Maintain economic stability, maintain growth momentum

Analysis of data from the General Statistics Office shows that the overall picture of economic growth in the first 8 months of 2024 continues to improve. Ninh Binh is considered one of the provinces with a fairly good growth rate compared to the Red River Delta region and the whole country in general. In particular, the bright spot must be mentioned is the acceleration of the trade and service sector.

Production line at CFG high-quality energy-saving glass factory (Khanh Cu Industrial Park, Yen Khanh District). Photo: Anh Tuan

Continue to maintain the role of motivation

Right from the beginning of the year, the People's Committee of Ninh Binh province has focused on leading and directing all levels and sectors to strengthen research, forecasting, identifying difficulties and challenges, determining new growth drivers to build growth scenarios for each quarter, as a basis for monitoring and evaluating the socio-economic development situation to promptly adapt to new situations and trends.

In the overall development orientation of the province, trade and services are identified as one of the important pillars of the economy; at the same time, it is an important solution to contribute to solving the problem of employment and increasing income for people, so many solutions have been implemented such as: Deploying many programs to support units applying e-commerce in production and business activities. In particular, supporting export enterprises to participate in global e-commerce trading floors such as: Alibaba, Amazon... to promote brands and products, and find international partners.

The Provincial People's Committee has directed relevant sectors to effectively implement the activities of the Trade Promotion Program; build and develop brands, support capacity building for the business community in market research, develop distribution systems... Therefore, trade and service activities in the province continue to be vibrant, tourism , accommodation and catering services have grown strongly, import and export activities have recovered positively, transportation activities have increased significantly, meeting the needs of goods transportation and travel of people. In particular, the total retail sales of goods in August are estimated at over 6,352.9 billion VND.

The bright spot in the service sector is the "smokeless industry". In order for the tourism industry to quickly recover and get back on track, the province has implemented many synchronous solutions such as promoting communication and promotion; improving service quality; researching and adding new tourism products; training human resources... creating a new look to meet the needs and tastes, so the number of tourists coming to Ninh Binh has increased. The estimated number of visitors to tourist attractions in the province in August reached nearly 377.2 thousand, an increase of 17.0% over the same period last year. In the first 8 months of this year, the number of visitors to tourist attractions in the province is estimated at nearly 6,895.3 thousand, an increase of 32.7% over the first 8 months of 2023.

Maintain economic stability and maintain growth momentum — Tam Coc-Bich Dong tourist area attracts many tourists. Photo: Anh Tuan

In addition, industrial production in August and the first 8 months of the year in the province continued to maintain a fairly good growth momentum compared to the same period last year. The industrial production index (IIP) of the whole province in August is estimated to increase by 1.22% over the previous month. Compared to the same month last year, the IIP of the whole province increased by 12.23%. In the first 8 months of 2024, the IIP of the whole province increased by 11.48% over the same period last year. In which, the processing and manufacturing industry, some secondary industries have high production indexes, contributing to the overall growth rate of the whole industry such as: construction stones of all kinds, footwear, fertilizers, steel, etc.

A series of large projects are speeding up disbursement.

One of the decisive factors for growth is the investment capital from the State budget in basic construction. Along with economic growth, Ninh Binh province also pays special attention to basic construction investment.

According to the Provincial Statistics Office, the total investment capital realized in the first 8 months of 2024 in the province is estimated at nearly VND 20,958.3 billion, up 1.6% over the same period in 2023. Of which: State capital reached VND 4,175.2 billion, up 5.9%; non-State capital reached VND 15,385.9 billion, down 2.1%; foreign direct investment reached VND 1,397.2 billion, up 46.5%.

Some projects and works in the public investment sector with large investment capital include: Project to build DT.482 route connecting National Highway 1A with National Highway 10 and connecting National Highway 10 with National Highway 12B; Project to build East-West route, Ninh Binh province (phase 1); Project to invest in building Van River overpass and the western approach road of Van River, Ninh Binh province; Project to build infrastructure of Trang An Eco-tourism Area and component projects; Project to build Hoa Lu University (phase 2); Project to build Boi River overpass to serve the rescue of migrants and economic development of Nho Quan-Gia Vien flood-slowing area; Project to build Dinh Tien Hoang Emperor square and monument, etc.

Another bright spot in the economic picture in the first 8 months of 2024 is the increase in foreign direct investment in the area, demonstrating the recovery of the local economy. Accordingly, some outstanding projects such as: The project of building a factory, purchasing assets, installing machinery and equipment for camera module production of MCNEX Vina Co., Ltd. is estimated at 81.2 billion VND; the project of building a shoe factory of Athena Vietnam Shoes Co., Ltd. is estimated at 18.8 billion VND; the project of building a factory to produce high-end tools and instruments of CIBON Ninh Binh of CIBON Vietnam Industry Co., Ltd. is estimated at 17.5 billion VND; the project of purchasing machinery and equipment for garment production of Great Global International Co., Ltd. is 12.5 billion VND; the project of building a shoe factory of Ever Great International Co., Ltd. is 9.1 billion VND...

It can be seen that Ninh Binh province is making efforts to accelerate the implementation of important strategic projects to create a synchronous and modern urban and transport infrastructure, not only opening up new space, space, opportunities, and motivation for the development and breakthrough of the province but also creating urban space and landscape, creating architectural highlights as well as developing inner-city tourism, gradually realizing the development perspective of "taking tourism and cultural industry as the spearhead" and Ninh Binh becoming a centrally-governed city with the characteristics of a Millennium Heritage City and a creative city.

Identifying the acceleration of the implementation of key projects as an important political task to create momentum for the province's socio-economic recovery and growth, the Provincial Party Committee, People's Council and People's Committee of Ninh Binh province have focused on directing the removal of difficulties for each project and accelerating the disbursement of public investment projects. The Provincial People's Committee has established a Working Group to accelerate the implementation and disbursement of the 2024 public investment capital plan for works and projects in Ninh Binh province. The leaders of the Provincial People's Committee directed to strengthen the urging and acceleration of the implementation of procedures, regularly inspect the actual implementation of projects and promptly review and direct the resolution of arising problems and issues, especially in site clearance, creating conditions to accelerate the progress of projects. Therefore, in the first 8 months of 2024, the projects were implemented to ensure the required progress; A number of projects and project items have been completed, basically completed, put into operation and use early, effectively promoting, positively contributing to the socio-economic development of the locality.

In the context of many difficulties, although achieving quite positive results, Ninh Binh's economy is still facing many challenges ahead. Therefore, it is important to persevere with the set goals and identify growth drivers to have the right and accurate solutions to promote economic growth in the last months of 2024, creating momentum for growth in the following years.

Phuc Nguyen