Firmly pursuing economic growth targets

In 2024, Thai Binh aims to achieve a growth rate of 8.5 - 9% in the gross regional domestic product (GRDP). Since the beginning of the year, despite many difficulties, the province's economy has maintained its growth momentum with an estimated GRDP of VND 33,657 billion, up 7.96% over the same period in 2023, ranking 16th out of 63 provinces and cities and 7th in the Red River Delta. These results will create an important premise to help Thai Binh complete and exceed its economic growth target in the final months of the year.

In the first 6 months of 2024, electricity production, transmission and distribution is estimated to increase by 52% compared to the same period in 2023. In photo: Thai Binh Power Center. Photo: Khac Duan

Keeping industry as the locomotive of the economy

With an active role as the locomotive of the economy, in the first 6 months of 2024, the province's industrial production index (IIP) increased by 11.8% over the same period in 2023, the industrial production value is estimated at nearly 44,600 billion VND, reaching 39.5% of the plan, up 8.2% over the same period in 2023. The most prominent is the growth of the trade and service sector with total retail sales of goods and service revenue estimated at more than 39,100 billion VND, up 16.2% over the same period in 2023; total export turnover is estimated at 1,291 million USD, up 7.5% over the same period in 2023; Total import turnover is estimated at 909 million USD, up 6.5% over the same period in 2023. Along with that, many sectors have high value growth such as: electricity production, transmission and distribution is estimated at 6,871 billion VND, up 52% ​​over the same period in 2023; processing and manufacturing industry is estimated at more than 37,400 billion VND, up 2.8% over the same period in 2023...

Mr. Tran Huy Quan, Director of the Department of Industry and Trade, said: Right from the beginning of the year, the industry and trade sector has proactively advised the province to organize a ceremony to launch enterprises to compete to boost production and business; meet and wish enterprises a happy new year; start and inaugurate a number of major projects, creating a vibrant atmosphere, competing in production and business and promoting the province's investment environment; at the same time, actively coordinate with departments, branches and localities to promptly support and remove difficulties for enterprises, support enterprises to participate in trade promotion activities at home and abroad, apply advanced technology and e-commerce to search for and expand markets, and promote import and export. To maintain its role as the locomotive of the economy, from now until the end of the year, the industry and trade sector will continue to effectively implement the restructuring project of the industry and trade sector; Focus on reviewing and advising on timely solutions to difficulties in investment, production and business activities of enterprises, especially large projects, so that projects can soon come into operation, creating new production capacity in the whole industry.

Breakthrough from investment attraction

To maintain the economic growth momentum effectively, one of the important solutions that the province is interested in implementing is to create a breakthrough from attracting investment. By June 19, the total investment capital attracted by the province reached nearly 7,800 billion VND, 2.2 times higher than the same period in 2023; of which foreign direct investment capital FDI reached more than 230 million USD, 5.7 times higher than the same period in 2023. With the motto of considering the investors' work as the province's work, Thai Binh has promoted investment promotion and attraction activities in the province; successfully organized a working delegation of the province to promote investment in Germany, Switzerland, Hungary, the Netherlands, France, Belgium; organized working sessions with working delegations and large domestic and foreign corporations to explore investment opportunities, research, and survey in the province; At the same time, focus on directing the review and removal of bottlenecks, difficulties and obstacles in attracting investment and developing production and business.

Mr. Zhu Yin Fu, Deputy General Director of Lotes Vietnam Co., Ltd. said: We decided to choose Thai Binh as an investment location because Thai Binh has a safe business environment and culture; especially with the very active support of provincial leaders, investors in Lien Ha Thai industrial park infrastructure and departments, branches and localities for businesses. Therefore, the investment in building a factory to produce computer ram connector pins, cables for computers and electronic devices of the Company has encountered many advantages. After only 1 year of construction, by the end of February 2023, the factory has put into operation phase 1.

Production activities at Logitex Company Limited (Vu Ninh Industrial Park). Photo: Khac Duan

Synchronize solutions

Not only maintaining the industry as the locomotive of the economy and creating a breakthrough in attracting investment, from now until the end of the year, departments, branches and localities in the province will also synchronously deploy solutions to complete and exceed the set targets. As the locality with the highest economic growth rate in the province, in the first 6 months of the year, the total production value of Thai Thuy district is estimated at more than 15,240 billion VND, an increase of 8.63% over the same period in 2023; in which the agriculture, forestry and fishery sector is estimated to increase by 2.65%; the industrial, handicraft and basic construction sector is estimated to increase by 11.9% and the trade and service sector is estimated to increase by 5.1% over the same period in 2023.

Mr. Nguyen Van Hoa, Chairman of Thai Thuy District People's Committee said: In the coming time, Thai Thuy district will have high political determination, drastic actions, proactiveness and creativity in leadership, direction, operation and organization of task implementation; proactively and fully implement the instructions of the central government and the province; promptly issue programs, plans and documents on direction and operation; strive for a production value increase of 15.93% in 2024 compared to 2023.

Along with that, in agricultural production and new rural construction, localities focus on directing the production of summer-autumn crops and winter-spring crops according to plan; research and develop production area planning, research and identify key agricultural products of the province; synchronously and effectively implement solutions to restructure and develop the agricultural sector; strengthen monitoring, disease prevention and control, especially dangerous diseases in livestock; promote the construction of advanced new rural areas, model new rural areas, maintain and improve the quality of criteria in communes that have met new rural standards. At the same time, accelerate the implementation of key projects in the province; resolutely direct the disbursement of public investment capital; resolutely focus on state budget collection, proactively exploit revenue sources, and have solutions to effectively nurture revenue sources...

Mr. Tang Ba Phuc, Director of the Provincial Statistics Office, assessed: The economic indicators for the first 6 months of 2024 show that the province's economic picture has many signs of recovery and an upward trend. Some important pillars and sectors such as: private investment, foreign investment and industrial production continue to grow; trade and services are bustling again.... These are encouraging signs showing a proactive investment trend; thereby, creating more resources and being the basis for the province to be able to complete and exceed the set target of more than 8.5%.

First 6 months of 2024:

- GRDP is estimated at VND 33,657 billion, reaching 45.8% of the plan, up 7.96% over the same period in 2023; of which the agriculture, forestry and fishery sector increased by 1.82%; the industrial sector increased by 17.42%; the construction sector increased by 6.15% and the service sector increased by 5.98%;

- Total production value is estimated at VND 93,057 billion, up 6.4% over the same period in 2023; of which the value of agricultural, forestry and fishery production increased by 2.1%; the value of industrial and construction production increased by 7.7% and the value of service production increased by 6.2%;

- The economic structure has shifted in a positive direction, in which agriculture, forestry and fishery account for 21%; industry and construction account for 42.1%; services account for 30.7% and product taxes account for 6.2%.

Minh Huong

Source: https://baothaibinh.com.vn/tin-tuc/4/204970/kien-dinh-muc-tieu-tang-truong-kinh-te