Economic Growth: Impressive Results

BAC GIANG - In the first quarter of 2025, Bac Giang continued to achieve many impressive targets in socio-economic development, notably leading the country in economic growth. This result helped the locality maintain its position as the "champion" in economic growth for many consecutive years.

Continue to lead the country

In the context of the general difficulties of the world and domestic economy , the figures on the production and business results of some "eagle" enterprises in the industrial park show a bright and impressive economic picture of the province. A typical example is Luxshare - ICT Van Trung Limited Liability Company, Van Trung Industrial Park. This is a 100% foreign-invested enterprise, recognized as a priority in the customs sector, currently creating jobs for tens of thousands of workers.

In the first quarter, the Company continued to implement synchronous solutions, stabilize production, and expand the market, so the revenue was estimated at VND 26,824 billion, an increase of 38.24% over the same period last year. Together with Luxshare, Fukang Technology Co., Ltd., Quang Chau Industrial Park had an estimated revenue of VND 35,465 billion in the first quarter, an increase of 2.67 times. In particular, Precision Technology Component Fulian Co., Ltd. under Hong Hai Group, although newly put into operation, had a revenue of nearly VND 6,000 billion in the first 3 months of this year, and is expected to continue to achieve high revenue in the following months...

The revenue of these enterprises has contributed positively to the industrial production value and economic growth of the province in the first quarter. According to the General Statistics Office, the economic growth in the first quarter of 2025 of Bac Giang province is estimated at 14.02%, the highest in the country. Of which, industry - construction is estimated to increase by about 17.24%, industry alone is estimated to increase by about 17.97%; agriculture, forestry and fishery increased by 1.05%; services increased by 5.79%. Budget revenue is estimated at more than 6.4 trillion VND, up 31%; people's lives are stable, average income per capita is estimated at 5.16 million VND/person/month, up 1.33% over the same period last year.

Comrade Dong Van Sung, Head of the Provincial Statistics Office, analyzed that the growth of the agricultural sector contributed 0.1 percentage point to the overall growth. The industrial and construction sector continued to maintain a high growth rate and was the main driving force affecting the overall growth of the province, because the proportion of this sector accounted for more than 75% of the value and contributed 12.68 percentage points to the overall growth. The manufacturing sector that contributed mainly to growth was still electronic products, computers and optical products, accounting for a large proportion of added value (accounting for 53.4%).

With the above results, for many consecutive years and in the first quarter of this year, Bac Giang has maintained its leading position in economic growth of the whole country. Mr. Luong Van Nghiep, Deputy Director of the Department of Finance, said that Bac Giang has maintained many continuous solutions over the past years to improve the investment and business environment, attract investment, and create momentum for industrial development such as: Institutional reform, administrative procedure reform; provincial leaders closely and proactively direct and operate; establish working groups to remove difficulties and obstacles, increase dialogue with businesses; make efforts to create a clean space, improve the quality of human resources to support investors.

Strengthen investment promotion, focusing on on-site investment promotion, through enterprises operating in the province to invite partners and customers of enterprises to invest. The province restructures industrial production, in which priority is given to attracting foreign investment in a sustainable direction with the viewpoint of "1 no, 2 less, 3 high" (no pollution, less land use, less labor, high technology, high capital rate, high economic efficiency) and "5 ready" (land, human resources, improving investment environment, supporting investors, effective epidemic prevention) to move towards the model of "industrial ecosystem".

Stick to the growth scenario

Regarding the growth results in the first quarter of 2025, Mr. Luong Van Nghiep said that it was the result of the investment attraction period in 2023 and 2024. New projects that were attracted and started production and business have contributed to industrial growth. Especially in the first two months of the year, especially during the Lunar New Year, many businesses had orders but lacked labor, the provincial leaders directed the functional branches to support businesses in recruiting labor, contributing to helping businesses secure orders for partners.

Checking semiconductor products at Hana Micron Vina Co., Ltd., Van Trung Industrial Park. Photo: The Dai.

Along with the above solutions, the Provincial Party Standing Committee issued an Official Dispatch implementing Conclusion No. 123-KL/TW dated January 24, 2025 of the Party Central Committee on the Project to supplement socio-economic development in 2025 with a growth target of 8% or more. Comrade Nguyen Viet Oanh, Chairman of the Provincial People's Committee, emphasized that Bac Giang set a growth target of 14-15% in 2025, higher than the target assigned by the Government (13.6%). Up to now, most of Bac Giang's socio-economic indicators in the first months of the year have exceeded the target.

In the first quarter of 2025, Bac Giang province's economic growth is estimated at about 14.02%, the highest in the country. Of which, industry and construction are estimated to increase by about 17.24%, industry alone is estimated to increase by about 17.97%; agriculture, forestry and fishery increase by 1.05%; services increase by 5.79%.

To achieve the above results, the province has assigned 105 tasks to sectors, agencies and units associated with the responsibilities of the heads. The agencies, units and localities have effectively implemented them; proactively grasped and exploited opportunities and opportunities to synchronously implement solutions for each sector, field and locality; accelerated the progress of investment in transport infrastructure, industrial park and cluster infrastructure, and digital transformation infrastructure. Bac Giang has grown mainly in the industrial sector but still focuses on developing agriculture and services.

Recently, the Government delegation had a working session with Bac Giang province on the situation of production, business, construction investment and import and export in the province. Through understanding the reality and exchanging, the members of the delegation highly appreciated the results as well as the way Bac Giang implemented the growth target. In particular, the highlight and creativity of Bac Giang is that the Chairman of the Provincial People's Committee established a Working Group to support and remove obstacles in each project, thus creating sympathy from investors. Many projects were shortened, accelerated implementation progress, and soon put into operation.

In 2025, Bac Giang was assigned by the Government to have the highest growth target in the country. The first quarter's leading growth is a positive signal for Bac Giang to achieve its goals in the coming time. It is forecasted that in the second quarter, the production situation in the province will continue to be stable, some factors have a strong impact on growth such as: Increased lychee output has a great impact on the growth rate of the agricultural sector; foreign enterprises specializing in the production of electronic products continue to maintain output growth, however, the growth rate will slow down because these are not the peak shopping months of the year. The disbursement rate of public investment capital will be higher than in the first quarter. It is estimated that the growth rate in the second quarter will reach about 13.8%.

To achieve the set target, Bac Giang continues to closely follow the monthly growth scenario as well as developments in the world situation. Support businesses, especially small and medium enterprises, to diversify products and markets. Promote disbursement of public investment capital. Clear land to create land funds, put industrial park infrastructure investment projects into operation, attract secondary investors; attract many investors in the service sector; remove obstacles so that investment projects can start and complete soon; pay attention to promoting agricultural production, focusing on lychee consumption.

Trinh Lan

Source: https://baobacgiang.vn/tang-truong-kinh-te-nhung-ket-qua-an-tuong-postid416952.bbg