Economic growth in the first quarter of 2025 - The result of the creation process

The key projects that have been focused on have contributed to promoting the province's economic growth. Photo: Construction of the regional connecting road project through Cao Son commune (Luong Son).

According to the report of the Provincial Statistics Office, in the first quarter of 2025, the province's GRDP is estimated to increase by 12.76% over the same period last year, the second highest in the country. Of which, industry and construction is estimated to increase by 27.18%, contributing 9.92 percentage points, industry alone is estimated to increase by 33.1%, contributing 9.4 percentage points; agriculture, forestry and fishery are estimated to increase by 4.19%, contributing 0.76 percentage points; services are estimated to increase by 5.91%, contributing 2.37 percentage points.

In the general growth of the economy, perhaps this is the first time that the industrial and construction sector has had a good growth and contributed to the overall growth of the province. The processing and manufacturing industry in the first quarter is estimated to increase by 9.46%, contributing 1.6 percentage points to the overall growth of the province, in which the production of electronic products, computers and optical products is the spearhead of the industry, estimated to increase by 18.85% over the same period last year, contributing 1.15 percentage points to the overall growth. For the construction sector, in the first quarter, it contributed 0.53 percentage points to the overall growth, mainly in the construction of civil engineering works. The reason for the strong growth of the industrial and construction sector is that the province has determined that the completion of key projects is of special importance, when completed, it will open up many great opportunities to exploit potential, promote economic restructuring, and create a breakthrough for the comprehensive development of the province. In addition, the electricity production and distribution sector still accounts for a large proportion of the industrial sector. In the first quarter, it is estimated to increase by 87.63%, contributing 6.92 percentage points to the province's total growth. This is one of the sectors with the largest contribution to the province's growth in the first quarter of 2025.

With a structure accounting for about 34.6% of the total product in the area (GRDP), the development of the service industry in the first quarter has contributed positively to the overall growth of the whole province, estimated to increase by 5.91%, contributing 2.37 percentage points. The main reason is that many attractive tourist attractions in the area have come into operation. On the other hand, in order to attract tourism investment and create favorable travel conditions for tourists, the province has invested in ports and roads on both sides of the lake of Hoa Binh Lake tourist area to connect routes and points. At the same time, renovating and embellishing historical and cultural relics and scenic spots to become tourist attractions; promoting and building quality tourism projects and products to exploit potentials and attract more tourists to the province. Tourism development has helped the wholesale and retail sectors increase by 8.93% (contributing 0.49 percentage points); Accommodation and catering industry increased by 17.36% (contributing 0.64 percentage points), transportation industry increased by 21.09% (contributing 0.34 percentage points).

Although the first months of the year are the time to enter a new crop year for the agricultural production sector, with production linkage models, value chains in agricultural production with high economic efficiency continue to be maintained and developed. The work of managing the quality and safety of agricultural, forestry and fishery products; and the management of the quality of agricultural materials is of interest and implemented effectively. The whole province currently has 158 3-4 star OCOP products, 7 of which have been exported, helping the agricultural, forestry and fishery sector to continue to maintain its growth momentum, estimated to increase by 4.19% in the first quarter of 2025 over the same period last year, contributing 0.76 percentage points to the overall growth of the province.

Comrade Nguyen Khanh Son, Deputy Head of the Provincial Statistics Office, said: The results achieved are not only due to factors that cause sudden growth, but are the result of a long-term development process. In 2025, Hoa Binh strives to achieve a growth target of over 10%, higher than the target assigned by the Central Government (the Central Government assigned 9%). From the beginning of the year, the Standing Committee of the Provincial Party Committee and the Provincial People's Committee have closely directed and requested agencies, units and localities to review and evaluate the practical situation, improve the capacity of analysis, forecasting, timely response and have effective solutions. Proactively grasp and effectively exploit opportunities and opportunities from outside and inside the economy to synchronously implement solutions for each industry, field and locality to promote economic growth; accelerate investment in transport infrastructure, infrastructure of industrial zones and clusters, digital transformation infrastructure, etc. to create momentum to attract investment. In addition, the Provincial People's Committee has assigned specific targets for each industry, field, and locality, and at the same time developed growth scenarios for each quarter, 6 months, and year.

Continuing the growth momentum of the first quarter, it can be said that in the second quarter of 2025, Hoa Binh province still has a lot of room for economic growth according to the growth scenario set by the Provincial People's Committee. The province aims to continue to start many key projects in the second quarter, such as the Xuan Thien Hoa Binh lime and lightweight powder factory project, Thach Kim lime and lightweight powder factory, golf course projects, urban area projects in Luong Son district, Hoa Binh city. Especially the eco-tourism and resort project of Sun Group Corporation... The Provincial People's Committee continues to implement solutions to stimulate domestic consumption, innovate trade promotion activities, accelerate export promotion activities, and innovate key markets.

However, the economy also faces many challenges from both inside and outside. Typically, the impacts of US tariff policies have had a huge impact on the export of goods. On the other hand, difficulties in project site clearance, disbursement of public investment capital, national target programs... also have a big impact on the province's economic growth," analyzed Mr. Nguyen Khanh Son, Deputy Head of the Provincial Statistics Office.

From those difficulties and obstacles, according to the Deputy Head of the Provincial Statistics Office, in order to maintain the current growth momentum, the province needs to continue to improve the investment and business environment, attract projects and enterprises to invest, create momentum for industrial development (manufacturing and processing industry); maintain stable agricultural production; promote service development. Continue to implement strong, drastic and timely solutions to remove difficulties; promptly overcome bottlenecks to accelerate the disbursement of public investment capital from the beginning of 2025, especially large projects, key projects of the province and national target programs.

Dinh Hoa

Source: https://baohoabinh.com.vn/12/200281/Tang-truong-kinh-te-quy-I2025-Ket-qua-cua-qua-trinh-kien-tao.htm