Since the beginning of the year, nine new projects have been granted investment approval by Thua Thien - Hue Province with a total investment of more than VND2 trillion (US$85 million), according to a report by the Department of Planning and Investment.

Of the total investment, five are FDI ​​projects with registered capital of US$28.5 million.

The growth rate of the province’s GRDP in the first quarter is estimated at 6.61 per cent, higher than the national average of 3.32 per cent, and is expected to increase from 7.5 per cent to 8.5 per cent in the second quarter, a representative of the department said at the recent regular meeting.

Import and export turnover in May rose month-on-month but decreased over last year.

Many industrial production sectors, such as textiles, garments, cement, wood chips, and power generation, have slowed down. Especially, imported textile materials and accessories shrank due to a decline in export orders from garment companies.

Traditional markets, like Japan and China, are temporarily suspending imports or lowering product prices. Therefore, enterprises with large inventories have to cut down production and wait for consumption.

The report also showed that as of May 25, this province disbursed nearly VND1.4 trillion, reaching 22.9 per cent of the plan assigned by the Prime Minister. In addition, more than VND238.8 trillion from increased budget revenue in 2021 and 2022 was allocated during the period.

Nguyen Van Phuong, Chairman of Thua Thien - Hue Provincial People's Committee, said that departments and localities need to focus on accelerating projects that will soon be in operation to create a breakthrough for industries.

He added that authorities have to find solutions to develop the business environment and create favourable conditions for implementing projects.

The province has set a state budget revenue target of VND8.45 trillion by the end of the second quarter. — VNS