A shrimp processing plant in a Southern province. The region’s economic growth for the first seven months was 1.5 times higher than the country’s. – Photo ssgp.org.vn

Economic growth of the southern region for the first seven months of the year was 1.5 times higher than the national average, attracting over 60 per cent of FDI projects and contributing to 60 per cent of the national budget, according to the Ministry of Planning and Investment.

During the period, the region’s Industrial Production Index rose by 9.81 per cent compared to last year. Retail and service revenue was VND1.4 quadrillion (US$61.87 billion), 12.4 per cent higher than last year and accounted for 57.8 per cent of the national figure.

The region also accounted for around 47 per cent of the country’s exports, with total export value around US$62.9 billion, 12.07 per cent higher than last year.

Favourable policies, simplified administrative procedures, co-operation between regions, as well as infrastructure, trade and industrial clusters, have all contributed to the region’s growth in recent years. — VNS