Economic growth "boost"

Although individual localities are still growing positively, to create a breakthrough, regional linkages must be promoted.

The emergence of a series of large manufacturers is one of the reasons for Bac Giang's breakthrough growth. In the photo: Samkwang factory in Viet Yen town, Bac Giang

Bright piece of the economic puzzle

Although the final statistics on GDP growth of the whole country cannot be "finalized" yet, the economic picture of the first 6 months of the year has begun to be revealed. In that picture, the pieces - the economies of 63 localities - have shown bright colors. And the most prominent is still Bac Giang, a locality that has recently had a strong acceleration in terms of investment attraction, industrial production and GRDP growth.

Statistics show that in the first 6 months of 2024, Bac Giang's GRDP growth reached 14.14%, leading the country. In the first quarter of 2024, this locality also led the country in GRDP growth. The emergence of a series of large manufacturers, such as Foxconn, Luxshare ICT, Fukang, Hana Micron..., is one of the reasons for Bac Giang's breakthrough growth. The province's industrial production increased by 26.64% over the same period and this is an important growth driver.

Meanwhile, many other localities also had positive GRDP growth. For example, Khanh Hoa grew by 12.73% in the first 6 months of the year. This figure in Quang Ninh was 9.02%; Nam Dinh was 8.56%; Binh Dinh was 7.6%; Dong Nai was 6.8%... These growth rates were mostly higher than the GRDP growth rate in the first 6 months of last year.

The positive trend also reached Hanoi and Ho Chi Minh City. These two economic locomotives achieved GRDP growth of 6% and 6.46% respectively in the first half of the year. In the same period last year, Hanoi's GRDP growth was 5.97%, while Ho Chi Minh City's was 3.55%. The positive trend of Hanoi's economy and the recovery of Ho Chi Minh City's economy are quite clear.

Ho Chi Minh City Party Secretary Nguyen Van Nen, when speaking at the 31st Conference of the Ho Chi Minh City Party Executive Committee, term XI, 2020-2025 recently, said that this is a "very remarkable" result in the context of the domestic and world economic situation still facing many difficulties and challenges.

Not only the above localities, but Bac Ninh has also begun to regain growth momentum. In the first quarter of 2024, this locality still grew by negative 3.83%; in the first half of last year, it grew by negative 12.59%; and in the first 6 months of this year, it grew by 2.32%. Although it is not a high growth rate, the fact that after more than 1 year, Bac Ninh's GRDP has grown positively again shows that the province's economy has "rocked out". The difficulties have passed, the economy has regained growth momentum and this is an important premise for Bac Ninh to complete the plan for the whole year of 2024.

“Boost” for growth

The growth trend of localities is positive and this will certainly contribute significantly to helping Vietnam's economy regain growth momentum, gradually overcoming the concern of not keeping up with the world, which Minister of Planning and Investment Nguyen Chi Dung mentioned at the regular Government meeting in May 2024. According to the Minister, a number of countries have been implementing new economic stimulus packages, increasing competitive pressure, requiring the economy to recover and grow faster.

In recent reports submitted to the Government, the Ministry of Planning and Investment continuously emphasized the implementation of regional planning and promoting regional connectivity.

In order for the economy to recover and grow faster, a series of solutions have been proposed by Minister Nguyen Chi Dung, such as strongly promoting traditional growth drivers, taking advantage of and promoting new growth drivers, coming from the digital economy, circular economy, new manufacturing sectors such as semiconductors, AI, etc. Among them, in recent reports submitted to the Government, the Ministry of Planning and Investment has also continuously emphasized the implementation of regional planning and promoting regional linkages. Regional linkages are even considered the "key" to promoting growth, creating breakthroughs for the socio-economic development of localities, as well as the whole country.

In May 2024, more than 2 years after the first regional planning was approved - the Mekong Delta Regional Planning, the planning for the Red River Delta, Southeast, Central Highlands, Northern Midlands and Mountains, North Central and Central Coast regions were signed and issued by the Prime Minister. Economic regional coordination councils were also established. Investment promotion activities, or the construction of inter-regional projects have been and are being urgently implemented...

“Regional connectivity has now become an inevitable trend. We must closely connect regions to support each other, complement each other, and connect with each other to jointly exploit and make full use of each other's advantages and potentials and bring greater values,” said Minister Nguyen Chi Dung, adding that the Resolution of the 13th National Party Congress and recent resolutions of the Politburo have emphasized the significance and importance of regional connectivity.

The phrase “breakthrough” was mentioned by Minister Nguyen Chi Dung many times when announcing regional plans, as well as mentioning the promotion of regional connectivity. When announcing the Red River Delta Regional Planning for the 2021-2030 period, with a vision to 2050, Minister Nguyen Chi Dung emphasized the 6 words “Tradition - Connection - Breakthrough”. Referring to the Southeast Regional Planning, the Minister used the 3 words “breakthrough, pioneer, connectivity”…

He also mentioned the story that after just over 1 year of implementing Resolution No. 26-NQ/TW of the Politburo on socio-economic development and ensuring national defense and security in the North Central and Central Coast regions to 2030, with a vision to 2045, the region's economy has had positive changes. The region's GRDP growth in 2023 reached 5.51%, and in the first quarter of 2024 it reached 6.27%, higher than the national average. Notably, in 11 important projects and groups of projects, linking the region, 3 airports and 1 seaport have been completed...

Regional linkages are clearly bringing positive effects to the socio-economic development of the entire region and each locality in the region. Promoting regional linkages will be a “boost” for growth.

Source: https://baodautu.vn/thuc-day-lien-ket-vung-cu-hich-tang-truong-kinh-te-d217966.html