Bac Ninh achieves economic growth target: Solid foundation, strong momentum

BAC NINH - In order to create a solid foundation for economic development this year and the following years, the Government has raised the country's economic growth target for 2025 to 8.3 - 8.5% instead of the previous 8%. Following the general direction and based on local practical conditions, Bac Ninh province has set a target of outstanding growth of 11.5%, affirming its determination to make a breakthrough and actively contribute to the overall development of the country.

A stepping stone for the new phase

According to Bac Ninh Statistics, the province's economic growth continues to achieve many positive results, with an estimated 9.75% growth in the second quarter and an estimated 10.47% growth in the first 6 months, ranking 5th in the country, 1.05 percentage points lower than the construction scenario (the 6-month scenario is 11.52%). The main reason is that the construction progress of Gia Binh International Airport has not met expectations in the scenario and the revenue recovery rate of some large enterprises in Bac Ninh province is still slow.

Seojin Vietnam Co., Ltd. (Song Khe - Noi Hoang Industrial Park) speeds up factory construction progress and expands its scale. Photo: Trinh Lan.

In the economic growth picture in the first 6 months of the year, the industry and construction sector continued to play a leading role with an impressive increase of 11.98%, while the service sector also recorded a fairly high increase of 8.11%. Product tax contributed positively with an increase of 8.71%, reflecting a clear recovery in production and business activities. However, the agriculture, forestry and fishery sector only increased by 1.47%, contributing a modest 0.1 percentage point to the overall growth. In reality, the area of ​​cultivated land is increasingly narrowing, productivity increases slowly, production time is prolonged and market prices fluctuate strongly, as in the case of lychee, although there is a good harvest but the selling price is low. At the same time, labor tends to shift to industry and services, making it challenging to promote the growth of the agricultural sector.

According to Bac Ninh Statistics, the province's economic growth continues to achieve many positive results, with an estimated 9.75% increase in the second quarter and an estimated 10.47% increase in the first 6 months, ranking 5th in the country.

The industrial and construction sector maintained a stable high growth rate, contributing 8.67 percentage points to the overall growth rate, being the main driving force affecting the overall growth of the province because the proportion of this sector accounts for more than 70% of the scale of added value, creating a strong influence on the entire economy. Notably, enterprises operating in the export sector, especially with the US market, have proactively boosted production to meet delivery schedules, thereby promoting positive growth of the industrial production index. Positive signals from the industrial and construction sector not only reflect internal development strength but also demonstrate acumen in adapting to the market and taking advantage of opportunities to break through.

According to the Department of Industry and Trade, foreign-invested enterprises such as Luxshare Group, Foxconn, Fukang, Canon Vietnam, Samsung Electronic Vietnam... are still the economic sectors with the largest contribution to the growth of the industrial sector and the overall growth of the province with the main manufacturing industry still being electronic components and products being smart watches, electronic integrated circuits, laptops, phones...

Focus on big projects

Chairing the Government's national online conference with localities on economic growth scenarios and tasks and solutions to achieve the 2025 growth target, Prime Minister Pham Minh Chinh emphasized that achieving the economic growth target of 8.3 - 8.5% in 2025 is a difficult task but one that cannot be avoided. Therefore, the Prime Minister requested localities to concretize the national economic growth scenario of 8.3 - 8.5% into targets suitable to local conditions, associated with the responsibility of the head. Adhering to the Central's direction with high determination, after the merger, Bac Ninh province strives to achieve the growth target of 11.5% for the whole year of 2025.

Production line at LS Electric Vietnam Co., Ltd. (Yen Phong Industrial Park). Photo: Vu Thang.

It is forecasted that in the last 6 months of the year, many factors will have a significant impact on the overall growth as well as the key economic sectors of the province. First of all, if the agricultural sector is favorable, the rice and crops will increase sharply compared to the same period, making an important contribution to stabilizing food supply and promoting production. However, foreign-invested enterprises, especially in the electronics sector, may face great challenges when the US market applies reciprocal tax measures and high import tariffs, putting pressure on export activities.

Identifying that the industrial and construction sector still plays a leading role and creates growth momentum, the province creates all conditions and urges projects to accelerate progress and soon come into operation. With a global strategic vision, Sunwoda Group (China) not only expands investment in Vietnam but also reaches out to key markets such as Europe and India. Expanding the scale of investment in Bac Ninh to about 270 million USD (currently building a 58 million USD factory in Yen Lu Industrial Park) plays an important role in the process of implementing the enterprise's network expansion strategy. Currently, the project is being accelerated, when the new factory is completed, Sunwoda will become the first unit to produce 3C lithium-ion batteries in Vietnam. Along with Sunwoda, a series of foreign-invested enterprises are also expanding their scale in Industrial Parks: Yen Phong II-C; Dai Dong-Hoan Son; VSIP...

At the same time, in the context of needing to promote economic growth, the Provincial People's Committee has requested departments, branches and localities to increase the disbursement of public investment capital for key projects. Notably, the province has focused on the project of the century - Gia Binh International Airport, regularly monitoring progress and having solutions to overcome difficulties. At the same time, the province advocates creating a favorable environment for businesses to effectively implement projects, through simplifying administrative procedures, shortening the time for reviewing documents, arranging clean land, supporting site clearance and accessing credit. In addition, the province also emphasized the close monitoring of the export tax policy that the United States plans to apply to Vietnamese goods, in order to promptly provide information to businesses, especially those specializing in producing goods for export to this market. This not only helps businesses proactively respond but also supports finding new markets, diversifying output, ensuring stable production and increasing competitiveness in a volatile global context.

Trinh Lan

Source: https://baobacninhtv.vn/bac-ninh-thuc-hien-muc-tieu-tang-truong-kinh-te-vung-nen-mong-manh-da-tien-postid423079.bbg