Vinh Phuc economy overcomes difficulties, grows sustainably

In the common joy of celebrating the 50th anniversary of the Liberation of the South and National Reunification Day (April 30, 1975 - April 30, 2025), especially nearly 29 years of re-establishing the province, overcoming difficulties and challenges, the Party Committee, government and people of all ethnic groups in the province are always united, pioneering innovation and creativity to build the province into a dynamic economic center, an attractive destination for domestic and foreign investors.

After the great victory in the Spring of 1975, Vinh Phuc, together with the whole country, entered the process of building socialism. In particular, right after the re-establishment of the province, based on the practical situation, the Provincial Party Committee determined to take industrial development as the foundation; promote the development and improve the quality of service sectors, develop tourism as a spearhead economic sector. From there, it had the right policies, determined appropriate steps, found breakthrough solutions, created the most favorable environment to liberate the productive forces of all economic sectors, and strongly attracted resources for investment and development.

Only 3 years after the province was re-established, the province's production value in 2000 reached nearly 5,500 billion VND, an increase of more than 9 times compared to 1997, of which the industrial production value increased by more than 90%, in which the industrial production value with foreign investment capital accounted for 90% of the province's total value.

Since 2004, Vinh Phuc has been able to balance its budget expenditures and contribute and regulate the central budget. In 2009, the provincial budget revenue exceeded 10 trillion VND; by 2016, it exceeded 30 trillion VND; especially in 2022, it reached its peak with a total revenue of more than 40 trillion VND; in 2024, it is estimated to reach nearly 30.5 trillion VND. Vinh Phuc has been assessed by the Central Government as one of the provinces with large contributions to the central budget over the past many years.

With the right investment attraction strategy, Vinh Phuc has become a high-tech industrial center, creating many jobs to help improve people's lives. (In the photo: Electronic component production at BHFlex Vina Co., Ltd., Khai Quang Industrial Park). Photo: Chu Kieu

Identifying industrial development as the foundation and driving force for economic growth, in recent years, the province has issued many mechanisms and policies such as the Plan to implement the Foreign Investment Cooperation Strategy for the period 2021-2030; Project to attract strategic investors to invest in the province until 2030; develop a Project to improve the investment environment, enhance the Provincial Competitiveness Index (PCI); issue specific solutions to remove obstacles related to compensation and site clearance for large projects, infrastructure investment projects in industrial parks (IPs); complete the system of mechanisms and policies on investment attraction and pay attention to infrastructure investment inside and outside the IPs.

Along with that, the province promotes investment promotion and attraction activities with the motto "Investors in Vinh Phuc are citizens of Vinh Phuc, the success of enterprises is the success of the province". In particular, special attention is paid to improving the investment and business environment, attaching importance to on-site investment promotion activities by promptly paying attention and resolving difficulties and problems for enterprises investing in the province; promoting administrative procedure reform; maintaining good implementation of the program "Provincial People's Committee leaders meet businessmen every week"; implementing cooperation contents with Chungcheongbuk province (Korea), Pernik province (Bulgaria), Toscana region (Italy), signing a Memorandum of Understanding on investment cooperation with Signetics Company Limited; organizing investment promotion conferences, provincial leaders have received and worked with many corporations and enterprises coming to learn about investment policies and investment procedures in the province such as Young Poong Group, META Investment Fund, Grandway Singapore Company, etc.

From only 1 industrial park (IP) with a scale of 50 hectares (Kim Hoa IP) in 1998, up to now, the province has 17 IPs established with a total area of ​​3,142.96 hectares, of which 9 IPs have been put into operation, 3 IPs are under construction, attracting 376 FDI projects, total investment capital of nearly 6.8 billion USD; 119 DDI projects, total investment capital of more than 38,882 billion VND.

In developing tourism and services, the province has exploited its advantages in resort tourism and sightseeing tourism, especially when Tam Dao town was honored by the World Travel Awards as the "World's Leading Destination Town"; Tay Thien scenic area - a comprehensive cultural and tourist complex was ranked as a special national monument by the Prime Minister. In addition, Dai Lai lake with its poetic and charming landscape is targeted by many investors and historical relics such as Dong Dau archaeological site and Binh Son Tower have been excavated and preserved...

Over the years, Vinh Phuc has always been one of the attractive destinations for domestic and foreign tourists, with the number of visitors and tourism revenue continuously increasing. If in 2011, Vinh Phuc only welcomed nearly 1.8 million visitors, tourism revenue reached 740 billion VND, then by 2024 it will welcome 10.5 million visitors, total revenue of more than 4,000 billion VND, including about 90 thousand international visitors.

With flexibility in direction and management, since the province's re-establishment, the province's economy has changed dramatically with many important achievements. The economic growth rate (GRDP) through the stages has always been high; especially in some years, economic growth reached more than 20%. On average, in the period of 1997-2021, GRDP reached 13.42%/year. In 2024, it is estimated to reach 7.52%, higher than the average growth rate of the whole country.

The scale of GRDP at current prices of the province is estimated at 173.14 trillion VND, an increase of 15.66 trillion VND, equivalent to an increase of 10% compared to 2023, bringing the average GRDP value per capita to an estimated 141.3 million VND/year (in 1997, the scale of the economy only reached 1.95 trillion VND; the average GRDP value per capita reached 2.18 million VND at current prices). The material and spiritual life of the people is increasingly improved and enhanced.

Throughout the development journey, the Party Committee, government and people of the province have always been proud of the nearly 29 years of construction and development of the province. This is the motivation for each Vinh Phuc citizen today to constantly strive, continue to write the glorious history of the homeland, firmly step into the new era, the era of national growth.

Mai Lien

Source: https://baovinhphuc.com.vn/Multimedia/Images/Id/127185/Kinh-te-Vinh-Phuc-vuot-kho-tang-truong-ben-vung