Top fastest growing provinces in Vietnam have surprises

Bac Giang grew 13.89%

Bac Giang province's economy continued to maintain high growth in the first 9 months of this year. The economic growth rate in the province (GRDP) was the highest in the country, reaching 13.89%.

Although agriculture, forestry and fishery recorded a decrease of 2.19%, in return, industry and construction increased by 18.03% (in the same period last year, it increased by 15.49%); services increased by 6.19% (in the same period, it increased by 6.06%) and product taxes increased by 12.89% (the increase in the first 9 months of 2023 was only 5.64%).

The industrial and construction sector continued to have the highest growth rate and contribution rate to the overall growth of the local economy, contributing 12.92 percentage points to the GRDP growth, being the main sector leading the economic growth rate of the province. The main growth driver is still the industrial sector, mainly concentrated in FDI enterprises with the main products still being electronic components. The service sector maintained a good growth rate, contributing 0.96 percentage points to the GRDP growth.

Among the three economic sectors, agriculture, forestry and fishery in Bac Giang faced many difficulties in the first nine months due to the loss of the lychee crop and the impact of storm No. 3, which reduced the overall growth rate by 0.24 percentage points.

In addition, the outstanding results in the 9-month economic picture of Bac Giang province also include: State budget revenue in the area increased by 30.6%, equal to 86% of the year's estimate; total import-export value increased by nearly 24%; total retail sales of goods and service revenue increased by 16.3%; average consumer price index (CPI) increased by 3.25%. Tourists to Bac Giang are estimated at 2.2 million, up 45% over the same period.

This year, the province sets a target for socio-economic development with an expected annual growth rate of about 14.5%.

Thanh Hoa grew 12.46%

Thanh Hoa's GRDP in the first 9 months is estimated to increase by 12.46% over the same period last year with the growth of industry and construction reaching 18.85% (industry increased by 22.7%; construction increased by 8.55%). Service sectors increased by 7.23%; product tax minus product subsidies increased by 7.02% while agriculture, forestry and fishery also increased by 4.43%.

Regarding the economic structure in the first 9 months, the agriculture, forestry and fishery sector accounted for 13.19%, down 0.85%; industry and construction accounted for 51.01%, up 2.3%; service sectors accounted for 29.78%, down 1.14%; product taxes minus product subsidies accounted for 6.02%, down 0.31% over the same period last year.

A corner of Thanh Hoa city center (Photo: Thanh Tung).

In the past 9 months, tourism activities in Thanh Hoa have been bustling; many cultural, sports and tourism activities associated with the opening of the Sam Son, Hai Hoa and Hai Tien Sea Tourism Festival in 2024 have been organized; services at entertainment centers. Accordingly, revenue from accommodation and food services in the first 9 months is estimated at 16,401 billion VND, up 21.7% over the same period (quarter I increased by 8.1%, quarter II increased by 21.8%, quarter III increased by 31.6%).

Industrial production in Thanh Hoa is basically stable and has developed. Garment and shoe manufacturing enterprises have many orders, production and business activities are stable; Nghi Son Refinery and Petrochemical Plant, Nghi Son I and Nghi Son II Thermal Power Plants have increased capacity and operated stably.

In addition, a number of new industrial establishments have come into operation in the province, so industrial production still maintains a good growth momentum. The industrial production index of the whole industry is estimated to increase by 0.7% in September compared to the previous month, and by 46.06% over the same period last year.

According to the report of the Department of Finance, the total state budget revenue for the first 9 months is estimated at 42,695 billion VND, exceeding the provincial estimate by 20%, increasing by 44.7% over the same period and being among the top 10 localities with the highest revenue in the country. Disbursement of public investment capital is always among the top in the country; site clearance reached 89.8% of the plan, a high increase over the same period.

Lai Chau grew 11.63%

Lai Chau's GRDP growth figure was mentioned by Minister of Planning and Investment Nguyen Chi Dung in his speech at the regular online September Government meeting with 63 localities.

Data provided by the Lai Chau Provincial Statistics Office did not mention GRDP growth, but said that in the first nine months, most industrial sectors had an increase in IIP compared to the same period last year.

In particular, the hydropower industry in this locality has a high growth rate because during the period, 11 new hydropower plants were completed and put into operation with a total installed capacity of 145.3 MW. Along with the rainy weather conditions, it has created favorable conditions for hydropower production to increase output.

The index of industrial production (IIP) in Lai Chau province in the first 9 months was 143.3%, up 43.3% over the same period last year. The increase in IIP over the same period last year was due to the increase in the electricity production, transmission and distribution sector which increased by 43.75% due to heavy rain this year.

According to the statistics agency of Lai Cau province, because Lai Chau is a province surrounded by high mountains and is less affected by storm No. 3 (Yagi), the trade, service and transportation situation in September in the province still grew quite well compared to the previous month and the same period last year.

In 9 months, Lai Chau granted registration for the establishment of 104 new enterprises with a total registered capital of 1,156 billion VND, equal to 65% of the plan; bringing the total number of enterprises in the province to 2,082.

Ha Nam grew 10.89%

According to the Ha Nam Provincial Statistics Office, the province's GRDP in the first 9 months is estimated to increase by 10.89% over the same period last year, achieving the highest growth rate in the Red River Delta region and 4th nationwide.

In 2024, Ha Nam's economic situation recovered, the demand for import and export of goods increased, businesses received many orders with large economic value, the number of new businesses coming into operation during the year increased significantly, contributing to promoting the province's economic growth in the past 9 months.

Ha Nam landscape (Photo: TT).

The industrial and construction sector in the first 9 months is estimated to increase by 13.74% over the same period last year, contributing 8.77 percentage points to the GRDP growth. The industrial sector has many positive changes, being the driving force for the province's economic growth. It is estimated that the added value of the industrial sector increased by 15.17% in the first 9 months, contributing 8.49 percentage points. The service sector is estimated to increase by 7.75% over the same period last year, contributing 1.77 percentage points to the GRDP growth.

The agriculture, forestry and fishery sector is estimated to increase by 0.58% over the same period, contributing 0.05 percentage points to the GRDP growth. In the first months of the year, the agriculture, forestry and fishery sector of Ha Nam province developed relatively stably, and plant and animal diseases were well controlled. However, the impact of storms and rains in the third quarter caused damage and reduced productivity and output of crops and animals.

Product tax minus product subsidies is estimated to increase by 5.19% over the same period, contributing 0.3 percentage points to the province's overall GRDP growth.

In the 9-month GRDP structure at current prices of Ha Nam province, the agriculture, forestry and fishery sector accounts for 6.7%; the industry and construction sector accounts for 64.9%; the service sector accounts for 22.9%; product taxes minus product subsidies account for 5.5%.

Dien Bien grew 10.55%

According to the Department of Statistics of Dien Bien province, the GRDP of this locality in the first 9 months at 2010 comparative prices reached 11,423.4 billion VND, up 10.55% over the same period last year. Of which, the agriculture, forestry and fishery sector reached 1,574.1 billion VND, up 3.74%; the industry - construction sector reached 2,323.2 billion VND, up 9.48% (industry alone increased 19.71%); the service sector reached 7,006.35 billion VND, up 12.82%; product tax minus product subsidies reached 519.79 billion VND, up 7.42%.

Dien Bien's GRDP growth rate is high compared to other provinces in the same region, ranking 3rd out of 14 provinces in the Northern midland and mountainous region, and 5th out of 63 provinces and cities.

Total product in Dien Bien province in 9 months at current prices reached 22,176.84 billion VND, up 14.29% over the same period last year, reaching 68.87% of the plan.

Regarding the economic structure in the first 9 months, the agriculture, forestry and fishery sector accounted for 13.59%, down 0.66% over the same period last year; the industry and construction sector accounted for 19.73%, up 0.54% over the same period last year. The service sector accounted for 62.22%, up 0.3% over the same period last year; product taxes minus product subsidies accounted for 4.46%, down 0.18% over the same period last year.

Production and business activities in the third quarter in Dien Bien grew more positively than the previous quarter and the same period last year. As the peak quarter of the rainy season, this year's rainfall was large and prolonged, which was favorable for the hydropower industry, leading to a sharp increase in electricity output, greatly affecting the general index of the entire industry.

In general, in the first 9 months, industrial activities in the area grew quite well, mainly due to the positive impact of 2 sectors: processing industry; electricity production and distribution.

The industrial production index in the first 9 months increased by 20.65% over the same period last year. Of which, the mining industry decreased by 7.73%; the processing and manufacturing industry increased by 6.43%; the electricity production and distribution industry increased by 46.79% (the same period last year decreased by 20%); the water supply industry; waste and wastewater management and treatment activities increased by 0.54%.

During the first nine months of this year, many festivals promoting the image and important cultural events took place in Dien Bien within the framework of the National Tourism Year - Dien Bien 2024 and the 70th Anniversary of Dien Bien Phu Victory, attracting a large number of domestic and foreign tourists, positively impacting the market of goods and commercial services.

Total retail sales of goods and consumer services revenue in the first 9 months increased by 22.96% over the same period, with the second quarter increasing by 30.92% and the third quarter increasing by 27.04%.

Khanh Hoa grew 10.45%

Total product in Khanh Hoa province (according to 2010 comparative prices) in 9 months is estimated at 47,127.1 billion VND, up 10.45% over the same period last year, ranking 6th/63 of the country and 2nd/14 of the North Central and Central Coast regions.

Of which, GRDP by economic sector increased by 10.99%; product tax minus product subsidy increased by 4.84%. Contributing to the total increase of 10.45% of the whole province, the agriculture, forestry and fishery sector increased by 0.11%, increasing by 0.01 percentage point; the industry and construction sector increased by 20.39%, increasing by 6.43 percentage points; the service sector increased by 7.47%, increasing by 3.59 percentage points; product tax minus product subsidy increased by 4.84%, increasing by 0.42 percentage points.

Nha Trang beach seen from above (Photo: Trung Thi).

The industrial and construction sector increased by 20.39% over the same period last year. This sector had the highest growth rate among the three economic sectors, of which the industrial sector increased by 23.01%; the construction sector increased by 15.6% with many key national and provincial projects being started.

Although Khanh Hoa's industry has a fairly high growth rate, it is mainly due to the high increase in electricity production and distribution (2.24 times higher, contributing 4.79 percentage points); while the manufacturing and processing industry - the industry with the highest contribution rate in industry - only increased by 1.34%, increasing the whole province's growth by 0.2 percentage points.

The service sector with the highest proportion in GRDP of Khanh Hoa province increased by 7.47% over the same period last year.

This year, Khanh Hoa set a target of welcoming 9 million overnight visitors, including 3 million international visitors; revenue of 40,100 billion VND. However, the number of tourists increased so much that Khanh Hoa tourism reached the target 3 months early.

As of early October, the province has welcomed 9 million overnight guests, reaching 100% of the annual plan and increasing by 57.9% over the same period in 2023 (including 3.6 million international visitors, increasing by 147.9% over the same period in 2023). Total tourism revenue is estimated at VND 44,138.4 billion, increasing by 61.9% over the same period (exceeding 10% of the annual plan)...

Many localities have high growth despite being devastated by typhoon Yagi

Hai Phong (9.77%)

Total product in Hai Phong city in 9 months is estimated to increase by 9.77% over the same period, ranking 8th in the country and 2nd in the Red River Delta.

Of which, the agriculture, forestry and fishery sector decreased by 0.88%, reducing 0.03 percentage points to the overall growth rate; the industry and construction sector increased by 12.09%, contributing 6.63 percentage points; the service sector increased by 7.94%, contributing 2.89 percentage points; product taxes minus product subsidies increased by 4.8%, contributing 0.28 percentage points.

The province said that due to the impact of storm No. 3, many industrial enterprises had their production interrupted. The industrial production index in September is estimated to decrease by 8.39% compared to August, up 3.48% compared to the same period last year. Meanwhile, it is expected that in the fourth quarter, service activities will face difficulties due to the consequences of storm No. 3.

Quang Ninh (8.02%)

Despite being heavily affected by typhoon Yagi, Quang Ninh province still shows impressive economic recovery and development through many positive growth indicators.

The province's 9-month GRDP economic growth reached 8.02%, 2.07 percentage points lower than the same period's growth rate, and 1.61 percentage points lower than the 9-month growth scenario.

The processing and manufacturing industry was the main growth driver, increasing by 20.45%, 4.05 percentage points higher than the same period. The service sector is estimated to increase by 13.55%, 1.76 percentage points higher than the same period. The total number of tourists to Quang Ninh in the first 9 months is estimated at over 15.6 million, up 20% over the same period, of which international visitors are estimated at 2.59 million. Total tourism revenue is estimated at VND36,856 billion, up 39% over the same period.

Total retail sales of goods and consumer services revenue is estimated to increase by 12.97% over the same period. Revenue from transportation, warehousing and transportation support services is estimated to increase by 27.4% over the same period. Export turnover of enterprises in the province is estimated to reach 2,570 million USD, up 13.8% over the same period.

Phu Tho (9.56%)

Phu Tho's GRDP growth rate recorded a high of 9.56%. Statistics show that industrial production in the third quarter in the area continued to maintain a high growth momentum when the industrial production index (IIP) increased by 48.21% over the same period.

In the first 9 months, IIP increased by 38.65%, of which the processing and manufacturing industry increased by 40.3%. IIP increased sharply compared to the same period thanks to the significant contribution of a number of newly operating large-scale enterprises. In addition, the stability in production, market expansion, and domestic and foreign order seeking of enterprises are also important factors promoting the growth of the entire industry,...

Trade and service business activities have grown well, meeting market demand well; price stabilization work has been well implemented, with no surplus of goods.

Despite natural disasters, in September, the total value of goods exports still increased by 48.1% over the same period; the total value of goods imports increased by 87.6%. In the first 9 months, exports are estimated at 11.8 billion USD, up 48.7% over the same period; imports are estimated at 11.26 billion USD, up 86.4%.

Other localities hit by typhoon Yagi in September, such as Lao Cai, Cao Bang, and Yen Bai, also saw high growth. The nine-month GRDP growth rate of Lao Cai was 7.71%, Cao Bang was 7%, and Yen Bai was 7.15%.

Dantri.com.vn

Source: https://dantri.com.vn/kinh-doanh/top-tinh-thanh-tang-truong-nhanh-nhat-viet-nam-co-bat-ngo-20241010215124177.htm