up 1.08%); sweet potatoes reached 15,914 tons (up 4.24%); soybeans reached 836 tons (up 0.13%); peanuts reached 535 tons (up 13.13%); and vegetables of all kinds reached 126,972 tons (up 0.39% compared to the winter crop of 2023). + Spring Season: As of mid-March, the province had planted 36,749.15 hectares of spring crops, achieving 98% of the plan but down 0.91% compared to the spring crop of 2023. This decrease is mainly due to the repurposing of agricultural land for building industrial zones and clusters. The area planted with specific crops is as follows: Rice accounts for 78.22%, maize for 5.48%, peanuts for 3.64%, and vegetables for 6.28%. b. Animal husbandry In the first quarter of 2024, disease surveillance, slaughter management, and quarantine of animal transportation before, during, and after the Lunar New Year were intensified. Inspection and monitoring of epidemic situations in livestock and poultry herds across villages, hamlets, and livestock households were conducted strictly and promptly. Livestock production remained stable, with live pig prices being more stable than the previous year. The average price of live pigs sold in the first quarter of 2024 increased by 7.7% year-on-year. In March 2024, the estimated output of livestock meat increased by 1.66%, and poultry egg output increased by 4.93% compared to the same period last year. In the first quarter of 2024, total liveweight meat output increased by 2.01% (buffalo and cattle meat decreased). 2.52%; live pork increased by 2.03%; live poultry increased by 2.61%); poultry eggs increased by 5.30%; Cow milk increased by 2.48% over the same period. Estimated number of cattle and poultry herds by the end of March: The buffalo herd had 15.9 thousand heads, down 5.36% compared to the same time last year; The herd of cows has 90.3 thousand cows, down 3.42%; pig herd 481,200 thousand heads, an increase of 1.07%; The poultry herd is 11.8 million, an increase or decrease of 1.89%. 2.2. Forestry production Forestry production efforts in the quarter centered around activities such as afforestation, scattered tree planting, care for planted forests, and conservation of the ecological environment. It's projected that across the entire province, 166.3 hectares of new concentrated planted forests were established, marking a 15.81% increase, along with the planting of 273 thousand scattered forestry trees. Timber output is expected to reach 11,316 cubic meters, up by 2.17%, while firewood production is estimated at 7,316 steres, reflecting a decrease of 2.28% compared to the same period. Effective measures for forest fire prevention and warning continued to be implemented, resulting in no forest fires reported during the month. 2.3. Aquatic production In the first quarter of 2024, favorable weather conditions and the absence of epidemics contributed to the robust development of the fish population. The average selling price of aquatic products remained favorable and showed an increase compared to the same period last year, providing farmers with a sense of security in their production efforts. Total seafood production is projected to reach 5,907.67 tons, marking a 3.03% increase (+173.67 tons). Domestic exploitation output is estimated at 462.5 tons, showing a slight decrease of 1.07%, while farming output is expected to reach 5,445.17 tons, indicating a notable increase of 3.39% (+178.67 tons) compared to the first quarter of 2023. Additionally, the production of breeds is estimated at 982 million, reflecting a rise of 1.75% (+16.9 million) over the same period. 3. Industrial production In March 2024, the Industrial Production Index (IIP) surged by 25.73% compared to the previous month but experienced a decrease of 3.16% compared to the same period last year. The mining industry saw a substantial increase of 25.59%, while the processing and manufacturing industry witnessed a decline of 3.17%. The production and distribution of electricity, gas, hot water, steam, and air conditioning increased by 4.68%, whereas water supply, waste management, treatment activities, and wastewater decreased by 7.84%. For the first quarter of 2024, it's projected that the IIP will increase by 6.67% compared to the same period last year, a notable improvement over the 4.90% decrease in the first quarter of 2023. The mining industry is expected to grow by 6.02%, contributing 0.002 percentage points to the overall industry increase. Meanwhile, the processing and manufacturing industry is anticipated to increase by 6.78%, contributing 6.71 percentage points, and production and distribution of electricity, gas, hot water, steam, and air conditioning are expected to rise by 1.45%, contributing 0.01 percentage point. Conversely, water supply, waste management, treatment activities, and wastewater are forecasted to decrease by 8.01%, a reduction of 0.05 percentage points. In level II industries, 18 out of 25 industries experienced an increase in IIP in the first quarter of 2024, while 7 industries saw a decrease compared to the same period. Key industries exhibited various performances: the electronic components manufacturing industry increased by 13.49%, the apparel manufacturing industry by 7.84%, and the non-metallic mineral products manufacturing industry by 3.96%. However, the automobile manufacturing industry faced a significant decline of 20.23% due to low purchasing power in the automobile market coupled with high inventory levels. Production output of some products: In the first quarter of 2024, it is estimated that the production output of some of the province's main industrial products such as animal feed, tiles, and electronic component revenue all increased over the same period. On the contrary, the output of sports shoes, cars of all kinds and motorbikes of all kinds decreased; Of which, the sharpest decrease was in sports shoes with a decrease of 29.94%. Estimated output of some major products in the area in March, first quarter of 2024 and fluctuations over the same period are as follows: Labor utilization index of industrial enterprises in the area In the first quarter of 2024, although industrial production is still facing difficulties, the labor situation in businesses in the area is generally stable, meeting order progress requirements. In March 2024, the labor utilization index of industrial enterprises in the province increased by 3.19% compared to the previous month and increased by 2.41% over the same period. Overall, in the first quarter of 2024, the industry-wide labor utilization index increased by 0.17% compared to the first quarter of 2023. Consumption index for the entire processing and manufacturing industryIn March 2024, the consumption index of the processing and manufacturing industry is estimated to increase by 45.0% over the previous month and decrease by 12.51% over the same period last year. Compared to the previous month, 08 secondary industries had an increase in consumption index, some industries had quite an increase: Production from other non-metallic minerals increased by 88.99%; Electrical equipment production increased by 55.5%; Motorcycle production increased by 53.14%; Metal production increased by 45.31%; Automobile production increased by 42.63%... Inventory index for the entire processing and manufacturing industry: In March 2024, the processing and manufacturing industry had an inventory index that decreased by 4.41% compared to the previous month and increased by 9.19% over the same period. Compared to the previous month, 07 level 2 industries had an increase in inventory index, 11 industries had a decrease in inventory index. The industries with a significant decrease in inventory index are the food manufacturing and processing industry, down 33.67%; Medicine, pharmaceutical chemistry and pharmaceutical manufacturing industry decreased by 66.69%; The rubber and plastic products manufacturing industry decreased by 14.11%. 3. Business activities 3.1. Business registration status Business development results in the first 3 months of 2024, the number of newly registered businesses has slowed down, the total number of newly registered businesses as of March 15, 2024 is 283 businesses, a decrease of 6 .91% over the same period. However, the registered capital of new businesses has increased significantly to VND 3,325 billion, an increase of 40.73% over the same period. It is estimated to create additional jobs for about 3,361 workers. In the first three months of 2024, the number of businesses returning to the market surged to 158, marking a notable increase of 21.54%. This brought the total number of newly established enterprises and enterprises returning to operation during this period to 441. However, the number of businesses withdrawing from the market continued to rise, reaching 577, which reflects a substantial increase of 29.66% compared to the same period last year. Among these, 535 enterprises temporarily suspended business for a certain period, showing a rise of 25.59%. Additionally, 42 enterprises completed dissolution procedures, marking an increase of 23 enterprises compared to the same period last year. 3.2. Production and business trends in the processing and manufacturing industry According to the assessment of enterprises in the processing and manufacturing industry, production and business activities in the first quarter of 2024 showed a more positive trend compared to the fourth quarter of 2023. Approximately 64.0% of enterprises evaluated their operations as either better or remaining stable (21.0% reported better conditions, while 43.0% remained stable), while 36.0% of businesses found production and business activities to be more challenging. The two predominant factors impacting the production and business activities of enterprises are still "low domestic market demand" and "high competitiveness of domestic goods," with 50.0% and 48.0% of enterprises choosing these factors respectively. Additionally, the factor of "high loan interest rates" has become more significant, with 24.0% of businesses selecting it, marking an increase of 8.2 percentage points compared to the fourth quarter of 2023. It is forecasted that the production and business situation in the second quarter of 2024 will continue to be better with 51.0% of businesses surveyed assessing production and business activities in the second quarter of 2024 as better than the first quarter of 2024, 30.0% of businesses assessed that their production and business activities in the second quarter of 2024 were better than the first quarter of 2024, and 30.0% commented that they would remain the same. stable level and 19.0% assess that production and business activities will face more difficulties. 4. Trade in Services 4.1. Retail sales of consumer goods and services In March 2024, total retail sales of goods, revenue from accommodation, food and beverage services, travel and tourism services and consumer service revenue are estimated to reach estimates at 6,053 billion VND, up 6.06% compared to February and up 4.71% the same period. In the first quarter of 2024, the total retail sales of goods, revenue from accommodation, food and beverage services, travel and tourism services and consumer service revenue in the area is estimated to reach 18,434.8 billion VND, an increase of 4.51% compared to with the first quarter of 2023. Total growth rate over the same periodOver the quarters, the decreasing trend shows a slowdown in the purchasing power of the economy: Quarter I/2023 increased by 33.44%, Quarter II/2023 increased by 22.40%, Quarter III/2023 increased by 15.32%, Quarter IV/2023 increased by 10.21% and the first quarter of 2024 increased by 4.51%. Retail revenue of goods in the first quarter of 2024 is estimated to reach 15,023.5 billion VND, an increase of 3.88% over the same period. Among 12 industry groups, 8/12 industries had increased revenue over the same period: Gems, precious metals and products increased by 45.30%; garments increased by 39.47%; educational and cultural items increased by 35.36%; Means of transportation, excluding cars, increased by 23.08%... On the contrary, 4/12 industries decreased compared to the same period: in which the car group decreased by 17.01%; Wood and construction materials decreased by 10.65%; Other goods decreased by 15.87%; All types of gasoline decreased by 3.13%. Revenue from accommodation, food, and travel services in the first quarter of 2024 is estimated to reach 1,661.3 billion VND, an increase of 5.61% over the same period. In there: Accommodation service revenue is estimated at 141.25 billion VND, an increase of 2.15%; Food and beverage services are estimated at 1,471.2 billion VND, an increase of 6.29%; Travel services reached 48.8 billion VND, down 3.43% over the same period. Revenue from other consumer service industries in the first quarter of 2024 is estimated to reach 1,750 billion VND, up 9.05% over the same period. Most service industry groups increased over the same period; in there: The health service industry and social assistance activities are estimated to reach 202.6 billion VND, an increase of 31.03%; The arts, entertainment and recreation service industry is estimated to reach 279.1 billion VND, an increase of 28.19%; The education and training service industry is estimated to reach 57.6 billion VND, an increase of 24.48%... 4.2. Transport of passengers and goods In the first quarter of 2024, transportation and warehousing activities in the area efficiently catered to the travel and goods transportation requirements of individuals and businesses, particularly during Tet and the festival season at the beginning of the year. Estimated transportation revenue soared to 1,964.31 billion VND, indicating a significant increase of 33.19% over the same period. This remarkable growth underscores the vital role played by transportation and warehousing services in facilitating smooth movement and logistics support for both personal and commercial activities. In which: - Passenger transport: Estimated revenue achieved 383.04 billion VND, an increase of 72.06%; Transportation was estimated at 11.69 million passengers, an increase of 71.38%; Movement is estimated at 518.60 million passengers.km, an increase of 72.88% over the same period. - Cargo: Revenue is estimated at 1,399.27 billion VND (of which road freight transport is estimated at 971.06 billion VND; waterway freight transport is estimated at 428.21 billion VND), an increase of 24.06%; It is estimated that 11.56 million tons were transported, an increase of 22.32% and a turnover of 1,181.39 million tons.km, an increase of 40.80% over the same period. II. MACROECONOMIC STABILITY 1. State budget revenue and expenditure situation According to data from the State Treasury, as of March 15, 2024, total budget revenue in the area reached 7,242 billion VND, an increase of 3.58% over the same period, equal to 22.80% of the estimate assigned at the beginning of the year. Domestic revenue increased by 7.16% over the same period, in which: house and land revenues increased the most, reachinh 638 billion VND, 3.6 times higher; Revenue from the public and non-state commercial sectors reached 506 bilion VND, an increase of 20.33%; Revenue from foreign enterprises decreased slightly by 3.63% (reaching VND 4,550 billion) compared to the same period last year. Revenue from Customs reached 845 billion VND, down 17334% orver the same period last year procession. Budget expenditure management is enhanced, strictly controlling expenditures, managing expenditures according to estimates, practicing thrift and preventing waste. As of March 15, 2024, total state budget expenditure reached VND 7,845 billion, an increase of 0.91% over the same period. Of which, development investment expenditure (including advances) reached 5,371 billion VND, down 4.90%; Regular expenditure reached 2,461 billion VND, an increase of 16.51% over the same period. 2. Banking and credit activities The Provincial State Bank Branch has directed Banks and Credit Institutions to closely follow the province's socio-economic development orientation and the management of the State Bank of Vietnam to implement solutions to limit drought. growth rate, balancing capital resources to implement the 2024 business plan safely and effectively. In the first quarter of 2024, mobilization and lending interest rates in the area tend to decrease, lending interest rates in the area commonly range from 4-10.5%/year for each term and subject; Popular deposit interest rates in VND range from 0.2-6%/year for each term. Total mobilized capital is expected to reach VND 123,000 billion by March 31, 2024, down 2.55% compared to the end of 2023. During the quarter with the traditional Tet holiday, businesses use money to pay salaries and bonuses to workers and transfer profits back home, leading to a decrease in deposits from economic organizations (estimated at 38,000 billion VND). VND) down 10.20% compared to the end of 2023. Savings deposits from residents are growing steadily, estimated at VND 85,000 billion, up 1.31% compared to the end of 2023. Total estimated loan balance as of March 31, 2024 is estimated to reach 126,000 billion VND, down 1.69% compared to the end of 2023, a decrease in short-term loans of 91,000 billion VND, down 1.99%, accounting for 72% of total loans. .22% of total outstanding debt; Medium and long-term loan balance reached VND 35,000 billion, down 0.90% compared to the end of 2023, accounting for 27.78% of total outstanding loans. By type of borrower, the outstanding debt of the household, private and individual sectors is estimated at 72,630 billion VND, accounting for 57.64% of the total outstanding debt, contributing to creating jobs and improving the household economy. ; The corporate sector is estimated to reach VND 53,000 billion, accounting for 42.06% of total outstanding loans and increasing by 0.02% compared to the end of 2023. Bad debt is estimated at 1,270 billion VND, accounting for 1.01% of total outstanding debt. Lending results of the Provincial Social Policy Bank under the Socio-economic recovery and development program until February 29, 2024: Loans to employers to pay for layoff wages and recovery wages reached 1.52 billion VND with 01 loan customer. Loans to students to buy computers and equipment for online learning reached 6.93 billion VND with 423 customers. Loans to buy, rent-purchase social housing, housing for workers, new construction or renovation, repair of housing according to Decree No. 100/2015/ND-CP reached 221.35 billion VND with 538 customers. Loans to non-public preschool and primary education establishments reached 4.11 billion VND with 62 customers. 3. Insurance It is estimated that by March 31, 2024, the whole province will have 1,165,507 people participating in all types of insurance. Of these, there are 250,414 people participating in social insurance, accounting for 41.3% of the workforce (including: Compulsory social insurance: 230,357 people; Voluntary social insurance: 20,257 people); There are 221,947 people participating in unemployment insurance, accounting for 36.6% of the labor force; There are 1,145,450 people participating in health insurance, the health insurance coverage rate reaches 94.6% of the population. Total insurance proceeds of all types in March 2024 are estimated to reach 708 billion VND, an increase of 9.67% over the same period. Payments, especially pensions and social insurance benefits, are carried out synchronously, quickly and safely to the beneficiaries. In the first quarter of 2024, the provincial social insurance agency has resolved monthly social insurance benefits for 132 people; resolved one-time social insurance benefits for 2,780 people; resolved illness, maternity, and convalescence for 25,950 people; Prepare a list of payments for 1,926 people receiving unemployment insurance. 4. Investment activities - Performing investment all society: In the first quarter of 2024, total investment capital will grow steadily and evenly in all three investment areas, estimated at 9,789 billion VND, an increase of 7.41% over the same period. In particular, the positive highlight is the growth in the non-state sector, up 9.23%, showing recovery after a period of decline at the end of 2023. Specifically: + The State sector is estimated to reach 1,517 billion VND, an increase of 5.03%. In which, realized capital from the State budget is estimated to reach 1,315 billion VND, equal to 16.91% of the year's plan and an increase of 5.42% compared to the previous year (same period in 2023 equals 11.03% and an increase of 8.5% compared to the previous year). 63%), including: Provincial state budget capital is estimated at 419 billion VND, down 18.07%; State budget capital at district level reached 660 billion VND, an increase of 3.04%; Commune-level state budget capital reached 235 billion VND, an increase of 148.56% over the same period last year. + Non-state sector increased by 9.23%, reaching 4,695 billion VND (in the third quarter of 2023, decreased by 6.67%, in the fourth quarter of 2023, decreased by 13.85%), investment capital in the non-state enterprise sector and private sector The residential sector both recorded good growth rates of 5.58% and 9.94%. + The foreign direct investment sector reached VND 3,577 billion, an increase of 6.11%. - Investment attraction situation: The investment environment in Vinh Phuc province is continuously improving, demonstrated through supportive measures and policies implemented to attract investment capital, improve infrastructure, reduce administrative procedures, and create Favorable conditions for businesses. FDI capital in the first quarter of 2024 attracted 347.13 million USD, an increase of 98.59% over the same period and reaching 86.8% of the year plan. Good growth in new registered capital and adjusted registered capital, with increases of 110% and 91.81% respectively. Traditional investing countries such as Japan, Korea, and Taiwan are still important partners, of which Korea is the largest investing country with 170.2 million USD, accounting for 49.03% of total capital. register. There are 22/25 projects with 257.13 million USD attracted in priority areas for development and promoting investment attraction of the province, which is the processing and manufacturing industry, contributing to completing the goal of Vinh Vinh. Phuc became a modern industrial province. As of March 15, 2024, the province has attracted 2DD projects (03 new projects , 06 capital adjustment projects with a total registered capital of 2,099 billion VND, decreased by 16.83% and reached 38.16% of the 2024 plan. Although the total registered capital decreased, newly registered capital improved with 733 billion VND attracted (in the same period in 2023, there were no new projects). Projects adjusted to increase capital are mainly in the processing and manufacturing industry with 728 billion VND. 5. Import and export activities of goods In the first quarter of 2024, export activities had a favorable start with increased orders and businesses accelerating production to keep up with export schedules. According to data reported by the Vinh Phuc Province Customs Branch, as of March 15, 2024, export turnover is estimated to reach 4,280.5 million USD, an increase of 17.68% over the same period. In which the group of electronic products and electronic components accounted for the largest proportion (53.4%), recording an increase of 27.54% over the same period last year. Machinery, equipment and spare parts group (accounting for 20.84%) increased by 10.82%. In the opposite direction, the auto parts and components group decreased by 9.79%; Complete motorbikes, motorbike components and spare parts are reduced by 12.95%.... Due to the recovery of production and export, the need to import machinery, equipment and raw materials for production has increased. Import turnover is estimated at 4,728.7 million USD, an increase of 44.61% compared to the first quarter. /2023. In there: The group of electronic goods and electronic components increased by 58.06% over the same period, accounting for 53.10% of total import turnover; The machinery, equipment and spare parts group increased by 175.33%. In the opposite direction, the auto parts and accessories group decreased slightly by 0.40% and the motorbike and motorbike parts and accessories group decreased by 19.72%. 6. Price index - Consumer price index: In March 2024, the Consumer Price Index (CPI) in the province decreased by 2.37% over the previous month, up 2.30% over the same period. In the decrease of 2.37% over the previous month in CPI. There are 06 product groups with price increases, 5 product groups with price decreases. The biggest impact in reducing CPI is the group Education decreased by 27.10% compared to the previous month, causing the general CPI to decrease by 1.75 percentage points; The food and food service group in March 2024 decreased by 1.82% compared to the previous month, causing the overall CPI to decrease by 0.61 percentage points. On average in the first three months of 2024, CPI increased by 2.37% compared to the average in the same period in 2023, of which, 9 product groups recorded price increases and 2 product groups decreased prices. Some factors increasing CPI in the first quarter of 2024: The food and catering services group increased by 3.85% over the same period, causing the group's overall CPI to increase by 1.29 percentage points; The group of drugs and medical equipment increased by 6.28% over the same period last year, causing the overall CPI to increase by 0.45 percentage points; The household electricity group increased by 8.27% over the same period last year, causing the overall CPI to increase by 0.27 percentage points; Education group prices increased by 3.93% over the same period, causing CPI to increase by 0.25 percentage points... - Gold price index and US Dollar: In March 2024, the gold price index increased 4.79% over the previous month, up 27.38% over the same period last year; the US dollar price index increased 1.39% over the previous month, up 4. 6% over the same period last year. On average in three months compared to the same period, the gold price index increased by 21.58%, the US dollar price index increased by 3.85%. - Producer price index: The price index of raw materials, fuel, and materials used for production in the first quarter of 2024 increased by 1.41% compared to the previous quarter and decreased by 0.34% over the same period. In particular, the price index of raw materials and fuels used for agricultural, forestry and fishery production increased by 1.46% and 6.41%; used for industrial production, processing and manufacturing increased by 0.02% and increased by 0.99%; used for construction increased by 2.80 and decreased by 0.94%. III. SOCIAL PROBLEMS 1. Labor, employment, social security Employment: The labor market continues to be stable, and many positive changes are expected. It is estimated that in the first quarter of 2024, the labor force aged 15 and over in the whole province will have 612.7 thousand people, an increase of 0.25% over the same period; Of which 602.4 thousand people are working, an increase of 0.28%, accounting for 98.3% of the labor force and 50.6% of the average population across the province. The number of workers working in urban areas is 201.6 thousand people (an increase of 6.07%), in rural areas it is 400.9 thousand people, a decrease of 2.4% over the same period. Unemployment support and job creation: In the first quarter of 2024, the entire province issued a decision to receive monthly unemployment benefits for 1,229 people. The number of people reporting to look for jobs is 11,927 people. Number of unemployed workers with vocational training support decisions: 37 people. The Provincial Employment Service Center organized 03 job transaction sessions with 20 businesses registering to participate, recruiting 1,854 people. Regarding job creation, the whole province has provided 6,338 workers; of which, creating domestic jobs for 6,108 people, sending 230 workers to work abroad under contracts and supporting workers working abroad under contract with an amount of 1,977 million VND. Source: Report No. 170//BC-CTK, dated March 25, 2024, of the Provincial Statistics Department

I. ECONOMIC GROWTH

1. Growth in Gross Regional Product (GRDP)
The economic growth of the province in the first quarter of 2024 continued its recovery trend with a steady increase compared to the same period last year. The GRDP growth rate for the first quarter was 4.06%. Specifically, the agriculture, forestry, and fisheries sector grew by 2.70%, the industrial and construction sector by 6.79%, and the service sector by 2.81%.
1.1. Growth in agriculture, forestry and fisheries
The added value (VAT) of the agriculture, forestry, and fisheries sector increased by 2.70% compared to the same period last year. Within this, the agricultural sector grew by 2.61%, contributing 0.14 percentage points; the forestry sector maintained stable production with a 3.27% increase; and fisheries production rose by 3.53%.
In agriculture, the cultivation sector saw a 2.58% increase, with higher outputs of main winter crops. The price of live pigs stabilized more than the previous year, supporting steady livestock production, which resulted in a 2.6% increase in livestock industry revenue, contributing 0.09 percentage points to the province's overall growth.
1.2. Growth of the industrial and construction sector

Revenue from the industrial and construction sector increased by 6.79%, contributing 3.21 percentage points to the province's growth. Although this is a key economic sector on the path to recovery, its progress remains relatively slow.
Industry: Industrial revenue increased by 6.68%, contributing 2.84 percentage points to the overall provincial growth. Key industries include: The electronic components manufacturing industry increased by 14.17%, contributing 2.91 percentage points. The relocation of electronic components production stages from Korea and China to Vietnam has contributed to maintaining growth. for the province's key economic sector; The textile and garment industry increased by 7.31%, contributing 0.09 percentage points, and some businesses in the industry were able to access long-term orders.
However, the global economic recession has reduced consumer demand for high-value items such as cars and motorcycles, impacting these industries and slowing the province's economic recovery. The automobile manufacturing industry decreased by 20.08%; reduces by 0.55 percentage points. The motorbike manufacturing industry decreased by 5.39%, causing a decrease of 0.45 percentage points.
Construction industry: Construction activities in the first quarter of 2024 remained stable and continued to grow despite the general economic difficulties. Challenges included rising raw material prices, a sluggish real estate market, and limited access to credit. However, the efforts of authorities, businesses, and the community have sustained construction projects, contributing to local economic development. Revenue from the construction industry in Q1 2024 increased by 7.81% compared to the same period last year, adding 0.38 percentage points to the province's GRDP growth.
1.3. Service sector growth
The service industry's revenue increased by 2.81%, contributing 0.64 percentage points to the GRDP growth. This increase is modest, only slightly higher than the first quarter of 2022, which saw a decline due to Covid-19 prevention measures. Over the 2018-2024 period, this is one of the lowest growth rates. Transportation and warehousing activities grew significantly, meeting the demand for goods transportation and travel, with an 18.97% increase, contributing 0.38 percentage points to growth.
Consumer purchasing power has declined, primarily focusing on essential goods. Some major service industries experienced low growth rates or slight declines: Sector G decreased by 1.02%, causing a decrease of 0.07 percentage points; Sector I decreased by 0.04%; Sector J increased by 0.90%, contributing 0.02 percentage points.
2. Agricultural, forestry and fishery production
2.1. Agricultural production
a. Crop cultivation:
+ Winter Crop Results: The production of winter crops in 2024 benefited from favorable weather conditions, which supported plant growth and development, while harmful pests and diseases were minimal. The total planted area reached 14,829.03 hectares, comparable to the winter crop of 2023. The output of major crops increased: Corn reached 26,097 tons (up 1.08%); sweet potatoes reached 15,914 tons (up 4.24%); soybeans reached 836 tons (up 0.13%); peanuts reached 535 tons (up 13.13%); and vegetables of all kinds reached 126,972 tons (up 0.39% compared to the winter crop of 2023).
+ Spring Season: As of mid-March, the province had planted 36,749.15 hectares of spring crops, achieving 98% of the plan but down 0.91% compared to the spring crop of 2023. This decrease is mainly due to the repurposing of agricultural land for building industrial zones and clusters. The area planted with specific crops is as follows: Rice accounts for 78.22%, maize for 5.48%, peanuts for 3.64%, and vegetables for 6.28%.
b. Animal husbandry

In the first quarter of 2024, disease surveillance, slaughter management, and quarantine of animal transportation before, during, and after the Lunar New Year were intensified. Inspection and monitoring of epidemic situations in livestock and poultry herds across villages, hamlets, and livestock households were conducted strictly and promptly.
Livestock production remained stable, with live pig prices being more stable than the previous year. The average price of live pigs sold in the first quarter of 2024 increased by 7.7% year-on-year. In March 2024, the estimated output of livestock meat increased by 1.66%, and poultry egg output increased by 4.93% compared to the same period last year. In the first quarter of 2024, total liveweight meat output increased by 2.01% (buffalo and cattle meat decreased). 2.52%; live pork increased by 2.03%; live poultry increased by 2.61%); poultry eggs increased by 5.30%; Cow milk increased by 2.48% over the same period. Estimated number of cattle and poultry herds by the end of March: The buffalo herd had 15.9 thousand heads, down 5.36% compared to the same time last year; The herd of cows has 90.3 thousand cows, down 3.42%; pig herd 481,200 thousand heads, an increase of 1.07%; The poultry herd is 11.8 million, an increase or decrease of 1.89%.
2.2. Forestry production
Forestry production efforts in the quarter centered around activities such as afforestation, scattered tree planting, care for planted forests, and conservation of the ecological environment. It's projected that across the entire province, 166.3 hectares of new concentrated planted forests were established, marking a 15.81% increase, along with the planting of 273 thousand scattered forestry trees. Timber output is expected to reach 11,316 cubic meters, up by 2.17%, while firewood production is estimated at 7,316 steres, reflecting a decrease of 2.28% compared to the same period. Effective measures for forest fire prevention and warning continued to be implemented, resulting in no forest fires reported during the month.
2.3. Aquatic production
In the first quarter of 2024, favorable weather conditions and the absence of epidemics contributed to the robust development of the fish population. The average selling price of aquatic products remained favorable and showed an increase compared to the same period last year, providing farmers with a sense of security in their production efforts. Total seafood production is projected to reach 5,907.67 tons, marking a 3.03% increase (+173.67 tons). Domestic exploitation output is estimated at 462.5 tons, showing a slight decrease of 1.07%, while farming output is expected to reach 5,445.17 tons, indicating a notable increase of 3.39% (+178.67 tons) compared to the first quarter of 2023. Additionally, the production of breeds is estimated at 982 million, reflecting a rise of 1.75% (+16.9 million) over the same period.
3. Industrial production
In March 2024, the Industrial Production Index (IIP) surged by 25.73% compared to the previous month but experienced a decrease of 3.16% compared to the same period last year. The mining industry saw a substantial increase of 25.59%, while the processing and manufacturing industry witnessed a decline of 3.17%. The production and distribution of electricity, gas, hot water, steam, and air conditioning increased by 4.68%, whereas water supply, waste management, treatment activities, and wastewater decreased by 7.84%.
For the first quarter of 2024, it's projected that the IIP will increase by 6.67% compared to the same period last year, a notable improvement over the 4.90% decrease in the first quarter of 2023. The mining industry is expected to grow by 6.02%, contributing 0.002 percentage points to the overall industry increase. Meanwhile, the processing and manufacturing industry is anticipated to increase by 6.78%, contributing 6.71 percentage points, and production and distribution of electricity, gas, hot water, steam, and air conditioning are expected to rise by 1.45%, contributing 0.01 percentage point. Conversely, water supply, waste management, treatment activities, and wastewater are forecasted to decrease by 8.01%, a reduction of 0.05 percentage points.
In level II industries, 18 out of 25 industries experienced an increase in IIP in the first quarter of 2024, while 7 industries saw a decrease compared to the same period. Key industries exhibited various performances: the electronic components manufacturing industry increased by 13.49%, the apparel manufacturing industry by 7.84%, and the non-metallic mineral products manufacturing industry by 3.96%. However, the automobile manufacturing industry faced a significant decline of 20.23% due to low purchasing power in the automobile market coupled with high inventory levels.
Production output of some products: In the first quarter of 2024, it is estimated that the production output of some of the province's main industrial products such as animal feed, tiles, and electronic component revenue all increased over the same period. On the contrary, the output of sports shoes, cars of all kinds and motorbikes of all kinds decreased; Of which, the sharpest decrease was in sports shoes with a decrease of 29.94%. Estimated output of some major products in the area in March, first quarter of 2024 and fluctuations over the same period are as follows:
Labor utilization index of industrial enterprises in the area In the first quarter of 2024, although industrial production is still facing difficulties, the labor situation in businesses in the area is generally stable, meeting order progress requirements. In March 2024, the labor utilization index of industrial enterprises in the province increased by 3.19% compared to the previous month and increased by 2.41% over the same period. Overall, in the first quarter of 2024, the industry-wide labor utilization index increased by 0.17% compared to the first quarter of 2023.
Consumption index for the entire processing and manufacturing industryIn March 2024, the consumption index of the processing and manufacturing industry is estimated to increase by 45.0% over the previous month and decrease by 12.51% over the same period last year. Compared to the previous month, 08 secondary industries had an increase in consumption index, some industries had quite an increase: Production from other non-metallic minerals increased by 88.99%; Electrical equipment production increased by 55.5%; Motorcycle production increased by 53.14%; Metal production increased by 45.31%; Automobile production increased by 42.63%...
Inventory index for the entire processing and manufacturing industry: In March 2024, the processing and manufacturing industry had an inventory index that decreased by 4.41% compared to the previous month and increased by 9.19% over the same period. Compared to the previous month, 07 level 2 industries had an increase in inventory index, 11 industries had a decrease in inventory index. The industries with a significant decrease in inventory index are the food manufacturing and processing industry, down 33.67%; Medicine, pharmaceutical chemistry and pharmaceutical manufacturing industry decreased by 66.69%; The rubber and plastic products manufacturing industry decreased by 14.11%.
3. Business activities
3.1. Business registration status
Business development results in the first 3 months of 2024, the number of newly registered businesses has slowed down, the total number of newly registered businesses as of March 15, 2024 is 283 businesses, a decrease of 6 .91% over the same period. However, the registered capital of new businesses has increased significantly to VND 3,325 billion, an increase of 40.73% over the same period. It is estimated to create additional jobs for about 3,361 workers.
In the first three months of 2024, the number of businesses returning to the market surged to 158, marking a notable increase of 21.54%. This brought the total number of newly established enterprises and enterprises returning to operation during this period to 441. However, the number of businesses withdrawing from the market continued to rise, reaching 577, which reflects a substantial increase of 29.66% compared to the same period last year. Among these, 535 enterprises temporarily suspended business for a certain period, showing a rise of 25.59%. Additionally, 42 enterprises completed dissolution procedures, marking an increase of 23 enterprises compared to the same period last year.
3.2. Production and business trends in the processing and manufacturing industry
According to the assessment of enterprises in the processing and manufacturing industry, production and business activities in the first quarter of 2024 showed a more positive trend compared to the fourth quarter of 2023. Approximately 64.0% of enterprises evaluated their operations as either better or remaining stable (21.0% reported better conditions, while 43.0% remained stable), while 36.0% of businesses found production and business activities to be more challenging. The two predominant factors impacting the production and business activities of enterprises are still "low domestic market demand" and "high competitiveness of domestic goods," with 50.0% and 48.0% of enterprises choosing these factors respectively. Additionally, the factor of "high loan interest rates" has become more significant, with 24.0% of businesses selecting it, marking an increase of 8.2 percentage points compared to the fourth quarter of 2023.
It is forecasted that the production and business situation in the second quarter of 2024 will continue to be better with 51.0% of businesses surveyed assessing production and business activities in the second quarter of 2024 as better than the first quarter of 2024, 30.0% of businesses assessed that their production and business activities in the second quarter of 2024 were better than the first quarter of 2024, and 30.0% commented that they would remain the same. stable level and 19.0% assess that production and business activities will face more difficulties.
4. Trade in Services
4.1. Retail sales of consumer goods and services
In March 2024, total retail sales of goods, revenue from accommodation, food and beverage services, travel and tourism services and consumer service revenue are estimated to reach estimates at 6,053 billion VND, up 6.06% compared to February and up 4.71% the same period.
In the first quarter of 2024, the total retail sales of goods, revenue from accommodation, food and beverage services, travel and tourism services and consumer service revenue in the area is estimated to reach 18,434.8 billion VND, an increase of 4.51% compared to with the first quarter of 2023. Total growth rate over the same periodOver the quarters, the decreasing trend shows a slowdown in the purchasing power of the economy: Quarter I/2023 increased by 33.44%, Quarter II/2023 increased by 22.40%, Quarter III/2023 increased by 15.32%, Quarter IV/2023 increased by 10.21% and the first quarter of 2024 increased by 4.51%.
Retail revenue of goods in the first quarter of 2024 is estimated to reach 15,023.5 billion VND, an increase of 3.88% over the same period. Among 12 industry groups, 8/12 industries had increased revenue over the same period: Gems, precious metals and products increased by 45.30%; garments increased by 39.47%; educational and cultural items increased by 35.36%; Means of transportation, excluding cars, increased by 23.08%... On the contrary, 4/12 industries decreased compared to the same period: in which the car group decreased by 17.01%; Wood and construction materials decreased by 10.65%; Other goods decreased by 15.87%; All types of gasoline decreased by 3.13%.
Revenue from accommodation, food, and travel services in the first quarter of 2024 is estimated to reach 1,661.3 billion VND, an increase of 5.61% over the same period. In there: Accommodation service revenue is estimated at 141.25 billion VND, an increase of 2.15%; Food and beverage services are estimated at 1,471.2 billion VND, an increase of 6.29%; Travel services reached 48.8 billion VND, down 3.43% over the same period.
Revenue from other consumer service industries in the first quarter of 2024 is estimated to reach 1,750 billion VND, up 9.05% over the same period. Most service industry groups increased over the same period; in there: The health service industry and social assistance activities are estimated to reach 202.6 billion VND, an increase of 31.03%; The arts, entertainment and recreation service industry is estimated to reach 279.1 billion VND, an increase of 28.19%; The education and training service industry is estimated to reach 57.6 billion VND, an increase of 24.48%...
4.2. Transport of passengers and goods
In the first quarter of 2024, transportation and warehousing activities in the area efficiently catered to the travel and goods transportation requirements of individuals and businesses, particularly during Tet and the festival season at the beginning of the year. Estimated transportation revenue soared to 1,964.31 billion VND, indicating a significant increase of 33.19% over the same period. This remarkable growth underscores the vital role played by transportation and warehousing services in facilitating smooth movement and logistics support for both personal and commercial activities. In which:
- Passenger transport: Estimated revenue achieved 383.04 billion VND, an increase of 72.06%; Transportation was estimated at 11.69 million passengers, an increase of 71.38%; Movement is estimated at 518.60 million passengers.km, an increase of 72.88% over the same period.
- Cargo: Revenue is estimated at 1,399.27 billion VND (of which road freight transport is estimated at 971.06 billion VND; waterway freight transport is estimated at 428.21 billion VND), an increase of 24.06%; It is estimated that 11.56 million tons were transported, an increase of 22.32% and a turnover of 1,181.39 million tons.km, an increase of 40.80% over the same period.
II. MACROECONOMIC STABILITY
1. State budget revenue and expenditure situation
According to data from the State Treasury, as of March 15, 2024, total budget revenue in the area reached 7,242 billion VND, an increase of 3.58% over the same period, equal to 22.80% of the estimate assigned at the beginning of the year. Domestic revenue increased by 7.16% over the same period, in which: house and land revenues increased the most, reachinh 638 billion VND, 3.6 times higher; Revenue from the public and non-state commercial sectors reached 506 bilion VND, an increase of 20.33%; Revenue from foreign enterprises decreased slightly by 3.63% (reaching VND 4,550 billion) compared to the same period last year. Revenue from Customs reached 845 billion VND, down 17334% orver the same period last year procession.
Budget expenditure management is enhanced, strictly controlling expenditures, managing expenditures according to estimates, practicing thrift and preventing waste. As of March 15, 2024, total state budget expenditure reached VND 7,845 billion, an increase of 0.91% over the same period. Of which, development investment expenditure (including advances) reached 5,371 billion VND, down 4.90%; Regular expenditure reached 2,461 billion VND, an increase of 16.51% over the same period.
2. Banking and credit activities
The Provincial State Bank Branch has directed Banks and Credit Institutions to closely follow the province's socio-economic development orientation and the management of the State Bank of Vietnam to implement solutions to limit drought. growth rate, balancing capital resources to implement the 2024 business plan safely and effectively. In the first quarter of 2024, mobilization and lending interest rates in the area tend to decrease, lending interest rates in the area commonly range from 4-10.5%/year for each term and subject; Popular deposit interest rates in VND range from 0.2-6%/year for each term.
Total mobilized capital is expected to reach VND 123,000 billion by March 31, 2024, down 2.55% compared to the end of 2023. During the quarter with the traditional Tet holiday, businesses use money to pay salaries and bonuses to workers and transfer profits back home, leading to a decrease in deposits from economic organizations (estimated at 38,000 billion VND). VND) down 10.20% compared to the end of 2023. Savings deposits from residents are growing steadily, estimated at VND 85,000 billion, up 1.31% compared to the end of 2023.
Total estimated loan balance as of March 31, 2024 is estimated to reach 126,000 billion VND, down 1.69% compared to the end of 2023, a decrease in short-term loans of 91,000 billion VND, down 1.99%, accounting for 72% of total loans. .22% of total outstanding debt; Medium and long-term loan balance reached VND 35,000 billion, down 0.90% compared to the end of 2023, accounting for 27.78% of total outstanding loans. By type of borrower, the outstanding debt of the household, private and individual sectors is estimated at 72,630 billion VND, accounting for 57.64% of the total outstanding debt, contributing to creating jobs and improving the household economy. ; The corporate sector is estimated to reach VND 53,000 billion, accounting for 42.06% of total outstanding loans and increasing by 0.02% compared to the end of 2023. Bad debt is estimated at 1,270 billion VND, accounting for 1.01% of total outstanding debt.
Lending results of the Provincial Social Policy Bank under the Socio-economic recovery and development program until February 29, 2024: Loans to employers to pay for layoff wages and recovery wages reached 1.52 billion VND with 01 loan customer. Loans to students to buy computers and equipment for online learning reached 6.93 billion VND with 423 customers. Loans to buy, rent-purchase social housing, housing for workers, new construction or renovation, repair of housing according to Decree No. 100/2015/ND-CP reached 221.35 billion VND with 538 customers. Loans to non-public preschool and primary education establishments reached 4.11 billion VND with 62 customers.
3. Insurance
It is estimated that by March 31, 2024, the whole province will have 1,165,507 people participating in all types of insurance. Of these, there are 250,414 people participating in social insurance, accounting for 41.3% of the workforce (including: Compulsory social insurance: 230,357 people; Voluntary social insurance: 20,257 people); There are 221,947 people participating in unemployment insurance, accounting for 36.6% of the labor force; There are 1,145,450 people participating in health insurance, the health insurance coverage rate reaches 94.6% of the population. Total insurance proceeds of all types in March 2024 are estimated to reach 708 billion VND, an increase of 9.67% over the same period. Payments, especially pensions and social insurance benefits, are carried out synchronously, quickly and safely to the beneficiaries. In the first quarter of 2024, the provincial social insurance agency has resolved monthly social insurance benefits for 132 people; resolved one-time social insurance benefits for 2,780 people; resolved illness, maternity, and convalescence for 25,950 people; Prepare a list of payments for 1,926 people receiving unemployment insurance.
4. Investment activities
- Performing investment all society: In the first quarter of 2024, total investment capital will grow steadily and evenly in all three investment areas, estimated at 9,789 billion VND, an increase of 7.41% over the same period. In particular, the positive highlight is the growth in the non-state sector, up 9.23%, showing recovery after a period of decline at the end of 2023. Specifically:
+ The State sector is estimated to reach 1,517 billion VND, an increase of 5.03%. In which, realized capital from the State budget is estimated to reach 1,315 billion VND, equal to 16.91% of the year's plan and an increase of 5.42% compared to the previous year (same period in 2023 equals 11.03% and an increase of 8.5% compared to the previous year). 63%), including: Provincial state budget capital is estimated at 419 billion VND, down 18.07%; State budget capital at district level reached 660 billion VND, an increase of 3.04%; Commune-level state budget capital reached 235 billion VND, an increase of 148.56% over the same period last year.
+ Non-state sector increased by 9.23%, reaching 4,695 billion VND (in the third quarter of 2023, decreased by 6.67%, in the fourth quarter of 2023, decreased by 13.85%), investment capital in the non-state enterprise sector and private sector The residential sector both recorded good growth rates of 5.58% and 9.94%.
+ The foreign direct investment sector reached VND 3,577 billion, an increase of 6.11%.
- Investment attraction situation: The investment environment in Vinh Phuc province is continuously improving, demonstrated through supportive measures and policies implemented to attract investment capital, improve infrastructure, reduce administrative procedures, and create Favorable conditions for businesses. FDI capital in the first quarter of 2024 attracted 347.13 million USD, an increase of 98.59% over the same period and reaching 86.8% of the year plan. Good growth in new registered capital and adjusted registered capital, with increases of 110% and 91.81% respectively. Traditional investing countries such as Japan, Korea, and Taiwan are still important partners, of which Korea is the largest investing country with 170.2 million USD, accounting for 49.03% of total capital. register. There are 22/25 projects with 257.13 million USD attracted in priority areas for development and promoting investment attraction of the province, which is the processing and manufacturing industry, contributing to completing the goal of Vinh Vinh. Phuc became a modern industrial province.
As of March 15, 2024, the province has attracted
2DD projects (03 new projects , 06 capital adjustment projects with a total registered capital of 2,099 billion VND, decreased by 16.83% and reached 38.16% of the 2024 plan. Although the total registered capital decreased, newly registered capital improved with 733 billion VND attracted (in the same period in 2023, there were no new projects). Projects adjusted to increase capital are mainly in the processing and manufacturing industry with 728 billion VND.
5. Import and export activities of goods
In the first quarter of 2024, export activities had a favorable start with increased orders and businesses accelerating production to keep up with export schedules. According to data reported by the
Vinh Phuc Province Customs Branch, as of March 15, 2024, export turnover is estimated to reach 4,280.5 million USD, an increase of 17.68% over the same period. In which the group of electronic products and electronic components accounted for the largest proportion (53.4%), recording an increase of 27.54% over the same period last year. Machinery, equipment and spare parts group (accounting for 20.84%) increased by 10.82%. In the opposite direction, the auto parts and components group decreased by 9.79%; Complete motorbikes, motorbike components and spare parts are reduced by 12.95%....
Due to the recovery of production and export, the need to import machinery, equipment and raw materials for production has increased. Import turnover is estimated at 4,728.7 million USD, an increase of 44.61% compared to the first quarter. /2023. In there: The group of electronic goods and electronic components increased by 58.06% over the same period, accounting for 53.10% of total import turnover; The machinery, equipment and spare parts group increased by 175.33%. In the opposite direction, the auto parts and accessories group decreased slightly by 0.40% and the motorbike and motorbike parts and accessories group decreased by 19.72%.
6. Price index
- Consumer price index: In March 2024, the Consumer Price Index (CPI) in the province decreased by 2.37% over the previous month, up 2.30% over the same period. In the decrease of 2.37% over the previous month in CPI. There are 06 product groups with price increases, 5 product groups with price decreases. The biggest impact in reducing CPI is the group Education decreased by 27.10% compared to the previous month, causing the general CPI to decrease by 1.75 percentage points; The food and food service group in March 2024 decreased by 1.82% compared to the previous month, causing the overall CPI to decrease by 0.61 percentage points.
On average in the first three months of 2024, CPI increased by 2.37% compared to the average in the same period in 2023, of which, 9 product groups recorded price increases and 2 product groups decreased prices. Some factors increasing CPI in the first quarter of 2024: The food and catering services group increased by 3.85% over the same period, causing the group's overall CPI to increase by 1.29 percentage points; The group of drugs and medical equipment increased by 6.28% over the same period last year, causing the overall CPI to increase by 0.45 percentage points; The household electricity group increased by 8.27% over the same period last year, causing the overall CPI to increase by 0.27 percentage points; Education group prices increased by 3.93% over the same period, causing CPI to increase by 0.25 percentage points...
- Gold price index and US Dollar: In March 2024, the gold price index increased 4.79% over the previous month, up 27.38% over the same period last year; the US dollar price index increased 1.39% over the previous month, up 4. 6% over the same period last year. On average in three months compared to the same period, the gold price index increased by 21.58%, the US dollar price index increased by 3.85%.
- Producer price index: The price index of raw materials, fuel, and materials used for production in the first quarter of 2024 increased by 1.41% compared to the previous quarter and decreased by 0.34% over the same period. In particular, the price index of raw materials and fuels used for agricultural, forestry and fishery production increased by 1.46% and 6.41%; used for industrial production, processing and manufacturing increased by 0.02% and increased by 0.99%; used for construction increased by 2.80 and decreased by 0.94%.
III. SOCIAL PROBLEMS
1. Labor, employment, social security
Employment: The labor market continues to be stable, and many positive changes are expected. It is estimated that in the first quarter of 2024, the labor force aged 15 and over in the whole province will have 612.7 thousand people, an increase of 0.25% over the same period; Of which 602.4 thousand people are working, an increase of 0.28%, accounting for 98.3% of the labor force and 50.6% of the average population across the province. The number of workers working in urban areas is 201.6 thousand people (an increase of 6.07%), in rural areas it is 400.9 thousand people, a decrease of 2.4% over the same period.
Unemployment support and job creation: In the first quarter of 2024, the entire province issued a decision to receive monthly unemployment benefits for 1,229 people. The number of people reporting to look for jobs is 11,927 people. Number of unemployed workers with vocational training support decisions: 37 people. The Provincial Employment Service Center organized 03 job transaction sessions with 20 businesses registering to participate, recruiting 1,854 people. Regarding job creation, the whole province has provided 6,338 workers; of which, creating domestic jobs for 6,108 people, sending 230 workers to work abroad under contracts and supporting workers working abroad under contract with an amount of 1,977 million VND.

Source: Report No. 170//BC-CTK, dated March 25, 2024, of the Provincial Statistics Department

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