Quang Ninh accelerates towards its 2025 target.

Amidst the volatile global and domestic economic landscape, Quang Ninh province's outstanding achievement in state budget revenue collection to date is clear evidence of its flexible and effective management capacity and strong resilience. With total state budget revenue exceeding 70,106 billion VND after more than 10 months, reaching 127% of the central government's target, 122% of the provincial target, and a 58% increase compared to the same period last year, Quang Ninh not only creates strong momentum to achieve the highest target in 2025 but also lays a solid foundation for long-term development goals.

Leveraging the surplus of budget revenue

According to a report from the Quang Ninh Provincial Department of Finance, as of November 10th, the total budget revenue of Quang Ninh has exceeded the target set at the beginning of the year, reaching 70,106 billion VND, equivalent to 127% of the central government's assigned target, 122% of the provincial government's assigned target, and a 58% increase compared to the same period in 2024; of which, domestic revenue reached 55,875 billion VND, exceeding the central government's assigned target by 49%, exceeding the provincial government's assigned target by 41%, and a 94% increase compared to the same period last year. For the remainder of 2025, the province is determined to set a new record for budget revenue. The projected total budget revenue for the year is approximately 82,235 billion VND, equivalent to 149% of the central government's target, 143% of the provincial government's target, and a 53% increase compared to the same period in 2024. Of this, domestic revenue is estimated at 64,435 billion VND, and import-export revenue at 17,800 billion VND. These figures are not merely financial achievements, but also evidence of the recovery and breakthrough of the local economy.

Xiamen Solex High-Tech Industries operates its entire production line, accelerating operations to fulfill partner orders. Photo: Viet Hung

According to assessments, Quang Ninh's GRDP growth rate for the first nine months reached approximately 11.66%, the highest in the past 10 years. This confirms that abundant financial resources have been and will continue to be a powerful "lever" for promoting production and business sectors, infrastructure investment, and urban development. The strong increase in budget revenue mainly comes from domestic sources, especially revenue from land use fees and other taxes and fees. The Quang Ninh Tax Department reported that by the end of October 2025, domestic revenue reached VND 54,285 billion, equivalent to 145% of the central government's target and an 89% increase compared to the same period last year. Of this, revenue from land use fees was a highlight, reaching VND 22,274 billion, equivalent to 405% of the target. This level of revenue reflects the vibrancy of the real estate market, the determination in auctioning and exploiting land funds, and the effectiveness of large infrastructure projects. However, the province also recognizes certain pressures from import and export revenue, as this figure has only reached approximately 13,655 billion VND, equivalent to 77% of the projected amount and down 10% compared to the same period last year due to the impact of tax policies and fluctuations in the international market. A clear analysis of these strengths and weaknesses will help the province make timely policy adjustments to achieve its overall goals.

Beyond revenue collection, the investment and business development landscape in Quang Ninh has also made a strong impression, creating a "double growth" chain – a significant increase in the budget coupled with effective investment and economic expansion. As of October 30, 2025, the province had established 1,991 new businesses, reaching 99.55% of the annual plan and increasing by 28.7% compared to the same period last year, with registered capital reaching approximately VND 18,323.6 billion. Not only the business sector, but also the cooperative sector has seen a breakthrough, with 173 new cooperatives established, exceeding the plan by 215%. This demonstrates that the investment and business environment in Quang Ninh is truly open, transparent, and an attractive destination for investors.

Mr. Chen Bin, Chairman of Xiamen Solex High-Tech Industries, a foreign direct investment (FDI) enterprise specializing in the production of high-end smart sanitary ware in the Deep North Tien Phong Industrial Park, said: "Although the factory has only recently been inaugurated, the company has quickly put the entire production line into operation, accelerating production to meet the deadlines for export orders to partners in the US, Europe, and Japan. What we appreciate most about Quang Ninh is the support of the government, the thorough streamlining of administrative procedures, and the very quick assistance in land clearance and land access. This not only saves us time but also creates great confidence to continue expanding production scale and contributing to local budget revenue through taxes and fees."

Alongside the development of the non-budgetary sector, public investment activities have also been strongly promoted. After adjustments and additions, the total public investment capital plan for 2025 of the province is VND 17,064 billion, VND 5,158 billion higher than the plan assigned by the Prime Minister at the beginning of the year, which was VND 11,906 billion. In the first 11 months of 2025, the entire province disbursed over VND 7,400 billion in public investment capital, reaching 62.5% of the plan assigned by the Prime Minister.

As of October 28th, the public investment plan totaled VND 16,754 billion, exceeding the initial plan by VND 4,848 billion. The province has disbursed over VND 7,400 billion, reaching 62.5% of the plan assigned by the Prime Minister. Although this is a significant effort, this rate remains a bottleneck that needs to be thoroughly addressed in the latter part of the year, as public investment disbursement is the driving force behind aggregate demand and the promotion of related economic sectors. Non-budgetary investment capital also achieved outstanding results, demonstrating the province's attractiveness. In the first 10 months, 320 projects received investment approval with a total registered/adjusted capital of over VND 240,264 billion. These results are not accidental but are part of a proactive strategy to improve the effectiveness of budget revenue and expenditure management; strengthen financial discipline; and vigorously combat tax evasion and fraud. Simultaneously, the province has effectively utilized resources from land investment, real estate, tourism services, and seaports. It has actively implemented the principle of revenue collection leading to business support, from investment capital disbursement to regional linkages, from institutional reform to digital transformation, creating a comprehensive picture that ensures the locality not only achieves high targets this year but also lays a solid foundation for the years to come.

Transforming resources into drivers of development.

However, the significant resources from the budget are not only an advantage but also present a greater challenge: how to transform that advantage into a driving force for development, into a reality for projects, for the people, for businesses, and for the province's future. The prospects are promising, but still require great effort because a sharp increase in budget revenue does not automatically translate into development unless it is accompanied by effective management, rapid disbursement, attracting quality investment, and ensuring a balance between environmental and social aspects.

Leaders of Cua Ong ward, along with the investor and businesses, conducted a site survey of the access road to the Quang Ninh LNG power plant project. Photo: Cao Quynh.

At a recent meeting with the Task Force for implementing tasks in the fields of finance, budget, investment, and regional linkages of the province, Mr. Bui Van Khang, Deputy Secretary of the Provincial Party Committee, Chairman of the Provincial People's Committee, and Head of the Task Force, clearly emphasized this key point. He pointed out that bottlenecks such as the disbursement of public investment not fully meeting the plan, import and export revenue being affected by international fluctuations, and the implementation of some mechanisms to support businesses still need to be further strengthened. To transform budget revenue results into a driving force for development, Mr. Bui Van Khang requested that departments and agencies, in the final period of the year, focus intensely on three key tasks: Firstly, accelerating the progress of budget revenue collection, especially in areas with significant potential and those yet to be implemented. Secondly, urging the disbursement of public investment capital, ensuring that capital is transferred to completed projects and put into operation, preventing capital from remaining idle. Thirdly, continue to improve the policy framework to support businesses, promote a favorable investment environment, and create the best possible conditions for production and business activities.

The Chairman of the Provincial People's Committee emphasized the principle of "clear responsibilities, clear tasks, clear accountability": "Project investors must closely monitor progress, clearly assign responsibilities to specific individuals and tasks. Capital must be promptly transferred from unfeasible projects to projects with good disbursement potential, ensuring that 100% of the allocated capital is actually disbursed." This is a highly decisive directive, demonstrating a refusal to compromise with stalled projects, aiming to ensure that capital is circulated and utilized to its fullest potential.

Furthermore, listening to feedback from the business community is crucial. Mr. Nguyen Quoc Khanh, Director of LG Vietnam's Quang Ninh branch, shared: "To date, the unit has completed 90% of its annual revenue target. The remaining 5 billion VND is being implemented with various flexible solutions, focusing on advising and developing reasonable and efficient installation plans for customers to finalize orders and complete revenue targets before the end of the year."

Besides economic goals, many businesses have planned to take care of their employees' lives, ensuring income, Tet bonuses, and practical welfare programs to create long-term commitment. In the economic landscape from the beginning of the year until now, a bright spot for Quang Ninh is its stable investment and business environment, with the government working alongside businesses, and significantly improved administrative procedures, infrastructure, and services supporting production, import, and export. Many policies encouraging technological innovation, green transformation, and sustainable development are also being implemented synchronously, helping businesses reduce costs, increase productivity, and enhance competitiveness.

With a resolute spirit, a strong financial foundation, and close guidance from the provincial leadership, Quang Ninh not only completed its 2025 plan but also laid a solid groundwork for a more breakthrough development phase in the future, making Quang Ninh a model province for socio-economic development.

Hoai Anh

Source: https://baoquangninh.vn/quang-ninh-tang-toc-ve-dich-3387396.html