Bac Giang explains why economic growth rate continues to be the highest in the country

(PLVN) - Although it did not achieve the set target of growth of over 14%, Bac Giang still had the highest economic growth rate (GRDP) in the country at 13.85% this year.

Reporting at the Press Conference on the results of socio-economic implementation in 2024 held this morning (December 6), Mr. Le Tuan Phu - Chief of Office of the People's Committee of Bac Giang province said that despite many difficulties and challenges, the economic situation of Bac Giang province this year continued to recover and develop strongly.

Specifically, Bac Giang's annual economic growth rate (GRDP) is estimated at 13.85% , ranking first in the country. Bac Giang's GRDP scale has expanded, reaching 207 trillion VND. GRDP per capita reached 4,370 USD, up 10.6%, equal to 97.1% of the plan. The economic structure is assessed to have shifted in a positive direction.

Mr. Mai Son - Acting Chairman of Bac Giang Provincial People's Committee chaired the Conference. (Photo: Minh Huu)

Mr. Mai Son - Acting Chairman of Bac Giang Provincial People's Committee said that from 2020 to now, except for 2021, Bac Giang has had the leading economic growth in the country every year.

"The province's economic growth continues to develop rapidly and strongly," said Mr. Son, adding that this is partly thanks to the strong work spirit and responsibility of civil servants, public employees and businesses in Bac Giang over the past years.

According to the Chief of Office of the Bac Giang Provincial People's Committee, the above results were achieved because industrial production continued to be the main driving force for economic growth, contributing over 85% of Bac Giang's overall growth. The production index (IIP) for the whole year increased by 30%. The production value (GTSX) reached 705,227 billion VND, exceeding the plan by 5.9%. The industrial structure shifted in the right direction with the leading role coming from the processing and manufacturing industry (accounting for 98.5%).

Due to the impact of natural disasters, storms and floods, Bac Giang's agricultural, forestry and fishery production faced many difficulties this year, with the industry's total output estimated to decrease by 4.4%. Meanwhile, Bac Giang's service industry recovered and developed strongly. The industry's total output is estimated to increase by 11.6%, reaching VND 63,514 billion. Total retail sales of goods and service revenue for the year reached VND 64,000 billion, up 13.3% compared to 2023.

Bac Giang's import and export also grew impressively when the total import and export value is estimated at 60 billion USD, an increase of 14.5% compared to 2023, of which exports alone reached 33 billion USD, an increase of 20.4%.

The highlight of the socio-economic development of Bac Giang province in 2024 is the state budget revenue. Accordingly, the total state budget revenue of this province this year is estimated at 19,134.5 billion VND, exceeding 22.2% of the estimate assigned by the Central Government.

“The management of public investment capital plans has been carried out seriously and resolutely; investment efficiency has been improved. The total disbursement value for the year is estimated at over VND9,181 billion, equal to 97.8% of the plan,” emphasized Le Tuan Phu, Chief of Office of the Bac Giang Provincial People's Committee.

Infrastructure development is also a notable highlight of Bac Giang this year. Accordingly, the local transport network continues to receive strong investment and development in a synchronous and modern direction, increasing connectivity and development linkages. In 2024, Bac Giang completed 7 key transport projects.

Investment in infrastructure construction of industrial parks (IPs) and industrial clusters (ICs) has received special attention. In 2024, Bac Giang was approved by the Prime Minister to invest in 3 new IPs and 2 expanded IPs, bringing the total number of IPs to 11 with an area of ​​2,720.72 hectares.

Urban planning and development work has been focused on investment; the urban population ratio has reached 57.4%, exceeding the plan by 24.1%. Agricultural and rural infrastructure has been increasingly invested in and improved. It is expected that by the end of 2024, the whole province will have 7 district-level units and 159 communes meeting new rural standards, accounting for 87.36% .

Bac Giang has carried out early planning for traffic, industrial parks and industrial clusters to catch the wave of FDI investment.

Despite many achievements in socio-economic development this year, the Chief of Office of the Bac Giang Provincial People's Committee said that there are still some shortcomings, limitations, difficulties and challenges. Specifically, the economic growth rate did not reach the set target (target of more than 14%); economic growth is high but not sustainable.

Industrial production faces many difficulties and challenges, especially solar panel manufacturing enterprises; Public investment is still slow in all stages and implementation processes, disbursement is facing many difficulties and is slowly being overcome. Attracting new foreign investment is low, land fund to attract investment is limited...

At the Conference, answering the question of PLVN reporter about Bac Giang's experience in attracting foreign direct investment (FDI) - one of the important factors contributing to making Bac Giang the province with the highest economic growth rate in the country in recent years, the leader of the Department of Planning and Investment of Bac Giang province said that recently there has been a wave of investment shifting to Vietnam by foreign investors. In that context, Bac Giang has had policies to welcome investors and attract capital. The province has prepared infrastructure, especially infrastructure for industrial parks, industrial clusters, transportation, construction, electricity, etc.

In particular, the planning issue has been of interest to the leaders of Bac Giang province and has been implemented very early, especially planning on land, traffic, electricity infrastructure, and industrial parks and clusters.

In addition, Bac Giang has promptly established a steering committee to resolve administrative procedure problems, helping businesses quickly resolve procedures. Bac Giang provincial leaders also regularly dialogue with businesses to promptly grasp difficulties, thereby directing the removal of obstacles for businesses in the spirit of no difficulty being left unresolved.

“In addition, to attract FDI capital, geopolitics is also an important factor, Bac Giang has this advantage. In addition to the geographical issue, cutting administrative procedures, creating favorable conditions for businesses to invest and operate; and the strong leadership and direction of the provincial leaders are also important factors to attract foreign investment capital,” said the leader of the Department of Planning and Investment of Bac Giang province.

Source: https://baophapluat.vn/bac-giang-ly-giai-toc-do-tang-truong-kinh-te-tiep-tuc-cao-nhat-ca-nuoc-post533977.html