Economic growth spreads from local industrial 'pillars'

Local involvement, industry leading

The first quarter of 2025 ended with a bright growth picture in many localities. According to the General Statistics Office ( Ministry of Finance ), up to 43 localities had economic growth rates higher than the national average. In particular, the top 5 localities, Bac Giang (13.82%), Hoa Binh (12.76%), Nam Dinh (11.86%), Da Nang (11.36%) and Lai Chau (11.32%), all have one thing in common: Industry is the main driver of growth.

Industry is the main driving force contributing to the province's economic growth, Bac Giang is considered the industrial pillar of the North. Photo: Bacgiangtv

It is no coincidence that Bac Giang became a "bright spot" in the first quarter. With an industrial production index increasing by 26.58%, the added value of the industrial sector reaching 17.97%, the highest among the three regions, this province is affirming its role as an industrial pillar in the North. Leverage comes from a series of new factories coming into operation from the end of 2024, maintaining stable production, increasing revenue by 2.5-3 times compared to the same period.

Similarly, Hoa Binh rose to the second position in the country in terms of growth, with the main contribution coming from the industrial sector, which the province is focusing on investing in. Nam Dinh also achieved an impressive growth rate of 11.86%, in which industry and construction contributed more than 7.3 percentage points, clearly demonstrating the spillover effect from industrial parks.

Da Nang not only maintained its "form" in the fourth quarter of 2024, but also marked a leap in the first quarter of 2025 with a GRDP growth rate of 11.36%, the highest in the North Central and Central Coast regions. Industry and construction increased by 17.6%, services increased by 10.07%, showing that the city is gradually re-establishing a growth balance.

Lai Chau is a province in the Northern Midlands and Mountains region, with a high growth rate of 11.32% in the first quarter. To achieve a good growth rate, the province has focused on a number of key areas to promote economic development. This includes focusing on exploiting the potential of agriculture, forestry and fishery to achieve the growth target of this sector of about 5% in the 2021-2025 period.

Thus, the localities leading the country in growth in the first quarter of 2025 such as Bac Giang, Hoa Binh, Nam Dinh, Da Nang and Lai Chau are not only "bright spots" in terms of growth, but also development models, regional linkage cores and pillars in the process of promoting the country's growth to achieve the target of 8% this year and reach double digits in the new era.

Driving double-digit economic growth

Achieving the "double-digit" growth required by 2025 requires great efforts to promote industrial development, especially at the local level.

Public policy expert Dr. Nguyen Quoc Viet, public policy expert, University of Economics - Vietnam National University, Hanoi, commented that the increase in industrial production index in 59/63 localities is a positive signal, showing that industry is returning to the growth "track".

“Good growth in the processing and manufacturing industry will lead to private investment, create jobs, increase income, and from there spread to the domestic service and consumption sector,” said Dr. Nguyen Quoc Viet.

The growth picture also shows a new movement: This year is the first time that growth KPIs have been "contracted" to localities, forcing provinces and cities to actualize their economic development strategies instead of just relying on the Central Government.

Mr. Bui Huy Son, Director of the Department of Financial Planning and Enterprise Management (Ministry of Industry and Trade) emphasized that, in addition to solutions to promote industrial production associated with focusing on removing obstacles of key industrial and energy projects, the Ministry of Industry and Trade also actively coordinates with ministries and branches to implement solutions to encourage enterprises to expand investment, calling on large corporations and multinational corporations to invest in key national projects.

“The authorities are urgently implementing major infrastructure projects on national railways and national highways, including contributions from the industrial sector to meet the requirements of technology, manufacturing, and materials for these projects. To meet the requirements of industrial production growth, ensuring energy is always a top priority,” Mr. Bui Huy Son stated specifically.

Going into specific solutions, Mr. Nguyen Ngoc Thanh - Deputy Director of the Department of Industry (Ministry of Industry and Trade) said that in order to concretize the target of double-digit growth in industrial production, the Ministry of Industry and Trade continues to effectively implement working programs with localities and existing business support programs to promote the growth momentum of industries in key economic regions, creating momentum to continue promoting industrial growth momentum nationwide.

According to the Ministry of Industry and Trade, to promote the role of the Government in urging, supervising and removing obstacles and difficulties for ministries, branches and localities, promoting the implementation of large and key projects, promoting the disbursement of public investment capital to promote social investment, at the same time, contributing to stimulating consumption and promoting domestic market development.

To achieve the growth target of over 8% in 2025, for the first time, the Government has implemented "growth contracting". Specific "contracting" levels have been assigned in Resolution No. 25/NQ-CP of the Government on growth targets for industries, sectors and localities to ensure the national growth target in 2025 reaches 8% or more.

Duy Anh

Source: https://congthuong.vn/tang-truong-kinh-te-lan-toa-tu-cac-tru-cot-cong-nghiep-dia-phuong-383390.html