Economy in 10 months: Growth in many areas

In October and 10 months of 2024, the socio-economic situation of Bac Giang province has basically recovered after natural disasters and floods and achieved many positive results. Although there are still many difficulties in implementing the development targets in 2024, in general, progress is ensured, and the province's economy continues to have many bright spots.

Bac Giang province's economy in the first 10 months grew in many fields.

The industrial production index increased by 27.16% over the same period.

The province's industrial production continued to maintain a fairly good growth momentum, with each month higher than the previous month. The industrial production index in October increased by 6.98% over the previous month and 21.88% over October 2023. In the first 10 months of 2024, the industrial production index of the entire industry is estimated to increase by 27.16% over the same period. In particular, the manufacturing and processing industry continued to maintain its leading role with an increase of 22.46%; the mining industry is estimated to increase by 21.06%; water supply and wastewater treatment increased by 4.37%. In particular, the electricity production and distribution industry is estimated to decrease by 27.53%.

In addition to industries with high growth rates such as: Electronic product manufacturing increased by 48.93%; food processing and manufacturing increased by 35.99%; garment manufacturing increased by 26.76%..., industrial production also faced difficulties due to increased import tax on solar panels, which strongly impacted electrical equipment manufacturing companies in the area; some industries that have faced difficulties since the beginning of the year have not shown signs of improvement such as: Beverage production is estimated at 57.81%; leather and related products production is estimated at 72.91%; pharmaceutical, chemical and medicinal materials production is estimated at 81.74%; motor vehicle production is estimated at 98.01%... Because these industries are small in scale and have a small number of enterprises, their impact on the overall growth rate of the index is not large.

Key products still have high growth in the first 10 months of the year compared to the same period, including: Smart watches estimated at 1,335 thousand units, up 7.66% over the same period; headphones estimated at 11,851 thousand units, up 36.8% over the same period; new products in 2024 laptops, Ipads, October output estimated at 645,513 units.

Trade and service activities grow steadily

The province's trade and service activities in the month maintained a stable growth rate along with the high growth rate of industrial production activities; prices were controlled at a suitable level. Total retail sales of goods and service revenue in October were estimated at VND5,815 billion, up 3.45% over the previous month. The value in 10 months was estimated at VND55.2 trillion, up 16.1% over the same period, reaching 86.2% of the plan.

Of which, the total retail sales of goods in October are estimated at VND 3,995 billion, up 3.3% over the previous month and up 14.5% over the same period, due to good economic growth, increased income of people, leading to increased demand for shopping and consumption of goods and services. Accumulated in the first 10 months of 2024, the total retail sales of goods are estimated at VND 38,659 billion, up 15.6% over the same period. Some main product groups with high revenue growth are: Food, food; garment; wood and construction materials;...

Service revenue was estimated at VND16,496 billion, up 17.3%. The food service industry's activities in the month increased slightly compared to the previous month and the same period last year, while other industries increased slightly compared to the previous month and increased sharply compared to the same period last year. Transportation activities continued to grow well in the last months of the year due to the strong increase in demand for travel and trading goods at the end of the year.

Total import and export turnover increased sharply

Import and export activities of enterprises maintained a high growth trend. The total import and export value in October reached 6.08 billion USD, up 5.9% compared to the previous month; the accumulated value in 10 months reached 46.1 billion USD, up approximately 26% compared to the same period, reaching 76.8% of the plan. Of which, the export value reached 24.3 billion USD, up 22.8%, reaching 73.6% of the plan; the import value reached 21.8 billion USD, up 29.7%, reaching 80.7% of the plan.

The province's largest export market is China, followed by South Korea, Hong Kong, Japan, the US, Spain, India and several other countries. Main export products: Textiles, footwear; computers, electronic products, phones and components of all kinds; electrical equipment; plastic products... Export products in the first 10 months of 2024 all increased compared to the same period in 2023, of which the highest increase was in phones of all kinds and components.

Textiles are one of the main export products.

The province's largest import market is China, followed by South Korea, Taiwan, Japan and several other countries. Imported products are mainly raw materials for export production and export processing (garment materials and accessories, electronic components production, etc.).

Many budget revenues exceed estimates

Total domestic revenue of the whole province in October 2024 is estimated at 1,838.8 billion VND, accumulated in 10 months is estimated at 14,296.8 billion VND, up 24.9% over the same period in 2023. 12/16 revenue items and 03/10 district-level units have exceeded the annual estimate.

Of the 16 revenue items, 12 revenue items increased compared to the same period, such as: Local State-owned enterprises VND 82.4 billion, exceeding 30.8%; FDI enterprises VND 2,774.9 billion, exceeding 18.6%; personal income tax VND 1,351 billion, exceeding 15.5%; environmental protection tax VND 272 billion, exceeding 6.7%; registration fee VND 534.2 billion, exceeding 0.8%; fees and charges VND 158.9 billion, exceeding 16.9%; non-agricultural land use tax VND 42.15 billion, exceeding 0.4%; land rental revenue VND 421.97 billion, exceeding 5.5%; granting mineral exploitation rights VND 62.5 billion, exceeding 83.8%; other budget revenue VND 754.96 billion, exceeding 54.7%; Public land fund 56.9 billion VND, exceeding 21.1%; lottery 31.2 billion VND, exceeding 11.5%. Among 10 district-level units, 3 districts Yen Dung, Lang Giang, Hiep Hoa have budget revenue exceeding the annual estimate. However, there is 01 revenue item reaching less than 80% of the estimate: Revenue from Central State-owned Enterprises operating in the area reached 274 billion VND, equal to 64.5% of the estimate.

Assessing the socio-economic results of the first 10 months of the year, Comrade Mai Son - Acting Chairman of the Provincial People's Committee said that the province's socio-economic results in the first 10 months achieved many positive results in industrial production, agriculture, budget revenue, etc. These are the driving forces for the province's growth.

To promote economic development, he directed units and localities in the province to synchronously and comprehensively deploy tasks and solutions to improve the investment and business environment in order to create an environment for clearing the remaining areas of the industrial parks: Yen Lu, Hoa Phu expansion and the new industrial parks Phuc Son, Chau Minh - Bac Ly - Huong Lam. At the same time, focus on resolving slow-progressing projects, avoiding waste; removing difficulties in disbursing public investment capital, national target programs. Promote the recovery of agricultural production, develop livestock herds, ensure the supply of products for the last months of the year. Strengthen market inspection and control, implement solutions to ensure price stability in the remaining months of 2024./.

An Nhien

Source: https://bacgiang.gov.vn/chi-tiet-tin-tuc/-/asset_publisher/St1DaeZNsp94/content/kinh-te-10-thang-tang-truong-tren-nhieu-linh-vuc