Footwear production in Vinh Phuc Province. Footwear was among key exports of the northern province in 2019. — Photo vinhphuc.gov.vn
Vinh Phuc Province has overachieved results in all 13 targets set for 2019, vice-standing chairman of the provincial People’s Committee Le Duy Thanh said during the 14th provincial People’s Council Meeting.
Thanh said the provincial economy continued growing in all fields thanks to flexible management, initiatives to deal with difficulties and challenges, assistance provided for businesses and entrepreneurs, as well as opening up sources for growth.
The economic growth rate reached 8.05 per cent in 2019 and, of which, industry and construction had the highest growth rate of 13.11 per cent and the sector was the key to the province’s overall growth, according to the vice standing chairman.
In particular, industrial production was up 13.4 per cent on-year to VND244.8 trillion (US$10.5 billion). Processing and manufacturing industries recorded a growth rate of 40.6 per cent.
In October, Vinh Phuc completed its State budget collection. Total budget collection this year was estimated at VND32.45 trillion, up 16.8 per cent year on year.
Of the figure, domestic collection was estimated at VND28.5 trillion, beating the full-year target by 17.6 per cent. Income from foreign direct investment (FDI) projects was expected at VND21.5 trillion, up 8 per cent over the year’s plan.
Vice standing chairman Thanh said that the province organised three trips to visit potential markets that could provide high quality capital and technology. During the year, local authorities received 82 foreign businesses, investors and consultants, and 191 domestic organisations, individuals and companies that wanted to explore opportunities in the province.
Luring investors helped raise the province’s foreign direct investment (FDI) and domestic direct investment (DDI) to beat the full-year targets, Thanh said.
The provincial authorities licensed 65 new projects and approved capital hikes for 50 FDI projects. Total registered FDI capital was $670 million in 2019, up 34 per cent from the plan and 27.2 per cent on-year.
Meanwhile, the province also granted new licences and increased capital for 48 domestic direct investment (DDI) projects, raising their total capital to VND13.55 trillion – up 54 per cent year on year.
Improvements were also seen in exports and tourism. Total retail sales were estimated at VND51 trillion, up 10.4 per cent and total trade turnover was expected to grow 14 per cent on-year to $2.56 billion. Key local exports included motors, autos and spare-parts, tea, electronics, textile and garment, and footwear.
By tightening the rules, Vinh Phuc, with popular sites like Tam Dao and Flamingo Dai Lai, remained the favourite destination for visitors. In 2019, the province expected the total number of tourists to increase by 17 per cent year on year to 1.6 million, bringing VND1.91 trillion to the province’s income.
In addition, after 10 years of implementing the new rural development plan, all 112 communes in the province accomplished the plan and four out of nine districts were recognised for meeting the new rural locality standards.
In 2019, the province also created jobs for nearly 24,500 people, including 2,000 people sent abroad. The total figure was up 6.2 per cent on-year.
However, there were negative developments with the agriculture sector, which was heavily affected by diseases. The outbreak of the African swine fever was the major cause, meaning the province had to kill nearly 109,000 pigs.
Meanwhile, the instability of selling prices for cattle products and the decline of plantation areas lowered the growth of the agriculture sector to 2.77 per cent.
In 2020, Vinh Phuc would continue using all resources efficiently and encourage more investors to come, thus improving both the provincial economy and society, Thanh said.
The province expected to record an 8-8.5 per cent growth rate in its gross regional domestic product (GRDP), Thanh highlighted. “Total State budget income is projected at VND33.5 trillion – of which domestic income reaches VND29.35 trillion, total FDI capital is expected to reach $550 million and total DDI capital will touch VND5.5 trillion.”
To achieve the goals, Thanh said Vinh Phuc would continue implementing the policies of the Party, the State and the Government on tightening budget use, improving the business environment – especially for small- and medium-sized companies, and the provincial competitiveness. — VNS