A phone production line at a factory run by Samsung Viet Nam in the northern province of Thai Nguyen. — Photo VNA

THAI NGUYEN (Biz Hub) — The northern province of Thai Nguyen posted economic growth of 18.6 per cent this year, 3 per cent higher than the set target and the highest annual rate ever.

The province also exceeded targets for industrial production and export value, according to the provincial People's Committee. Industrial output was estimated at VND160 trillion (US$7.27 billion), more than triple the yearly goal, while exports earned $8.1 billion, seven times the target.

People's Committee Chairman Duong Ngoc Long attributed the results to the province's work to improve the investment climate and reform administrative procedures,

The acceleration of infrastructure projects for transport, electricity and water supply created favourable conditions for manufacturers based in Thai Nguyen to establish trade and production links with partners in northern economic hubs like Ha Noi, Quang Ninh and Hai Phong, he added.

There were also several major investment projects in the support, mineral processing and technology industries, including the new Samsung hi-tech complex.

High-output industrial products included mobile phones – which accounted for 71 percent of export turnover – as well as garments and textiles, coal, iron and steel products and cement.

In 2015, Thai Nguyen aims to maintain economic growth of 15 per cent and an industrial production value of VND260 trillion ($123 billion).

Local authorities will continue to build infrastructure at industrial parks for support industry projects to serve the Samsung hi-tech complex, in addition to enhancing the province's competitive capacity. — VNS