Economic growth in the first quarter of 2025: Driving force and prospects

Yen Bai - The first quarter of 2025 is a period marking positive signs in the economic development of Yen Bai province. According to data from the Yen Bai Statistics Office, the growth rate of the province's gross regional domestic product (GRDP) is estimated at VND 5,567 billion at 2010 comparable prices, up 9.58% over the same period and up 1.94% compared to the growth scenario in the first quarter of 2025.

Provincial leaders visited the production area of ​​Mechanical Engineering One Member Co., Ltd. 83, Tran Yen district.

>> Many bright spots in Yen Bai's economic picture

This is a positive result, helping the province rise to 5th place out of 14 provinces in the Northern Midlands and Mountains region and 12th place out of 63 provinces and cities nationwide. This figure not only shows stability but also reflects the province's efforts in improving the investment environment, developing key economic sectors, as well as improving the quality of life for the people.

Accordingly, Yen Bai has shown a clear change in developing a diversified economy with positive results in all major economic sectors. In the first quarter, the economy continued to maintain a fairly high growth rate, in which the agriculture, forestry, fishery, industry, construction and service sectors all contributed to the overall achievements of the province.

The economic structure continues to shift positively and in the right direction. The agricultural and rural areas affirm their role as an important pillar of the economy. Agriculture has witnessed an important turning point, shifting from agricultural production thinking to agricultural economics. For many consecutive years, the province's agricultural growth rate has always been among the highest in the Northern Midlands and Mountains region and the whole country.

In the first quarter of 2025, the growth rate of the agriculture, forestry and fishery sector is estimated at 6.98%, ranking second out of 14 provinces in the region, continuing to affirm the important role of the agricultural sector in the economic development of the province. In particular, Yen Bai continues to be a bright spot in the Northwest region in terms of new rural construction.

By the end of the first quarter, the whole province had 115/146 communes meeting new rural standards (NTM), accounting for nearly 79% of the total number of communes; 39 communes meeting advanced NTM standards, 13 communes meeting model NTM standards, exceeding the Resolution's target; 5/9 district-level administrative units were recognized as meeting standards and completing the task of building NTM. Along with the forestry potential, the province has also implemented large-scale timber planting projects, creating a stable and long-term resource source, contributing to environmental protection and creating a sustainable source of income for the people.

The province's industry and construction sector is estimated to have a growth rate of 11.92%, ranking 6th out of 14 provinces in the region, of which the industry sector achieved a growth rate of 13%. The industrial production index increased by 9.8%, the growth scenario for the first quarter of 2025 is 8.5%; the industrial production value is estimated at 4,460 billion VND, equal to 22.3% of the plan; equal to 105.2% compared to the growth scenario for the first quarter. This is a positive signal, showing the transformation of the province's industry, especially in the fields of processing industry and infrastructure construction.

Yen Bai is focusing on attracting investment in the agricultural processing, wood processing, and mining industries, as well as developing industrial parks and export processing zones to create jobs and boost economic growth. The province has 4 industrial parks and 15 industrial clusters with a total area of ​​over 1,800 hectares; the average occupancy rate of industrial parks is over 82.4%, and that of industrial clusters is over 43.7%.

In particular, it has attracted a number of large-scale infrastructure investment projects in industrial parks and clusters, industrial production and processing projects such as: Tran Yen Industrial Park, Erex Sakura Yen Bai Biomass Fuel Factory Project; 3 Phu Thinh industrial clusters, Yen Binh district... creating momentum for socio-economic development in the following years.

Besides the industrial sector, the consumer sector also showed signs of strong recovery. In the first quarter, the province's service sector was estimated to have grown by 9.85%, showing a strong recovery in this sector.

Yen Bai has been developing tourism, trade, finance and insurance services to diversify the economy and reduce dependence on traditional economic sectors such as agriculture. The province's export turnover in the first quarter of 2025 reached over 120 million USD, an increase of 25% over the same period in 2024, equal to 24% of the 2025 plan.

In particular, in March 2025, export turnover reached 47.55 million USD, up 25.1% over the previous month. This figure demonstrates the strong development of export activities, especially agricultural products, minerals and processed agricultural products of the province. Yen Bai has been actively participating in major export markets, especially the ASEAN region and European countries.

To achieve these results, the province has focused on promoting trade promotion activities, supporting businesses through supply-demand connection programs, as well as promoting the province's products at international fairs and exhibitions. The e-commerce development policy is also being strongly implemented, helping businesses in the province reach international customers quickly and effectively.

The development of e-commerce is an indispensable trend in the digital age, especially in the context of the world witnessing a strong change in the way goods are bought and sold. In particular, in the first quarter, the province's budget revenue had a spectacular breakthrough, the total state budget revenue in the area is estimated at 1,300 billion VND, equal to 34.8% of the estimate assigned by the Central Government, equal to 23.6% of the estimate assigned by the Provincial People's Council, equal to 137.2% of the revenue scenario in the first quarter of 2025.

In general, the province's economic growth results in the first quarter of 2025 are very positive. With continuous efforts in developing key economic sectors such as agriculture, industry, services and exports, Yen Bai has been creating a solid foundation for sustainable development in the coming years.

However, to achieve the long-term goal, the province needs to continue to overcome challenges, maximize its potential and continuously improve the investment environment, in order to attract more resources from both domestic and foreign sources. In particular, to achieve the growth target of 8.2% in 2025 and strive to reach 10.5% under favorable conditions, Yen Bai needs to implement a series of comprehensive solutions.

On average, in the first quarter of 2025, the province's CPI increased by 3.2% compared to the same period in 2024. (In photo: People shopping at Winmart Supermarket).

Specifically, well implement Resolution No. 01/NQ-CP dated January 8, 2025 of the Government on key tasks and solutions to implement the Socio-Economic Development Plan and State Budget Estimates for 2025; Action Program No. 246-CTr/TU dated December 6, 2024 of the Yen Bai Provincial Party Committee on leading the implementation of political tasks in 2025; resolutions of the Provincial People's Council on the Socio-Economic Development Plan and State Budget Estimates for 2025; speed up the progress of land preparation for corn and other spring crops to ensure the right season; prepare well the conditions for the forest protection and development plan for 2025; maintain and develop specialized commodity material areas for key products and specialties of the province, focusing on implementing solutions to improve productivity, quality and added value of products.

In order for the province's industrial production to achieve stable growth in the following months, it is necessary for the direction of the Provincial Party Committee, Provincial People's Council, Provincial People's Committee, and relevant levels to have practical measures to remove difficulties for enterprises in terms of capital, support in building brands, promoting trade and consumption of manufactured products; promoting administrative reform, and improving provincial competitiveness in attracting investment.

To create momentum right from the first quarters of the year, local departments and branches need to have detailed plans for disbursing public investment capital in 2025 according to the progress of each quarter, 6 months and the whole year. Direct investors to regularly urge contractors to speed up construction progress; be proactive and decisive in disbursement and payment; prioritize disbursement and payment for contractors and packages with good implementation progress.

Continue to call for and attract investment, support businesses in developing commercial infrastructure, upgrading and renovating the market system, developing the retail system, especially the retail system to serve people's needs; implement the domestic tourism stimulus program by focusing on building strong tourism products of Yen Bai province...

Along with that, one of the top priority tasks at this time is that the province continues to focus on the work of streamlining the political system to operate effectively and efficiently; creating high unity in perception and action. With the results achieved, Yen Bai is confident and ready to enter a new era - the era of national development.

Hong Duyen

Source: http://baoyenbai.com.vn/12/348366/Tang-truong-kinh-te-quy-I2025--Dong-luc-va-trien-vong.aspx