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| Chairman of the Provincial People's Committee Nguyen Tan Tuan concluded the meeting. |
Not as planned
According to the report of the Department of Finance, in the first quarter of 2025, the total product in the province (GRDP) increased by 6.72%, lower than the proposed scenario (10.5%) and lower than the GDP growth of the whole country (6.93%). Of which, the agriculture, forestry and fishery sector grew by 2.51%, lower than the proposed scenario (3%); the industrial sector grew by 3.8%, lower than the proposed scenario (11.6%); the construction sector grew by 10.98%, lower than the proposed scenario (20.5%); the service sector grew by 7.96%, lower than the proposed scenario (9.8%). Particularly, import tax, products minus product subsidies grew by 8.2%, higher than the proposed scenario (7%). Regarding development investment, in the first quarter, the total social development investment capital of the province reached nearly 16,000 billion VND, an increase of 14.3% over the same period last year, quite close to the set scenario (16,243.5 billion VND). However, the results of implementing investment capital for non-budget investment projects and disbursement of public investment capital were still low, not meeting the set scenario.
Mr. Chau Ngo Anh Nhan - Director of the Department of Finance forecasts that with the GRDP growth results in the first quarter, at the same time in the context of the extremely complicated world situation, the internal problems of the economy have not been promptly resolved, leading to the risk of growth drivers declining. Specifically, the world economic situation is forecast to continue to be complicated, unpredictable, with many major fluctuations, especially due to the impact of the US tax policy. Meanwhile, the processing and manufacturing industry has been identified as an important driving force for growth, but the growth rate in the first quarter was relatively low (GRDP of the processing industry increased by only 3.26%); capacity, new investment capacity, and expansion investment increased slowly. Difficulties and obstacles in determining land prices and site clearance have not been completely resolved, directly affecting the progress of implementing public investment projects and non-budget projects.
Vice Chairman of the Provincial People's Committee Tran Hoa Nam also said that the province's economic growth is clearly facing difficulties, but at present it has only been identified at the overall level, it is necessary to have detailed reports, each industry, each field, and specific projects, through which bottlenecks can be clearly seen to be promptly resolved. If the cause of the decline in growth in each field cannot be found, it will be difficult to achieve the set growth target in the second quarter.
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| Production activities of Khatoco Garment Factory. |
Determination to achieve goals
With the current GRDP growth results, the province is at risk of not being able to meet the 2025 growth target of 10 to 10.5%. Therefore, the Department of Finance has proposed 3 growth options for the Provincial People's Committee in the second quarter and the first 6 months of 2025. Specifically, option 1, GRDP increases by 9% in the second quarter and 8% in the first 6 months of 2025. Option 2, GRDP increases by 10% in the second quarter and 8.5% in the first 6 months of 2025. Option 3, GRDP growth in the second quarter is 10.9% and growth in the first 6 months of 2025 is 9%.
Vice Chairman of the Provincial People's Committee Dinh Van Thieu said that in the following months, growth needs to accelerate, but instead of just assigning the overall figure, it is necessary to calculate in detail and assign the growth rate to each unit, each industry, each project. If any sector is at risk of not reaching the target, there must be immediate specific solutions or adjustment of growth rate and increase growth rate in sectors with room to compensate.
Sharing the same view, Standing Vice Chairman of the Provincial People's Committee Le Huu Hoang suggested that more detailed calculations are needed. At the same time, to achieve the double-digit growth target, the province needs to maintain a growth rate of 10.9 to 11.6% in the last 9 months of 2025. Therefore, Mr. Le Huu Hoang suggested that the Chairman of the Provincial People's Committee choose the third growth option proposed by the Department of Finance (GRDP growth in the second quarter was 10.9% and in the first 6 months of the year was 9%).
Concluding the meeting, Chairman of the Provincial People's Committee Nguyen Tan Tuan requested that sectors, units and localities need to have specific action plans. Based on the proposal of the Department of Finance, Chairman of the Provincial People's Committee Nguyen Tan Tuan agreed to choose option 3 for the growth scenario in the second quarter and the first 6 months of 2025; at the same time, assigned the Department of Finance to inspect and readjust the growth rate of economic sectors.
To complete the growth scenario according to option 3, Chairman of the Provincial People's Committee Nguyen Tan Tuan requested agencies, units and localities to focus on promoting the disbursement of public investment capital, striving to disburse at least 50% of the assigned capital plan by the end of June; promote new growth drivers, attract tourists and service industries. At the same time, research and organize many cultural and artistic activities, especially events celebrating the 50th anniversary of the Liberation of the South, National Reunification, Nha Trang - Khanh Hoa Sea Festival in 2025; prepare to organize major music events, thereby stimulating tourism. In addition, units also promote production, business, import and export of goods; inspect and review procedures for proposing investment policies, promptly start construction of industrial parks, industrial clusters, hospital projects and a number of other key projects.
Mr. NGUYEN TAN TUAN - Deputy Secretary of the Provincial Party Committee, Chairman of the Provincial People's Committee, Secretary of the Provincial Party Committee: "At present, the economic growth of each industry and each field is of great significance to the completion of the province's double-digit growth target. In the past, Khanh Hoa has overcome many challenges that are much greater than the present. Therefore, the immediate difficulties are not unsolvable. The Provincial People's Committee believes that with the determination and solidarity of the entire political system, the economic growth target of 10 to 10.5% that the province set at the beginning of the year will certainly be achieved."
DINH LAM
Source: https://baokhanhhoa.vn/kinh-te/202504/tang-toc-thuc-hien-muc-tieu-tang-truong-kinh-te-f8804b8/
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