I downloaded and installed the Build Tools for Visual Studio 2019. During installation I selected the C++ tools. It downloaded almost 5GB of data. I restarted the machine after installation and compiling the code worked fine:
> cargo run
Compiling helloworld v0.1.0 (C:\Users\DELL\helloworld)
Finished dev [unoptimized + debuginfo] target(s) in 12.05s
Running `target\debug\helloworld.exe`
Hello, world!