The Consumer Price Index (CPI) for February 2024 increased by 1.04% compared to the previous month; increased by 1.35% compared to December 2023 and increased by 3.98% compared to the same period of 2023. This information was announced by the General Statistics Office (Ministry of Planning and Investment) on February 29th.
Increase in tourist arrivals to Vietnam
According to the statistical agency, February 2024 is the month of the Lunar New Year, so the demand for goods and services of the people is high. “The price of rice in the domestic market has increased according to the price of exported rice; the prices of gasoline, oil and gas have increased according to the world fuel prices, which are the main reasons for the CPI increase,” the General Statistics Office stated.
The General Statistics Office further explains that the price index of the rice group in the domestic market has increased according to the price of exported rice and the high demand for sticky rice and fragrant rice during the festivals of Kitchen Gods’ Day and Lunar New Year, leading to a 21.6% increase in rice prices in the first two months of 2024 compared to the same period last year, which contributed to a 0.55 percentage point increase in the overall CPI.
In addition, the price index of the education group in the first two months of 2024 increased by 8.47% compared to the same period last year, as some provinces and cities have raised tuition fees for the academic year 2023-2024, contributing to a 0.52 percentage point increase in the overall CPI.
Tourist arrivals to Vietnam in February 2024 reached over 1.5 million people
In February 2024, the total value of exports and imports of goods is estimated at $48.54 billion, a decrease of 25.8% compared to the previous month and a decrease of 1.8% compared to the same period last year. For the first two months of 2024, the total value of exports and imports of goods is estimated at $113.96 billion, an increase of 18.6% compared to the same period last year, with exports increasing by 19.2% and imports increasing by 18%. The trade balance of goods is estimated to have a surplus of $4.72 billion.
In terms of export and import markets in the first two months of 2024, the United States is the largest export market of Vietnam with an estimated value of $17.4 billion. China is the largest import market of Vietnam with an estimated value of $20.9 billion.
According to the statistical agency, thanks to the effectiveness of favorable visa policies, stimulus programs for tourism, as well as the efforts of the government and the people, the number of international visitors to Vietnam in February 2024 reached over 1.5 million people, an increase of 1.3% compared to the previous month and an increase of 64.1% compared to the same period last year. For the first two months of 2024, international tourists to Vietnam reached over 3 million people, an increase of 68.7% compared to the same period last year.
In February of this year, there were nearly 8,600 newly established enterprises nationwide, a decrease of 36.5% compared to the previous month and a decrease of 2.8% compared to the same period last year; there were over 5,300 enterprises returning to operation.
For the first two months of 2024, there were 41,100 newly registered and re-operating businesses nationwide, an increase of 8.5% compared to the same period last year. On average, more than 20,500 new businesses are established and returned to operation each month.
The number of businesses that withdrew from the market was 63,000, an increase of 22.5% compared to the same period last year; on average, nearly 31,500 businesses withdraw from the market every month.
