Breakthrough for development

The year 2024 ended with many difficulties and challenges, especially Typhoon No. 3 and the subsequent floods, which negatively impacted production, business activities, and people's lives, as well as the implementation of socio-economic development tasks. However, adhering closely to the policies and directions of the Central Government, Thai Binh province made strenuous efforts and was determined to comprehensively implement tasks and solutions to ensure the province's economy developed comprehensively and sustainably.

The Ammonium Nitrate production plant of Thai Binh Mining Chemicals Company maintains safe and efficient production and is preparing to invest in expanding the project's scale. Photo: Khac Duan

Accelerate solutions

From the beginning of the year, the province has directed the implementation of socio-economic development management with decisive action and high determination from the entire political system to achieve the best possible results. Along with the serious implementation of the Central Government's policies and directives, the Provincial Party Committee and the Provincial People's Committee have directed the strengthening of propaganda and the timely implementation of new state laws and regulations; and issued programs, plans, and guiding documents to implement the set goals and tasks. In 2024, all levels and sectors will always stand alongside investors, listening to and valuing the contributions of businesses and investment associations both domestically and internationally, creating a strong bond and trust among investors; improving the quality of business development services; promoting administrative procedure reform and improving the investment and business environment; tightening administrative discipline and order; and enhancing the effectiveness and efficiency of leadership and management. With the firm goal of overcoming the tendency to shirk responsibility and avoid accountability in handling work, the Provincial People's Committee directs departments, agencies, districts, and cities to act decisively, boldly, and consistently, prioritizing the common good and the development of the province, placing the interests of the state and the people above all else. In addition, focus on reviewing and promptly addressing difficulties and obstacles, resolving bottlenecks to unlock resources, exploit potential, and promote the development of various sectors and fields; direct and resolve obstacles to accelerate the implementation of key projects such as: the LNG gas-fired thermal power plant project, the provincial general hospital project at the medical center, the provincial museum construction project, and the investment, construction, and operation of infrastructure in the VSIP Thai Binh industrial park. Regularly inspect and monitor the progress of land clearance for important connecting transportation projects such as: the main connecting road within the Economic Zone, the Southern Ring Road, the road from Thai Binh city to Sa Cao...

The economic picture shows many bright spots.

Thanks to the decisive implementation of solutions, Thai Binh's economy has experienced balanced growth across all three sectors. The province's Gross Regional Product (GRDP) is estimated at VND 71,326 billion, an increase of 7.01% compared to 2023, with the industrial and construction sector growing by 11.76% and the service sector by 6.62%. The total value of production is estimated at VND 210,455 billion, an increase of 6.92% compared to 2023. Industrial production continues to maintain its role as the driving force of the economy with a growth rate of 9.19%, and a total value of production estimated at VND 106,449 billion. Many sectors have seen high growth rates, such as: processing and manufacturing, estimated at VND 94,136 billion, an increase of 6.7%; and electricity production, transmission and distribution, reaching VND 11,657 billion, an increase of 35%. Water supply, waste management and treatment are estimated to reach 369 billion VND, an increase of 4.2% compared to 2023... The construction of advanced new rural areas and model new rural areas is being focused on and promoted. In 2024, the province is expected to recognize 13 communes as achieving advanced new rural area status and 2 communes as achieving model new rural area status, bringing the total number of communes meeting new rural area standards to 40 and 2 communes as achieving model new rural area status. In addition, the province will also recognize 18 communes formed after the reorganization of commune-level administrative units as meeting new rural area standards in 2024.

Manufactured at Yazaki Hai Phong Vietnam Co., Ltd. Thai Binh Branch (Song Tra Industrial Park). Photo: Khac Duan

Investment attraction efforts have also seen significant progress. In 2024, the province's total investment attracted reached over 38,088 billion VND, including 154 production and business investment projects with a total registered capital of 26,444 billion VND, an increase of 26.2% compared to 2023; foreign direct investment (FDI) reached over 1 billion USD. With these results, this is the second consecutive year that Thai Binh has attracted over 1 billion USD in FDI. During the year, the province successfully organized many delegations to connect with and promote investment in Germany, Switzerland, Hungary, the Netherlands, France, Belgium, Russia, etc. The province organized working sessions with delegations and large domestic and foreign corporations to explore investment opportunities, conduct research, and surveys, such as: the Vietnam Trade Office in Singapore, Heraeus Group, Kyushu Promotion Center of Japan, Zenith Group of South Korea, Tokyo Gas Group, Truong Thanh Group, T&T Group and Marubeni Group (Japan), Kamkiu Group of China, HVR International Company - Federal Republic of Germany, delegations from the Kyushu Association and Kyushu Federation (Japan), Trinasolar Group (Singapore)...; thereby opening up many opportunities for cooperation between Thai Binh and countries around the world. In addition, Thai Binh continued to maintain for the third consecutive year that over 1,000 new businesses were established annually. To date, the province has 7,634 businesses and 3,143 branches, representative offices, and business locations in operation with a total registered capital of over 120.4 trillion VND. The disbursement of public investment capital has been decisively directed, thus the province continues to be among the top in the country in terms of public investment capital disbursement; in 2024, the estimated disbursement rate of public investment capital in the province is expected to reach 169.4% of the plan assigned by the Prime Minister and 96% of the local plan allocated. Budget revenue collection maintained its achievement of exceeding 10,000 billion VND for the third consecutive year, with total revenue exceeding 11,400 billion VND, reaching 132.9% of the projected target, an increase of 16.5% compared to 2023. In addition, the province has focused resources and directed the completion and commissioning of key projects to create momentum for the province's economic development, such as: the 500kV power line project, circuit 3 Quang Binh - Pho Noi, the section passing through Thai Binh province with 39km across 4 districts and 22 communes; and the Provincial Center for Disease Control. Projects to renovate and upgrade provincial roads connecting districts...

The year 2025 is predicted to continue facing many difficulties and challenges for the economy, while also being a year of special significance with many important national events. However, the achievements of 2024 and the high determination of the entire political system serve as an important foundation and prerequisite for Thai Binh to enter a breakthrough and acceleration phase, aiming for higher goals in 2025, ready to join the whole country in entering a new era, an era of national progress.