Bac Ninh: The economic picture records many impressive bright spots

BAC NINH - In the context of many difficulties and fluctuations, Bac Ninh province has risen to become one of the five provinces and cities with a large contribution to the country's GDP with a growth rate of 10.12%. This is illustrated by many impressive bright spots in the economic picture of the whole province in the past 9 months.

Positive changes from key areas

According to the leaders of the Department of Industry and Trade, the province's economic growth momentum in the past 9 months has been maintained firmly thanks to the strong recovery and spread in key areas. Notably, the industrial sector has maintained its leading role, recording an impressive growth rate of 15.93%, with a total production value of more than 1,766 trillion VND. In which, the processing and manufacturing industry increased by 16.08% thanks to the expansion of production in key industries such as electronics, machinery and equipment. Key products continued to increase strongly compared to the same period, such as computer spare parts increased by 7.85 times; laptops, Ipads increased by 2.61 times... It is worth mentioning that, under the impact of the US tariff policy, many FDI enterprises still maintained positive growth, large corporations such as Foxconn, Luxshare, Samsung, Goertek, Canon, Hanwha... continued to expand production, affirming their position in the global supply chain.

Van Trung Industrial Park seen from above. Photo: Doan Anh Tuan.

The second bright spot is that foreign direct investment (FDI) attraction continues to increase with many projects registering to adjust their capital scale, thereby affirming the firm belief of international investors in the province's long-term economic growth prospects in the trend of shifting global supply chains. In the past 9 months, the whole province has attracted more than 15.3 billion USD in converted investment capital, of which FDI attraction ranks first in the country.

The main growth driver is exports, which have "overcome the tariff storm", with many businesses achieving revenue exceeding their plans. Typically, Fuyu Company is estimated to reach 133,462 billion VND, up 81.2%; Fulian Company (under Hong Hai Group) has been in operation since August 2024, with estimated revenue of 33,281 billion VND; Canon Company is estimated to reach 6,100 billion VND, up 51%; Microsoft Mobile Company is estimated to reach 29,701 billion VND, up 31.89% over the same period... Thanks to that, the total value of import and export of goods in 9 months is estimated at 129.3 billion USD (exports are estimated at 65.7 billion USD, up 26.38%). The trade balance of goods has shifted towards a trade surplus of 2.16 billion USD, Bac Ninh maintains the second position in the country after Ho Chi Minh City.

“This achievement affirms the position of Bac Ninh - the "billion-dollar industrial capital" of the North, where many large FDI corporations converge. The breakthrough in export activities does not only come from the foreign investment sector, but also thanks to the momentum spreading to domestic enterprises, especially in the fields of support, logistics and component manufacturing,” said Mr. Nguyen Van Phuc, Head of the Industrial Park Management Board.

Another impressive highlight is that the state budget revenue completed the annual estimate (reaching the target 3 months ahead of schedule), with the 9-month result estimated at VND 57,044 billion. Of which, domestic revenue is estimated at VND 47,354 billion, equal to 103.3% of the estimate, up 55.1%. Along with that, the disbursement of public investment capital reached 69% of the plan assigned by the Prime Minister, Bac Ninh is among the 7 localities with the highest disbursement rate in the country. The number of enterprises entering the market increased by 25% over the same period in 2024, with a total registered capital of VND 94,584 billion. This result not only reflects a positive trend in business activities but also affirms the confidence, momentum and strong resilience of the economy on the development journey.

Focus on disbursing public investment capital to promote growth

The nine-month macroeconomic indicators are creating a positive foundation for Bac Ninh to move closer to its annual growth target of 11.5%. However, there are still many potential risks, both external and internal, that could affect the set growth target. Therefore, caution and the ability to respond flexibly to challenges are key factors to maintain sustainable development momentum.

Contractors speed up the implementation of the Golden Canal bridge project.

Speaking at the regular September conference, Comrade Vuong Quoc Tuan, alternate member of the Party Central Committee, Deputy Secretary of the Provincial Party Committee, Chairman of the Provincial People's Committee, emphasized: To achieve the annual growth target of 11.5%, the task in the fourth quarter must be 15.64%. This is a challenging target, especially in the context of the global economy still having potential risks, geopolitical fluctuations and pressure of declining international trade. A growth breakthrough in the last quarter of the year requires outstanding efforts from the entire political system, all levels, sectors, localities and the business community. In particular, the external challenge is the issue of trade protection. In particular, the US tariff policy is the biggest risk to the export of key products of the province.

According to the Chairman of the Provincial People's Committee, one of the key solutions that must be resolutely implemented in the last months of the year is the disbursement of public investment capital. It must be determined that the disbursement of public investment capital is a very important task, a "political order". Reality shows that, in the past time, localities when implementing the 2-level local government model have not yet caught up with the disbursement of public investment capital in a timely manner. Although investors have tried, they have not been resolute in implementing solutions to disburse capital and ensure the requirements set out.

Therefore, it is necessary to identify the disbursement of public investment capital in the last 3 months of the year as the "sprint" stage to maintain momentum for growth in 2025, stimulate demand for social investment capital, attract private capital, and create a positive spillover effect for the entire economy. According to Mr. Nguyen Dinh Hieu, Director of the Department of Finance, to achieve this goal, sectors and localities should focus on directing the acceleration of public investment disbursement, implementing national target programs, and striving to disburse 100% of the public investment capital plan in 2025. Urge, control, and actively advise and propose solutions to direct implementation. Focus on accelerating the progress of large and key projects and works. These are newly approved industrial parks for investment policies such as Quang Chau (expansion), Yen Lu, Phuc Son, Hoa Phu (expansion); Gia Binh International Airport project and the route connecting Gia Binh airport with Hanoi Capital, Kenh Vang Bridge project, component projects of the Ring Road IV project, Hanoi Capital... Identify and promptly resolve arising problems of each project. Be steadfast in your goals, require ensuring the quality of public investment, and avoid waste. Proactively review and propose timely adjustments to the 2025 public investment capital plan before November 15, 2025 to transfer capital from projects that cannot be disbursed or disburse slowly to projects with better disbursement potential. Propose to publicly commend agencies, units, and localities that have performed well and criticize units that have not performed well.

At the same time, continue to promote industries with high spillover potential; boost year-end consumption to spread to transportation and warehousing services, stimulate construction and material activities, and attract more private capital. Implement promotional programs, stimulate consumption, effectively implement the Campaign "Vietnamese people prioritize using Vietnamese goods". Improve the investment and business environment, enhance provincial competitiveness, improve the quality of investment attraction, select strategic investors, promote the development of manufacturing industries, and create momentum to complete the growth target by 2025.

Thai Uyen

Source: https://baobacninhtv.vn/bac-ninh-buc-tranh-kinh-te-ghi-nhan-nhieu-diem-sang-an-tuong-postid429087.bbg