Economic growth boost

Although individual localities are still experiencing positive growth, regional linkages must be promoted to achieve a breakthrough.

The presence of numerous large manufacturers is one of the reasons for Bac Giang's breakthrough growth. (In the photo: Samkwang factory in Viet Yen town, Bac Giang.)

A bright piece in the economic picture.

Although the final GDP growth figures for the entire country are not yet finalized, the economic picture for the first six months of the year is beginning to emerge. Within this picture, the economic landscape of the 63 localities has shown some bright spots. Most notably, Bac Giang stands out, having recently experienced strong growth in attracting investment, industrial production, and GRDP.

Statistics show that in the first six months of 2024, Bac Giang's GRDP growth reached 14.14%, leading the country. In the first quarter of 2024, the province also led the country in GRDP growth. The arrival of numerous large manufacturers, such as Foxconn, Luxshare ICT, Fukang, Hana Micron, etc., is one of the reasons for Bac Giang's breakthrough growth. The province's industrial production increased by 26.64% compared to the same period last year, and this is a crucial driving force for growth.

Meanwhile, many other localities also experienced positive GRDP growth. For example, Khanh Hoa grew by 12.73% in the first six months of the year. The figures for Quang Ninh were 9.02%; Nam Dinh 8.56%; Binh Dinh 7.6%; Dong Nai 6.8%... These growth rates were mostly higher than the GRDP growth rates of the first six months of last year.

The positive trend also extends to Hanoi and Ho Chi Minh City. These two economic powerhouses achieved GRDP growth rates of 6% and 6.46% respectively in the first half of the year. In the same period last year, Hanoi's GRDP growth was 5.97%, while Ho Chi Minh City's was 3.55%. The positive trend in Hanoi's economy and the recovery of Ho Chi Minh City's economy are quite evident.

Speaking at the 31st Conference of the Ho Chi Minh City Party Committee, 11th term, 2020-2025, Ho Chi Minh City Party Secretary Nguyen Van Nen recently stated that this is a "very commendable" result in the context of the domestic and global economic situation still facing many difficulties and challenges.

Not only the aforementioned localities, but Bac Ninh also began to regain its growth momentum. In the first quarter of 2024, the province still experienced negative growth of 3.83%; in the first half of last year, it experienced negative growth of 12.59%; while in the first six months of this year, it has grown by 2.32%. Although not a high growth rate, the fact that Bac Ninh's GRDP has returned to positive growth after more than a year shows that the province's economy has "hit rock bottom". The difficulties have passed, the economy has regained its growth momentum, and this is an important prerequisite for Bac Ninh to complete its plan for the whole year of 2024.

A boost for growth.

The growth trend in localities is positive, and this will certainly contribute significantly to helping the Vietnamese economy regain its growth momentum, gradually overcoming the concern of not keeping pace with the world that Minister of Planning and Investment Nguyen Chi Dung mentioned at the Government's regular meeting in May 2024. According to the Minister, some countries have been implementing new economic stimulus packages, increasing competitive pressure and requiring the economy to recover and grow even faster.

In recent reports submitted to the Government, the Ministry of Planning and Investment has consistently emphasized the implementation of regional planning and the promotion of regional linkages.

To accelerate economic recovery and growth, Minister Nguyen Chi Dung has proposed a series of solutions, such as strongly promoting traditional growth drivers, leveraging and developing new growth drivers from the digital economy, circular economy, and new production sectors like semiconductors and AI. Among these, in recent reports submitted to the Government, the Ministry of Planning and Investment has consistently emphasized the implementation of regional planning and the promotion of regional linkages. Regional linkages are even considered the "key" to boosting growth and creating breakthroughs for the socio-economic development of localities and the entire country.

In May 2024, more than two years after the first regional plan was approved – the Mekong Delta Regional Plan – the regional plans for the Red River Delta, Southeast, Central Highlands, Northern Midlands and Mountains, North Central, and Central Coastal regions were successively signed and promulgated by the Prime Minister. Regional economic coordination councils were also established. Investment promotion activities and the construction of inter-regional projects have been and are being intensively implemented…

“Regional linkages have now become an inevitable trend. We must establish strong regional linkages to support and complement each other, to jointly exploit and utilize each other's advantages and potential, and to generate greater value,” Minister Nguyen Chi Dung stated, adding that the Resolution of the 13th National Congress of the Party and recent resolutions of the Politburo all emphasize the significance and importance of regional linkages.

The term "breakthrough" was frequently mentioned by Minister Nguyen Chi Dung when announcing regional plans, as well as when discussing promoting regional linkages. When announcing the Red River Delta Regional Plan for the period 2021-2030, with a vision to 2050, Minister Nguyen Chi Dung emphasized six words: "Tradition - Linkage - Breakthrough." Regarding the Southeast Regional Plan, the Minister used three words: "breakthrough, pioneering, linkage"...

He also mentioned that in just over a year since the implementation of Resolution No. 26-NQ/TW of the Politburo on socio-economic development and ensuring national defense and security in the North Central and Central Coastal regions until 2030, with a vision to 2045, the region's economy has undergone positive changes. The region's GRDP growth in 2023 reached 5.51%, and in the first quarter of 2024 it reached 6.27%, higher than the national average. Notably, among the 11 important regional linkage projects and project groups, 3 airports and 1 seaport have been completed…

Regional linkages are clearly bringing positive effects to the socio-economic development of the entire region and each locality within the region. Promoting regional linkages will be a "boost" for growth.

Source: https://baodautu.vn/thuc-day-lien-ket-vung-cu-hich-tang-truong-kinh-te-d217966.html