Innovation is the driving force of development.

After decades of focusing on solutions to heal the wounds of war, restore and develop the economy, Tien Giang, along with the rest of the country, has achieved many important accomplishments.

Besides ensuring food security and shifting towards rice exports, Tien Giang's economy has begun to develop in multiple sectors, focusing on industrial development, attracting many domestic and foreign investors, and becoming a new driving force for development.

RAPID ECONOMIC GROWTH

Fifty years after the complete liberation of Southern Vietnam, thanks to continuous efforts, Tien Giang province has made significant progress in all fields. Proactive innovation across all sectors has resulted in many positive achievements in the province's socio-economic landscape. The most prominent evidence of this progress is the growth in its Gross Regional Domestic Product (GRDP).

The D7 Road project and the residential areas on both sides of the road have contributed to changing the face of My Tho. Photo: TRUNG HAU

According to an analysis by the Tien Giang Provincial Department of Finance, during the period 2010-2019, Tien Giang province's GRDP consistently maintained positive growth, fluctuating from 4.8% to 10.6%. Under the impact of the Covid-19 pandemic, the province's GRDP only increased by 0.3% in 2020 and decreased by -0.9% in 2021. After the pandemic, from 2022 to 2024, Tien Giang's GRDP recovered and grew rapidly, reaching 7.1% in 2022; 5.7% in 2023 and 7.02% in 2024.

Thus, despite being severely affected by the Covid-19 pandemic, the economy of Tien Giang in general and its economic sectors in particular have shown significant recovery in the last three years (2022-2024). In recent years, Tien Giang's GRDP growth has recovered strongly, especially in sectors 2 and 3.

These areas play a crucial role and have a faster recovery rate than Area 1, contributing significantly to the province's overall growth. With this growth rate, compared to the Mekong Delta region in 2024, Tien Giang province's GRDP will rank third, only after Long An and Kien Giang provinces.

During the economic transition period, although agriculture still plays an important role in Tien Giang province's economy, the declining proportion is a sign of the industrialization and modernization process. Tien Giang is shifting from an economy primarily based on agriculture to a more diversified economy with strong contributions from the industrial and trade-service sectors.

The strong growth of the industrial sector is a positive sign for the development of Tien Giang's economy, especially in the context of integration and globalization. The province is also promoting development, focusing on attracting investment in processing industries and manufacturing high value-added goods, helping to enhance the competitiveness of the economy and create more job opportunities. Meanwhile, trade and services continue to play an important role in the economy, especially in the fields of commerce, transportation, logistics, and finance.

One of the notable highlights of the province's socio-economic development is its effective implementation of public investment. Over the years, Tien Giang has consistently ranked among the leading provinces and cities nationwide in terms of disbursing public investment funds. Many projects and works have been implemented, creating a ripple effect and serving as an important driving force for the province's socio-economic development.

According to the head of the Department of Finance, during the period 2011-2015, the investment capital utilization efficiency (ICOR) of the province was relatively good with an ICOR of 2.89. This shows that Tien Giang province has been able to use capital quite effectively in the early stages of economic development.

During the period 2016-2020, the ICOR increased sharply to 4.62, reflecting a decrease in the efficiency of capital utilization. The main reason was investment in large projects, which extended the payback period and did not generate commensurate GDP growth in the short term.

During the period 2021-2025, although the ICOR decreased to 4.43, the efficiency of capital utilization was still not optimal. This also poses significant challenges in implementing future solutions.

A POWERFUL TRANSFORMATION

Looking at it from another perspective, one of the impressive results in Tien Giang's reform journey lies in the export sector. Accordingly, from 2010 to 2019, Tien Giang experienced impressive export growth, with export turnover increasing fivefold over the 10 years.

This reflects the province's significant transformation from an economy primarily based on agriculture to one focused on processing and export industries. Sectors such as food processing, seafood, rice, and fruit exports play a crucial role in the province's economy.

The period from 2020 to 2021 was a challenging time for Tien Giang's exports, as the pandemic disrupted global supply chains, limiting production and transportation. However, Tien Giang province overcame these difficulties and recovered strongly in the 2022-2024 period. After the pandemic was brought under control, Tien Giang witnessed a strong recovery, with export turnover growing sharply from over 3.1 billion USD in 2021 to 6.5 billion USD in 2024.

Furthermore, Tien Giang is focusing on key export products with high added value such as processed foods, rice, fruits, and seafood. At the same time, Tien Giang is prioritizing expanding export markets, especially to demanding markets such as Europe, the US, Japan, and South Korea. Compared to the Mekong Delta region, in 2024, Tien Giang province's export turnover ranked second, only after Long An province.

The Bao Dinh River Road and Embankment Project is currently under construction. Photo: MINH THANH

The increasingly developed economy of Tien Giang has helped increase the province's budget revenue. According to further analysis by the Department of Finance, during the period 2010-2019, Tien Giang province's budget revenue maintained stable and sustainable growth, thanks to the strong development of the Industry, Construction, and Service sectors, which significantly contributed to maintaining the province's budget revenue.

The Covid-19 pandemic caused a significant decline in budget revenue in 2020 and 2021. However, government support measures and the gradual recovery of the economy helped the province overcome this difficult period. From 2022 onwards, budget revenue began to recover strongly, indicating that Tien Giang province's economy is starting to rebound.

In addition, the province also has strategies to attract investment and develop industry and services to increase budget revenue in the long term. In 2024, the province's budget revenue reached 11,384 billion VND, ranking 4th in the Mekong Delta region, only behind Long An, Kien Giang provinces and Can Tho city.

Once the economic foundation is built on a fairly solid base, Tien Giang plans to pursue industrialization and modernization in line with the country's overall process by leveraging its internal strengths and maximizing the use of external resources.

THE ANH - ANH THU

Source: https://baoapbac.vn/kinh-te/202506/tien-giang-after-50-years-of-liberation-steadily-stepping-into-a-new-era-of-renewed-development-momentum-1045192/