Breakthrough to develop

The year 2024 ended with many difficulties and challenges, especially storm No. 3 and the floods after the storm that negatively affected production, business activities and people's lives as well as the implementation of socio-economic development tasks. However, closely following the policies and orientations of the Central Government, Thai Binh has made efforts and determined to synchronously implement tasks and solutions to develop the province's economy comprehensively and firmly.

The Ammonium Nitrate Production Plant - Thai Binh Mining Chemical Company maintains safe and effective production and is preparing to invest in expanding the project scale. Photo: Khac Duan

Accelerate solutions

Right from the beginning of the year, the province has directed the implementation of socio-economic development management drastically and accelerated with the high determination of the entire political system to reach the finish line in the best way. Along with the serious implementation of the policies and directions of the Central Government, the Provincial Party Committee and the Provincial People's Committee have directed the promotion of propaganda work and the timely implementation of new legal regulations of the State; issued programs, plans, and documents directing the implementation of the set goals and tasks. In 2024, all levels and sectors will always accompany and stand side by side with investors, listen to and respect the contributions of domestic and foreign enterprises and investment associations, creating cohesion and trust of investors; improving the quality of business development services; promoting administrative procedure reform, improving the investment and business environment; tightening administrative discipline and order and improving the effectiveness and efficiency of direction and management. With the goal of resolutely overcoming the situation of pushing and avoiding responsibility in solving work; the Provincial People's Committee directed departments, branches, districts and cities to act decisively, dare to think, dare to do, say what you do, take common work, for the development of the province, put the interests of the state and the people first. In addition, focus on reviewing and promptly handling difficulties and obstacles, resolving "bottlenecks" to unblock resources, exploit potential areas and promote the development of industries and fields; direct and remove obstacles to speed up the implementation of key projects such as: LNG Thermal Power Plant project, Provincial General Hospital project at the medical center, Provincial Museum construction project, VSIP Thai Binh Industrial Park infrastructure investment and business project; Regularly inspect and urge the progress of site clearance for important connecting traffic projects such as: connecting trunk roads in the Economic Zone, Southern belt road, Thai Binh city road to Sa Cao...

Economic picture with many bright spots

Resolutely implementing solutions, Thai Binh's economy has grown evenly in all three regions. The total product in the province (GRDP) is estimated at 71,326 billion VND, up 7.01% compared to 2023, of which the industrial and construction sector increased by 11.76%, the service sector increased by 6.62%; the total production value is estimated at 210,455 billion VND, up 6.92% compared to 2023. Industrial production continues to maintain its role as the locomotive of the economy with a growth rate of 9.19%, the total production value is estimated at 106,449 billion VND, of which many sectors have high added value such as: processing and manufacturing is estimated at 94,136 billion VND, up 6.7%; electricity transmission and distribution production is estimated at 11,657 billion VND, up 35%; Water supply, waste and wastewater management and treatment are estimated at 369 billion VND, an increase of 4.2% compared to 2023... The work of building advanced new rural areas and model new rural areas is being focused on and accelerated. In 2024, the whole province plans to recognize 13 communes as advanced new rural areas and 2 communes as model new rural areas, thereby increasing the total number of communes meeting new rural standards to 40 communes and 2 communes as model new rural areas. In addition, the province also recognized 18 communes formed after the rearrangement of commune-level administrative units to meet new rural standards in 2024.

Production at Yazaki Hai Phong Vietnam Co., Ltd. Thai Binh Branch (Song Tra Industrial Park). Photo: Khac Duan

Investment attraction has also achieved many improvements. In 2024, the province's total investment capital attraction will reach more than VND 38,088 billion, including 154 production and business investment projects with a total registered capital of VND 26,444 billion, an increase of 26.2% compared to 2023; foreign direct investment (FDI) will reach over 1 billion USD. With that result, this is the second consecutive year that Thai Binh has attracted over 1 billion USD in FDI. During the year, the province successfully organized many provincial delegations to connect and promote investment in Germany, Switzerland, Hungary, the Netherlands, France, Belgium, Russia, etc.; Organize working sessions with delegations and large domestic and foreign corporations to explore investment opportunities, research and survey in the province such as: Vietnam Trade Office in Singapore, Heraeus Group, Kyushu Promotion Center Japan, Zenith Group Korea, Tokyo Gas Group, Truong Thanh Group, T&T Group and Marubeni Group (Japan), Kamkiu Group China, HVR International Company - Federal Republic of Germany, delegations of Kyushu Association and Kyushu Federation (Japan), Trinasolar Group (Singapore) ...; thereby opening up many cooperation opportunities between Thai Binh and countries around the world. In addition, Thai Binh also continues to maintain the third consecutive year of having over 1,000 newly established enterprises/year. Up to now, the whole province has 7,634 enterprises and 3,143 branches, representative offices, and business locations in operation with a total registered capital of over 120.4 trillion VND. The disbursement of public investment capital has been directed to be implemented drastically, therefore, the province continues to be in the top of the country in disbursement of public investment capital; in 2024, the estimated disbursement rate of public investment capital of the province will reach 169.4% of the plan assigned by the Prime Minister and 96% of the plan allocated by the locality. Budget collection has maintained its achievements for the third year with domestic revenue exceeding the 10,000 billion VND mark with a total revenue of more than 11,400 billion VND, reaching 132.9% of the estimate, an increase of 16.5% compared to 2023. In addition, the province has also focused resources and directed key projects to complete and put into use to create momentum for the province's economic development, such as: the 500kV line project, circuit 3, Quang Binh - Pho Noi, section through Thai Binh province with 39km through 4 districts and 22 communes; Provincial Center for Disease Control; Projects to renovate and upgrade provincial roads connecting districts...

2025 is predicted to be a year in which the economy will continue to face many difficulties and challenges, and at the same time, it is a year of special significance with many important events of the country. However, the results achieved in 2024 and the high determination of the entire political system are the important foundation and premise for Thai Binh to enter a breakthrough and acceleration phase, aiming for higher goals in 2025, ready to join the whole country in entering a new era, an era of national development.