Bac Ninh's economy grows positively after a year of negative growth.

TPO - In the first six months of the year, Bac Ninh province's economy grew by more than 2%, compared to a negative growth rate in 2023. According to the province's leaders, Bac Ninh's economic recovery is due to the recovery of industrial production and the attraction of many new investors.

According to the People's Committee of Bac Ninh province, in the first 6 months of the year, Bac Ninh's economy increased by more than 2.3% over the same period in 2023; of which, the industrial - construction sector increased by more than 1.3%; the service sector increased by more than 5.6%, the agriculture, forestry and fishery sector increased by over 2.6%.

Bac Ninh Provincial Tax Department assessed that Bac Ninh province's economy in the first quarter had changed positively and somewhat improved compared to 2023, when the first quarter growth rate was only negative 3.5% compared to the same period last year (while in the whole year of 2023, Bac Ninh province's economic growth rate was negative 9.2%).

The boom in industrial production has contributed significantly to helping Bac Ninh's economy grow positively.

In the second quarter, the economic growth rate of Bac Ninh province reached a quite impressive level, estimated to increase by more than 8% compared to the same period last year. The economic growth of the second quarter has increased the growth of Bac Ninh province in the first 6 months of the year by more than 2.3% compared to the same period.

Industrial production in the second quarter of Bac Ninh province showed improvement with the total added value of the industry estimated at over 9.8%. In the first 6 months of the year, industrial production in Bac Ninh province increased by 1.6%, of which the processing and manufacturing industry increased by over 1.2%.

Explaining the reason for Bac Ninh province's positive economic growth after a year of negative growth, Mr. Nguyen Dinh Xuan - Director of the Department of Planning and Investment of Bac Ninh province - said that in 2023, Bac Ninh's economy will decline sharply, with its economic growth rate ranking 63rd in the country, due to the province's dependence on Samsung's production. This year, Bac Ninh province has implemented many solutions to reduce its dependence on Samsung, such as attracting many new partners to invest in production.

Amkor Group plans to increase capital of billions of USD in Bac Ninh province. Photo: Nguyen Thang

Mr. Xuan said that an important reason for Bac Ninh's positive economic growth is that Bac Ninh province has achieved positive results in attracting foreign investment. In the first six months of the year, Bac Ninh province ranked in the top 3 in the country in attracting foreign investment (reaching more than 1.1 billion USD), with good FDI disbursement. Notably, many Chinese and Taiwanese-Chinese enterprises have invested and expanded their business and production, helping Bac Ninh province reduce its dependence on a few enterprises.

Speaking to Tien Phong reporter, Mr. Vuong Quoc Tuan - Vice Chairman of Bac Ninh Provincial People's Committee - said that in 2023, Bac Ninh will face many difficulties, with negative agricultural growth. In the first six months of the year, Bac Ninh's economy grew positively due to some favorable conditions, including good prices for agricultural output products. In particular, industrial production grew positively, after a negative year, with Samsung Company showing signs of improvement. This year, Samsung Company is expected to grow by about 15%.

“Recently, Bac Ninh province has attracted many investors from many countries, helping the province develop evenly, reducing dependence on one company. In the next one or two days, Bac Ninh province will sign cooperation agreements with a number of new investors, with large capital. It is expected that Amkor Group will decide to invest an additional 1.6 billion USD in Bac Ninh province in the near future. The increase in capital in Bac Ninh province by Amkor Group is 11 years earlier than planned, creating new development momentum for the province,” Mr. Tuan emphasized.

Nguyen Thang

Source: https://tienphong.vn/kinh-te-bac-ninh-tang-truong-duong-sau-mot-nam-bi-am-post1647212.tpo