Nghe An province's economic scale ranks 10th in the country in 2023

Estimated budget revenue 17,771 billion VND

The gross regional domestic product (GRDP) growth rate in Nghe An province in 2023 is estimated at 7.14%; of which, the agriculture, forestry and fishery sector is estimated to increase by 4.54%; the industry and construction sector is estimated to increase by 6.8%; the service sector is estimated to increase by 8.7%; and product taxes minus product subsidies are estimated to increase by 6.65%.

In 2023, estimated economic growth rate, Nghe An ranked 26th nationwide and 3rd in the North Central region, economic scale ranked 10th out of 63 provinces and cities nationwide.

Vinh - Cua Lo Boulevard is nearly 11km long, connecting Vinh City urban area and Cua Lo town. When completed, this will be the largest avenue in Nghe An province. At the same time, the project is expected to create a traffic axis quickly connecting the urban areas of Vinh City and Cua Lo town, creating a basis to attract investment in construction, promoting socio-economic development of the whole region.

Agricultural, forestry and fishery production continued to maintain stable growth. Total grain output was estimated at over 1.2 million tons.

The new rural development program continues to receive attention and direction. It is expected that by the end of 2023, the whole province will have 319/411 communes meeting new rural standards, accounting for 77.62% of the total number of communes (average number of criteria is 17 criteria/commune); 88 communes meeting advanced new rural standards, 12 communes meeting model new rural standards; 10 district-level units will complete their tasks and meet new rural standards.

Industrial production index is estimated to increase by 9.5%; Total retail sales of goods are estimated at 90,000 billion VND, up 3.87%; in particular, total export turnover is estimated at 2.88 billion USD, up 13.52% compared to 2022 (the third year Nghe An province has exceeded the target of the Provincial Party Congress Resolution).

State budget revenue in 2023 is estimated at VND 17,771 billion, reaching 12.07% of the estimate (of which domestic revenue is estimated at VND 16,600 billion, revenue from import and export activities is estimated at VND 1,150 billion).

Cua Lo Port is currently one of the key projects of Nghe An province in particular and the whole country in general.

Key projects in the area are focused on accelerating progress (such as: North-South Expressway Project, coastal road, Vinh-Cua Lo connecting road, connecting road from National Highway 7C (Do Luong) to Ho Chi Minh Road (Tan Ky), etc.).

The work of directing, operating, urging to accelerate the implementation and disbursement of the public investment plan, 3 national target programs, and the socio-economic recovery and development program has been carried out drastically from the beginning of the year. It is expected that by the end of 2023, the total disbursed public investment capital will reach 95.11% of the plan.

The fields of education, health, labor, employment, culture, sports and social security continue to receive attention and direction and achieve positive results. In particular, focusing on effectively implementing the Program to mobilize and support the construction and repair of houses for the poor and people with housing difficulties. As of October 31, 2023, the whole province has supported the construction and repair of 5,322 houses, nearly reaching the target of 5,500 houses for 2023.

Currently, Nghe An still has 15,375 poor households in need of housing improvement. To further promote support and help these households "settle down", Nghe An province plans to organize a program to mobilize support for housing construction for poor households and households in difficult circumstances.

Mr. Bui Thanh An, Vice Chairman of Nghe An Provincial People's Committee, said that in 2023, with the leadership and direction of the Party Committee and government, the synchronous participation of the entire political system, the unanimous support and efforts of the people and businesses; the socio-economic situation of Nghe An province has had very positive changes; 25/28 main targets set were completed and exceeded.

In addition to the achieved results, there are still many difficulties and shortcomings that the province needs to focus on solving in the coming time, including: There are 3/28 expected targets that are difficult to achieve: GRDP growth rate, total social investment capital, urbanization rate. Production and business activities face many difficulties. Although the State budget revenue exceeds the estimate by 12.07%, it is lower than the implementation in 2022 (only 79.02% compared to the implementation in 2022). State management in some areas is still inadequate, especially land, minerals, environment, etc.

Nghe An attracts FDI capital exceeding 1.6 billion USD

As of December 22, 2023, Nghe An province has granted new licenses to 116 projects, an increase of 3.6 times compared to 2022; 185 projects have been adjusted. The total newly granted and adjusted capital is VND 57,891 billion, far exceeding the annual plan (VND 30,000-35,000 billion).

In particular, the total newly granted and increased FDI capital reached over 1.6 billion USD, an increase of 66.8% compared to 2022, ranking 8th in provinces and cities nationwide; of which the attraction to the Southeast Economic Zone reached 1.595 billion USD.

With new projects, Nghe An is about to reach the milestone of 1.6 billion USD in FDI capital in 2023.

In total, Nghe An province has attracted more than 130 FDI projects from 14 countries/territories with a total registered investment capital of more than 4 billion USD. In the 5-year period from 2019 to present, Nghe An's FDI capital has reached about 3.4 billion USD; accounting for 85% of the total registered FDI capital to date.

Nghe An has successfully attracted many large corporations in the world to participate in the supply chain of electronic technology and green energy production such as: Luxshare - ICT, Goertek, Everwin, JuTeng, Foxconn, Runergy, Shangdong, Sunny..., initially forming the province's key industries such as: technology, electronics, energy, steel, auto parts manufacturing,...

The general goal is to build Nghe An into a prosperous province of the country, with fast and sustainable economic development, imbued with the cultural identity of Vietnam and Nghe An.

Although the results are still modest, this is considered a remarkable result after 27 years since Nghe An attracted the first FDI project.

According to Chairman of Nghe An Provincial People's Committee Nguyen Duc Trung, to achieve the above results, Nghe An has prepared 5 conditions that the province calls "5 readiness". In many years, Nghe An province was not an attractive destination for foreign investors. However, with the province's efforts and perseverance, in recent years, Nghe An has made positive changes in attracting FDI.

In 2024, Nghe An continues to aim to be in the top 10 localities attracting the highest FDI in the country. Currently, the province is urgently implementing site clearance to develop VSIP Nghe An II Industrial Park with an area of ​​500 hectares (in Tho Loc Industrial Park, Dien Chau) and Hoang Mai II Industrial Park with an area of ​​over 334 hectares (in Hoang Mai town) to be ready to welcome investors.

Source: https://www.nguoiduatin.vn/quy-mo-nen-kinh-te-tinh-nghe-an-dung-thu-10-ca-nuoc-trong-nam-2023-a643287.html