Vietnam's Fastest Growing Places: A Province Bordering Hanoi Takes the Lead

(Dan Tri) - Many localities achieved double-digit GRDP growth in the first half of 2024, with the leading province growing by more than 14%.

"Champion" Bac Giang : 14.14%

Data released at the regular June conference of the Bac Giang Provincial People's Committee showed that economic growth in the area reached 14.14%, leading the country. Of which, industry - construction increased by 18.11%; services increased by 6.42%; agriculture, forestry and fishery increased by 1.82%; product tax increased by 10.59% over the same period. The scale of gross regional domestic product (GRDP) reached VND 96,058 billion, equal to 45.3% of the plan. The province's industrial production continued to grow from the end of 2023 to present. The added value of industry in the first 6 months of this year is estimated to increase by 19.11% over the same period last year. The Industrial Production Index (IIP) of Bac Giang in the first 6 months increased quite high compared to the same period, estimated to increase by 26.45%, the industrial production value is estimated to reach over 315,140 billion VND, equal to 47.3% of the plan, up 28% over the same period. The total state budget revenue in the first 6 months is estimated to reach over 9,800 billion VND, up 28.3% over the same period, equal to 61.2% of the estimate. The above results are said to come from the fact that the locality regularly grasps the production and business activities of enterprises; proactively and promptly resolves and removes difficulties and obstacles, handles outstanding and newly arising issues, especially regarding capital, consumption market, labor, raw material costs, import and export of goods, etc. to support enterprises to stabilize production, promote supply chain recovery, and create new production capacity. However, the province also assessed that the socio-economic development situation in the area is still facing many difficulties and challenges such as increased costs of some raw materials and decreased orders. The implementation of some urban and residential area investment projects still has some shortcomings and limitations. The real estate market is still facing many difficulties. Attracting foreign investment is showing signs of slowing down, land funds to attract investment are limited. The number of enterprises entering the market has decreased compared to the same period. The disbursement rate of public investment capital is low compared to requirements.

Khanh Hoa - "runner-up" with growth of 12.73%

According to data released by the Khanh Hoa Provincial Statistics Office, in the first 6 months, the province's economy maintained a high growth rate. Many investment promotion programs and activities were organized, opening up many opportunities for local economic development. The local GRDP in the first 6 months was estimated at over 31,226 billion VND, up 12.73% over the same period last year, ranking 2nd in the country and leading the North Central and Central Coast regions. Many other economic indicators also increased compared to the same period last year, such as: Industrial production index increased by 46.36%; total social development investment capital increased by 10.25%. Total retail sales of goods and consumer service revenue increased by 15.14%; tourism revenue increased by 96.82%; export turnover of goods increased by 16.85%; total state budget revenue increased by 23.05%. This year, Khanh Hoa province strives to maintain a growth rate of over 10% and successfully implement many key, important projects of the country and the province. The locality aims to resolve difficulties and obstacles of projects, especially in site clearance, and accelerate public investment. At the same time, it will attract investment projects in industrial parks, industrial clusters, urban and resort projects... to create jobs and increase budget revenue in Van Phong Economic Zone.

Thanh Hoa grew 11.5% - ranked first in the North Central region, third in the country

At the regular meeting in June, information showed that Thanh Hoa's GRDP growth rate was estimated at 11.5%, leading the North Central region and ranking 3rd nationwide. Agricultural production was stable, the winter-spring rice yield was the highest ever; the industrial production index (IIP) was estimated to increase by 15.8%, most major industrial products had increased output compared to the same period; export value increased by 21.9%, total tourism revenue increased by 30.2%. State budget revenue was equal to 76.9% of the year's estimate and increased by 29.6%. Investment attraction increased by 78.8% in the number of projects and 25.3% in registered capital; the number of newly established enterprises increased by 7.2%, leading the North Central region and ranking 8th nationwide. The Provincial Competitiveness Index (PCI) in 2023 increased by 17 places compared to 2022. With the target of GRDP growth for the whole year of 11% or more, Thanh Hoa's GRDP growth rate in the last 6 months of the year must reach 10.6%.

Sam Son beach on weekends (Photo: Thanh Tung).

Mr. Do Minh Tuan - Chairman of Thanh Hoa Provincial People's Committee - said that the province has succeeded in removing difficulties in some existing problems from last year and compared to the same period, such as: difficulties in administrative institutions, in the supply of construction materials, there has been a relatively clear change in the situation of avoidance and pushing of civil servants and leaders in the government system... Regarding existing limitations, Mr. Tuan said that the progress of infrastructure investment is still slow, the role of authorities at all levels in disbursing investment capital is still limited, the capacity of contractors is still weak, and the capacity of consultants is still weak. There are still violations in bidding work; the disbursement of public investment capital is high but has not met the set plan. Some projects in the cultural field and the Waste Treatment Plant project are behind schedule.

Ha Nam grows 10.35% - leading the Red River Delta

According to the statistics of Ha Nam Provincial Statistics Office, the province's gross regional domestic product (GRDP) in the first 6 months (at 2010 comparative prices) is estimated at VND 26,891 billion, up 10.35% over the same period in 2023. Ha Nam's GRDP in the first half of this year achieved the highest growth rate since 2021. With this result, Ha Nam's GRDP growth rate ranked first in the Red River Delta region and fourth nationwide in the first 6 months. In the general increase, the industrial and construction sector still plays a leading role, estimated at VND 17,443.9 billion in the first 6 months, up 13.26% over the same period (contributing 81% to the general increase). The service sector is estimated at VND 5,693.6 billion, up 7.22% over the same period (contributing 15.2%). Agriculture, forestry and fishery sector, estimated at 2,131.3 billion VND, up 1.06% over the same period (contributing 0.9%). Product tax minus product subsidy is estimated at 1,622.2 billion VND, up 4.75% over the same period (contributing 2.9% to the overall increase). Investment attraction is quite good. As of June 10, the whole province had 368 newly established enterprises with a total registered capital of over 5,703 billion VND, up 10% in the number of enterprises and up 82.1% in registered capital over the same period in 2023. Ha Nam attracted 29 new investment projects. In the first half of the year, Ha Nam province had 1,205 valid investment projects (397 FDI projects and 808 domestic projects) with registered capital of 6.28 billion USD and 172,796 billion VND.

Hai Phong grew 10.32% - 5th in the country

Hai Phong's economy in the first 6 months took place in the context of positive growth in the domestic economy in all 3 main sectors: agriculture, industry and services; exports are recovering, domestic consumption and private investment are also gradually increasing. According to the statistics of the Hai Phong City Statistics Office, the total product in the area in the first 6 months is estimated to increase by 10.32% over the same period last year (this year's plan is to increase by 11.5-12%), ranking 5th in the country and 2nd in the Red River Delta. Of which, the agriculture, forestry and fishery sector increased by 0.86%, contributing 0.03 percentage points to the overall growth rate; the industry and construction sector increased by 12.76%, contributing 6.68 percentage points; the service sector increased by 8.54%, contributing 3.25 percentage points; product taxes minus product subsidies increased by 5.77%, contributing 0.35 percentage points. Industrial production in the area has flourished and achieved positive results, with each quarter higher than the previous quarter (the first quarter increased by 13.31%, the second quarter increased by 17.12%). The city's industrial production index (IIP) for the first 6 months is estimated to increase by 15.24% over the same period last year. Transportation activities in the city in June and the first 6 months of the year continued to maintain high growth momentum compared to the same period last year. In the first 6 months of the year, freight revenue is estimated at 31,294.3 billion VND, up 12.4%; the volume of transported goods reached 157.7 million tons, up 11.11%. Goods through seaports in the city in the first 6 months of the year increased by 11.64% over the same period in 2023.

Tra Vinh grows 10.27% - leading the Mekong Delta region

The socio-economic situation in the first 6 months of Tra Vinh province has many bright spots. In particular, the GRDP growth rate is estimated at 10.27%, leading the Mekong Delta region and ranking 6th in the country, the highest growth rate since the beginning of the term of this locality. In the same period, Tra Vinh grew by 5.74%. Budget revenue met the estimated progress, in the first 6 months, it collected more than 11,200 billion VND, reaching 82.12% of the estimate, up 20.17% over the same period. The agricultural production situation is relatively favorable. The total value of agricultural, forestry and fishery production is estimated at more than 12,700 billion VND, reaching 39.49% of the plan, up 3.25% over the same period. Sectors and localities have proactively responded to drought and saltwater intrusion, effectively operating the irrigation system, especially the Canal 3/2 Pumping Station; The output of some agricultural products was higher than the same period last year. The industrial production index in June decreased by 3.5% compared to the previous month, but the cumulative 6-month increase was still 58.87% compared to the same period last year. The estimated production value in the first 6 months was over 20,400 billion VND, reaching 50.73% of the plan, up 20.12%. All 4 industrial production groups increased. Of which, the production and distribution of electricity, gas, hot water, steam and air conditioning increased by nearly 75%. The import-export turnover in the first 6 months was estimated at over 716 million USD, up 40.4%. Regarding investment promotion and business development, in the first 6 months, the province granted new investment policies to 9 domestic and foreign projects. 232 new enterprises were established, reaching 44.61% of the plan. Disbursement of public investment capital is higher than the same period, estimated at over VND2,190 billion as of June 30, reaching 45% of the capital plan. Total social investment capital is estimated at over VND14,000 billion, reaching 41.46%, up 8.12% over the same period.

Hanoi capital grows 6%

In the first half of the year, Hanoi's GRDP is estimated to increase by 6% (in the same period last year, it increased by 5.97%). Total state budget revenue in the area in the first 6 months is estimated at 252,054 billion VND, completing 61.7% of the estimate, up 12.5% ​​over the same period; export turnover is estimated at more than 8.8 billion USD...

Hanoi's GRDP is estimated to increase by 6% in the first half of this year, a slight improvement over the same period (Illustration photo: Vu Tuan Anh).

Total retail sales of goods and consumer service revenue in the first 6 months are estimated to increase by 10.7% (same period last year increased by 10.4%). In the first 6 months of 2024, the total number of tourists to Hanoi (served by accommodation establishments) increased by 36.9% (same period last year increased by 46.5%). The city attracted 1.17 billion USD in FDI capital (up 52% ​​over the same period). In the remaining 6 months, Hanoi plans to focus on ensuring economic stability and growth, controlling inflation; removing difficulties for production and business; promoting new growth drivers. Focus on effectively and substantially restructuring the economy in conjunction with renewing the growth model, improving productivity, quality, efficiency and competitiveness; promoting the development of digital economy, green economy, circular economy, sharing economy, emerging industries and fields, and new business models. The city will implement the amended Law on the Capital after it was approved by the National Assembly; plan to implement two plans after they are approved; perfect the mechanism and policies for exploiting resources from land; promote the development of urban technical infrastructure; improve the efficiency and quality of state management of planning, land, urban areas and environmental protection. Hanoi also said it will strengthen social order and safety, fire prevention, fire fighting and rescue for boarding houses and other types of facilities with high risk of fire and explosion; and maintain good foreign affairs.

Da Nang: Economic scale estimated at over 72,000 billion VND

According to the representative of the Da Nang City Statistics Office, in the second quarter, Da Nang City's economy has had positive changes, the tourism sector has continued to recover strongly since the Covid-19 pandemic, creating breakthrough growth for a number of service industries such as: accommodation, food and beverage, trade, transportation, entertainment, etc. Besides, the manufacturing sector also has more positive signals, contributing positively to the overall growth of the city in the first 6 months of the year. The total product in the area in the second quarter is estimated to increase by 8.35% over the same period in 2023. In the first 6 months, the city's GRDP is estimated to increase by 5%, higher than the 3.48% increase in the same period. In the 5% increase of the whole economy in the past 6 months, the service sector increased by 5.99%, contributing mainly to the overall GRDP growth; the industrial - construction sector increased by 1.7%; The agricultural, forestry and fishery sector increased slightly by 0.85% and product taxes minus product subsidies increased by 5.17%. The scale of the city's economy in the first 6 months at current prices is estimated at 72,303 billion VND, expanding by more than 7,050 billion VND compared to the same period in 2023. Nationwide, the scale of Da Nang's GRDP in the first 6 months of the year continued to maintain its position as 17th out of 63 provinces and cities and led the provinces and cities in the South Central Coast region. Budget revenue and expenditure activities in the area have shown positive signs, domestic revenue is quite good compared to the estimate and increased compared to the same period thanks to positive changes in production and business activities of economic sectors. Preliminary calculations up to June 20, total state budget revenue in the area reached 12,980 billion VND, up 34% over the same period; total budget expenditure reached 14,823 billion VND, up 13%. The bright spot in the 6-month economic picture continues to be the trade and service sector. In particular, the number of international visitors to Da Nang has achieved an impressive increase and exceeded the same period in 2019, when the Covid-19 pandemic had not yet occurred. In the first 6 months, revenue from accommodation and catering services is estimated at nearly VND 12,932 billion, up 22.2% over the same period in 2023. Of which, revenue from the accommodation sector is estimated at VND 4,684 billion, up 36.4%; the catering sector is VND 8,248 billion, up 15.4%.

Bac Ninh escapes negative growth

In the first 6 months, Bac Ninh province's growth was promoted in all 3 economic regions. GRDP increased by 2.32% over the same period in 2023; industrial production recovered positively. The index of industrial production (IIP) increased by 1.5%; trade and service activities were bustling, total retail sales of goods and service revenue were estimated at 49,964 billion VND, up 8.5%. State budget revenue and expenditure were guaranteed, resources were cleared; estimated state budget revenue reached 17,688 billion VND, reaching 56.6% of the estimate, up 19.5%. The province promoted investment promotion, attraction, and business development activities, established many working groups to promote investment, and seek development cooperation opportunities in many countries such as China and some European countries. Notably, the number of newly granted FDI projects in the locality doubled with a 1.2-fold increase in registered capital, and the establishment of new enterprises increased by 6.5%. According to the province's plan, this year, the locality's GRDP growth will be from 5% to 6.29% compared to 2023; attracting new FDI capital to industrial parks will reach 1.2 billion USD; the urbanization rate will reach 60.3%; the rate of trained workers will be 79%... One of the reasons for Bac Ninh's negative growth last year was said to be due to its heavy dependence on Samsung and the province is moving towards reducing this dependence. Bac Ninh's economic development orientation in the coming time is not to depend on any enterprise or market but to harmonize investment markets as well as industries. In the first 5 months of the year, Bac Ninh's investors mainly came from China with 127 projects; Hong Kong with 29 projects; Singapore with 19 projects... Furthermore, Bac Ninh's growth is currently being promoted in all three economic sectors (industry - construction; agriculture, forestry and fishery; services). For nearly 10 years, Bac Ninh's agriculture has grown almost unchanged, but in the first 6 months of this year, agriculture grew by nearly 3%. In addition, after the Covid 19 pandemic passed, the province has also improved the organization of service activities. Service growth was higher than 7%, leading to positive GRDP growth. In addition, since the beginning of the year, in parallel with promoting endogenous resources, foreign affairs activities, and cooperation with localities and units at home and abroad have been continued to be promoted by Bac Ninh province. Working delegations of provincial leaders have promoted investment and sought development cooperation opportunities in many countries.

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Source: https://dantri.com.vn/kinh-doanh/nhung-noi-tang-truong-nhanh-nhat-viet-nam-mot-tinh-giap-ha-noi-dan-dau-20240629162330532.htm