Economic growth (GRDP) reaching 8.05% is a result reflecting the positive development of Ha Tinh's socio-economy in 2023. In which, the construction - industrial sector is still the pillar for growth with a contribution of nearly 60%.
What is the reason for economic growth of 8.05%?
In the first 6 months of 2023, Ha Tinh's GRDP growth only reached 5.02%, by the end of the third quarter it reached 7.68% and by the end of 2023, this figure had reached 8.05%, completing the set target (the GRDP target in 2023 is to increase by over 8%). This result shows the efforts of the entire political system of the province in the context of extremely difficult world and domestic economies.
Ha Tinh ranks 15th in the country in terms of economic growth rate.
Mr. Nguyen Trung Thanh - Deputy Director of Ha Tinh Statistics Office said: In the overall growth of the economy in 2023; the agriculture, forestry and fishery sector increased by 2.7%, contributing 4.6%; the industry - construction sector increased by 11.4%, contributing 59.2%; the service sector increased by 6.5%, contributing 27.8%; product taxes minus product subsidies increased by 6.7%, contributing 8.4%.
Assessing the main driving forces, Mr. Nguyen Trung Thanh commented: Unit 1 of Vung Ang I Thermal Power Plant resumed operation; the investment project of Vung Ang II Thermal Power Plant was built on schedule; the VinES Battery Factory came into operation; the site clearance and construction of the North-South Expressway and major projects were accelerated; trade and service activities recovered and developed... are positive effects on the growth of the province's economy.
Site clearance and construction of the North-South Expressway have been accelerated, contributing to growth in the value of the construction industry.
In the industrial and construction sector, the industry faced many difficulties and challenges in the context of declining global demand, but the industry's growth still reached about 10% and was the main contributor to GRDP growth. Specifically, the processing and manufacturing industry increased by 9.2%, contributing 2.55 percentage points; the production and distribution of electricity, gas, hot water, steam and air conditioning increased by 13.9%, contributing 1.03 percentage points; the mining industry increased by 5.5%, contributing 0.03 percentage points; the water supply, waste and wastewater management and treatment industry increased by 5.2%, contributing 0.02 percentage points to the overall growth.
Construction activities were vibrant with large projects and works being focused on, ensuring progress; thanks to that, the construction industry increased by 16.6%, contributing 1.67 percentage points to the total added value of the whole province.
Trade and service activities in 2023 will stabilize and maintain high growth momentum, making an important contribution to economic growth. According to Deputy Director of the Department of Industry and Trade Vo Ta Nghia, in 2023, total retail sales of goods will reach more than VND 59,776 billion, an increase of more than 13% compared to 2022 and total wholesale sales will reach more than VND 49,547 billion, an increase of nearly 20% compared to 2022.
The processing and manufacturing industry increased by 9.2%, contributing 2.55 percentage points to GRDP growth.
Mr. Truong Doan Duc - Deputy Director of Ha Tinh Petroleum Company said: "In 2023, petroleum business activities have many positive changes, the company's revenue reached more than 4,000 billion VND, equal to 160% of the plan. This is also the year with the highest petroleum sales volume ever with more than 216,000 m3 . To facilitate business activities and implement the Government's decree, the company has also focused on applying digitalization to sales, investing in infrastructure, equipment, and implementing the issuance of invoices for each sale."
Analysis by the General Statistics Office shows that in service activities, the wholesale and retail sector increased by 7.6% over the previous year, contributing 0.53 percentage points; the transportation and warehousing sector increased by 13.9%, contributing 0.53 percentage points; the accommodation and catering services sector increased by 12.1%, contributing 0.24 percentage points; and the financial, banking and insurance sector increased by 6.2%, contributing 0.21 percentage points to the GRDP growth.
Agricultural production in 2023 will have a good harvest, with high output and prices.
The agriculture, forestry and fishery sector will continue to grow in 2023, becoming a solid pillar of the economy. Although it accounts for a small proportion in the economic structure, the positive results in this sector have also contributed to overall growth. In the sectoral structure, the agricultural sector increased by 2.33%, contributing 0.28 percentage points to the growth rate of the total added value of the whole province; the forestry sector increased by 5.31% but accounted for a low proportion, so it only contributed 0.07 percentage points; the fishery sector increased by 3.36%, contributing 0.07 percentage points.
Growth potential in 2024
In 2024, Ha Tinh set an economic growth target of 8-8.5%. Meanwhile, the world situation is forecast to continue to fluctuate, develop in a complex and unpredictable manner; the domestic economy faces many difficulties and challenges from external unfavorable factors and internal limitations and shortcomings. Despite many difficulties, Ha Tinh also has many favorable factors, which are the driving force to expect the proposed growth target.
Vung Ang 1 Thermal Power Plant plans to produce about 6.4 billion kWh of electricity in 2024.
Analyzing the potential and bright spots of Ha Tinh in 2024, Director of the Provincial Statistics Office Tran Thanh Binh said: the industry - a major contributor to GRDP will have many positive factors. Vung Ang 1 Thermal Power Plant is expected to produce about 6.4 billion kWh of electricity in 2024; Formosa Ha Tinh Steel Corporation is expected to produce 5.1 million tons of steel, 5.8 million tons of steel billets and about 4 billion kWh of electricity in 2024. If operated according to plan, it will contribute greatly to the overall growth rate.
In addition, factories producing batteries, beer, fiber, etc. that maintain stable production will contribute greatly to growth. Projects with large construction volumes such as the North-South Expressway project, the Eastern Ring Road, the Vung Ang II Thermal Power Plant, etc.; and trade and services that maintain stable growth will also contribute greatly to GRDP.
Based on the identified growth drivers, the key tasks set for 2024 are: continuing to remove difficulties, speeding up the progress of large and key industrial projects; removing bottlenecks and bottlenecks in land to speed up the disbursement of projects; drastically implementing the task of budget collection, strengthening post-audit work, preventing revenue loss, and recovering tax debts. At the same time, promoting the application of scientific and technological advances in production; proactively following weather developments, strengthening disease prevention measures, effectively implementing agricultural development policies...
Ngoc Loan
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