Economic growth in difficult times

The automobile manufacturing industry is growing again, contributing positively to economic growth.

After more than 4 months of synchronous implementation of economic growth solutions, positive figures from the industry sector partly clearly reflect the management efficiency of the government apparatus and the right business strategies of enterprises.

According to the Provincial Statistics Office, in the first 4 months of 2025, the industrial production index (IIP) is estimated to increase by 13.36%, 1.5 times higher than the 9.13% increase in the same period in 2024. In particular, the electronic components manufacturing industry increased sharply thanks to market diversification and many new projects coming into operation, revenue from electronic components manufacturing services is estimated at nearly 24 trillion VND, up 27.37% over the same period.

The automobile manufacturing industry remained stable thanks to improved purchasing power, with automobile output estimated at 12,440 vehicles, up 1.42% over the same period in 2024. A number of new investment projects coming into operation in the first quarter helped increase the industry's output and revenue (AAC Technologies factory project; QAT Word factory project; Circuit Flex Vina factory project; Dong Hwan Electronic factory project...).

With a receptive spirit, the provincial leadership team has resolutely taken action for the "health" of enterprises, helping the province's investment environment become more and more attractive. Since the beginning of the year, the results of attracting domestic investment (DDI) have improved with 16 projects granted Registration Certificates (7 newly granted projects, 9 adjusted projects) with a total registered capital of more than 1,841 billion VND.

In the foreign direct investment (FDI) sector, the province has granted certificates to 27 projects (11 newly licensed projects and 16 capital-adjusted projects) with a total registered capital of 163.17 million USD. Traditional investment countries such as Japan, South Korea, Taiwan (China) and China continue to be important and long-term partners in the province's economic development orientation. South Korea is the largest investor with 70.72 million USD (for 11 projects), accounting for 43.34% of the total registered capital.

Contributing to the bright colors in the overall economic picture must include bank credit activities, when financial flows supporting production and business activities are cleared by effective measures. After a period of stagnation, credit activities in the area continue to flourish, growing compared to the same period in 2024.

Total mobilized capital as of April 30, 2025 reached more than VND 145.3 trillion, an increase of 3.74% compared to the end of 2024. Total outstanding loans reached nearly VND 149.5 trillion, an increase of 4.04% compared to the end of 2024; bad debt decreased to VND 1,380 billion, accounting for 0.92% of total outstanding loans.

Deputy Director of the State Bank of Vietnam, Region 4 Branch, Hoang Duy Chinh, said: The banking sector has grown despite the sluggish real estate market, showing that the flow of preferential loans into production and business areas has been effective. With the measures being implemented, the province has created a necessary bridge to help the banking sector and businesses strengthen connections and share difficulties.

In addition, the agricultural sector continued to maintain stable production, the drought-fighting efforts of irrigation companies were effective, thousands of hectares of rice were saved when heavy rains appeared in early May.

The tourism and service sectors achieved many positive results, many major cultural events were held to celebrate the country's major holidays, contributing to increasing tourist attraction. During the recent April 30 - May 1 holiday, the province welcomed more than 150,000 visitors to tourist and resort areas, with estimated revenue of more than 75 billion VND.

Recently, when the US reciprocal tax policies were announced, Chairman of the Provincial People's Committee Tran Duy Dong directly directed departments and branches to quickly synthesize and grasp the concerns of businesses. Expressing his desire to learn, he hoped that business owners would accompany the province to come up with effective measures to adapt to the new US tax policies.

The intervention from the head of the provincial People's Committee is very timely, showing that the province's commitments to investors are always guaranteed and consistent. That further clearly demonstrates why Vinh Phuc is always a good land for investors, a support for businesses to develop sustainably.

With the strong direction of the provincial government and the dynamism of businesses, Vinh Phuc's economy has made a breakthrough and flourished since the beginning of the year.

Striving to achieve the double-digit growth target, the province will continue to implement economic development solutions, strengthen investment promotion activities, and promote the image of industrial parks to domestic and foreign investors. Increase the occupancy rate of industrial parks, create more jobs, and increase income for people.

At the same time, speed up the progress of key projects, complete traffic and technical infrastructure, and ensure the necessary factors to build a favorable business environment for enterprises to develop quickly and sustainably.

Article and photos: Chu Kieu

Source: http://baovinhphuc.com.vn/tin-tuc/Id/127956/Kinh-te-khoi-sac-trong-kho-khan