First Quarter Growth: Lessons Learned

"Locomotive" driving the province's growth

In the first quarter, the province's gross regional domestic product (GRDP) is estimated to increase by 9.7% over the same period in 2024 (ranked 11th out of 63 provinces and cities; ranked 4th out of 14 provinces in the Northern Midlands and Mountains).

The Industry - Construction sector continued to have impressive growth, with an increase of 13.15%, contributing 4.21 percentage points to the overall growth rate. This is the "locomotive" driving the province's economic growth in the first months of the year. Specifically: the industry increased by 14.55% with a contribution of 3.39 percentage points, of which the processing and manufacturing industry increased the highest with 12.93%, reaching 25.3% of the plan; the mining industry increased by 12.86%; the electricity production and distribution industry increased by 24.38%...

In the first quarter, MSA-YB Company Limited, Long Binh An Industrial Park (Tuyen Quang City) exported to EU markets reaching 30% of the plan.

The construction sector in the province is also witnessing a strong breakthrough thanks to the implementation of a series of transport, urban and rural infrastructure projects. Key traffic routes are being upgraded and newly built, modern urban areas are gradually taking shape, along with social welfare works such as schools, hospitals... being built, gradually changing the face of the province.

Strong investment in infrastructure not only facilitates trade and travel but also stimulates the development of other economic sectors, especially real estate and related services. Infrastructure development is a key factor for Tuyen Quang to continue to attract investment and maintain growth momentum in the coming time.

Comrade Le Thi Thu Nga, Deputy Director of the Provincial Statistics Office, said: The above results have correctly reflected the growth scenario of the province and the groups of solutions that the province has proposed to implement right from the beginning of the year, focusing on: Accelerating the progress of establishing and implementing the construction of infrastructure for industrial clusters in the province according to the planning: continuing to call for, encourage, and select enterprises with the capacity to invest and do business in technical infrastructure of industrial clusters to have infrastructure space, increasing the ratio of industrial land to create favorable conditions to attract projects to invest, produce and do business in industrial clusters; coordinating to promote investment promotion activities to create favorable conditions to attract all domestic and foreign resources to invest in developing industries in which the province has advantages; attracting investment in developing energy sources: Hydropower, biomass energy, solar energy, other forms of energy from countries with developed industries, advanced and modern technology in the province.

In the first quarter of 2025, 4 more industrial production projects came into operation, including: Factory producing high-end sports shoes and loafers; Factory producing and processing stuffed animals; Project to invest in building the 110 kV Tuyen Quang 2 power line and transformer station; Erex Sakura Tuyen Quang biomass fuel factory with a total investment of over 774.9 billion VND.

Mr. Tran Vu Quang, project manager of Erex Sakura Tuyen Quang Co., Ltd. shared: The improved investment environment in Tuyen Quang has created very favorable conditions for business development, from administrative procedures to infrastructure support. This has helped businesses feel secure in long-term investment. It is known that Erex Sakura Tuyen Quang Co., Ltd. has 2 investment projects in Tuyen Quang province. The Erex Sakura Tuyen Quang Biomass Fuel Plant project is invested in construction on an area of ​​3.3 hectares in Long Binh An Industrial Park (Tuyen Quang City) and will go into production in the second quarter of 2025 and the biomass power project is expected to start construction in 2025.

Proactively remove difficulties

According to managers, although the economic picture in the first quarter has many bright spots, there are still some limitations that need to be overcome in the coming time. Especially the limitations related to the progress of compensation and site clearance for a number of projects; the disbursement of public investment capital in 2025; the number of newly established enterprises in the province is low (down 7% compared to the same period in 2024), the number of temporarily suspended and dissolved enterprises is increasing (9 enterprises dissolved, up 80% over the same period, 147 enterprises temporarily suspended, up 13% over the same period).

In the meeting and dialogue with businesses at the end of March, Secretary of the Provincial Party Committee Ha Thi Nga proposed that the Provincial People's Committee periodically arrange meetings to remove difficulties for businesses once a month to promptly resolve arising problems and remove "bottlenecks" and bottlenecks.

The US extension of tariffs creates opportunities for Seshin VN2 LLC, Long Binh An Industrial Park (Tuyen Quang City) to export to the market.

At the regular meeting of the Provincial People's Committee in March, Comrade Nguyen Manh Tuan, Permanent Vice Chairman of the Provincial People's Committee, frankly pointed out the cause of the existing limitations as the leadership, direction and management of some Party committees and authorities were not proactive. Some leaders and managers still showed signs of shirking responsibility.

Coordination between sectors, levels and localities is not tight, especially in the process of coordinating to participate in appraising investment policies for non-budgetary projects; many agencies and units are slow to give their opinions on approving or not approving investment policies for investors, leading to prolonged time for investors to complete procedures.
To overcome this situation, the Vice Chairman of the Provincial People's Committee requested relevant departments such as Construction and Industry and Trade to review the project programs approved by the Provincial Party Standing Committee to continue investing: focusing on key public and private investment projects, clearly defining progress without causing any obstacles; focusing on disbursement of public investment capital. At the same time, urgently implement land allocation for approved projects...

Also at the regular meeting in March, Chairman of the Provincial People's Committee Nguyen Van Son requested that sectors and localities need to remove difficulties for production and business, resolve problems related to administrative procedures, planning, land, speed up the disbursement of public investment capital, and notify and review any units that do not disburse on schedule.

Stick to growth goals

Comrade Le Thi Thu Nga, Deputy Director of the General Statistics Office, affirmed: GRDP growth in the first quarter of 9.7%, the highest in many years, is creating the position and strength for us to achieve the target in 2025. However, the world economy from now until the end of the year will face many risks and challenges. In particular, the possibility of the reciprocal tax policy of the US President Donald Trump administration on goods imported from countries around the world will negatively impact the economic situation of the world and Vietnam, including our province, creating many major challenges for economic growth in the coming time.

According to the General Statistics Office's calculations, with the GRDP growth rate in the first quarter of 9.7%, the second quarter needs to reach about 9.5%, the third and fourth quarters need to be about 9.4% and 7% respectively, the overall growth rate in the remaining 9 months of the year must increase by about 8.6% to ensure the set target, this is the scenario for the planned growth target of 9.01%. With the double-digit economic growth scenario, the growth rate in the remaining months must reach over 10%.

Despite the huge difficulties and challenges, the province is still determined to achieve its growth target. Right from the beginning of the year, the Provincial People's Committee issued Directive No. 02/CT-UBND on the main tasks and solutions to direct and implement the socio-economic development plan and state budget estimate for 2025. The Directive clearly states that all levels, sectors and localities must closely follow the situation, flexibly adapt, and synchronously deploy tasks according to the Government's theme for 2025: "Discipline and responsibility; proactive and timely; streamlined and efficient; accelerating breakthroughs". Determined to achieve a GRDP increase of 9.01%, aiming for double-digit growth, completing the goals for the 2020-2025 term, creating momentum for strong development in the 2025-2030 period.

Comrade Nguyen Trung Kien, Deputy Director of the Department of Industry and Trade, said: Through grasping the production and business situation, 100% of enterprises are focusing on implementing strategies in production and business, at the same time having plans and scenarios to adapt to unfavorable situations, determined to complete and exceed the plan. The good news is that the US has announced a 90-day suspension of reciprocal tariffs on imported goods from Vietnam and a 10% tax during this time to carry out further negotiations. This is an opportunity for enterprises to promote and boost exports. According to Deputy Director of the Department of Industry and Trade Nguyen Trung Kien, looking at the bright spots and the determination in direction, management and high determination of the sectors and localities, we can completely believe that the province's economic growth will reach the set target. However, in the context of the volatile world situation, export enterprises also need to expand markets in countries with which Vietnam has signed free trade agreements, reduce dependence on the US, ensure effective production and business, and contribute to achieving the province's sustainable economic growth target in the next period.

Mr. Van Dinh Thao, Member of the Provincial Party Standing Committee, Director of the Department of Finance

Proactively remove bottlenecks, create momentum for growth

The first quarter results show that the strong and flexible leadership of Party committees and authorities at all levels and the clear role of leaders are key factors in promoting growth. Coordination, listening and accompanying people and businesses have been promoted, contributing to strengthening confidence and creating momentum for economic recovery.

In the coming time, the Department of Finance will continue to focus on removing difficulties in disbursing public investment capital, especially key projects, creating momentum for infrastructure development and attracting investment. The sector will step up the review and reduction of non-urgent expenditures, allocating resources to priority areas such as enterprise development, supporting cooperatives, encouraging technological innovation and developing OCOP products; continue to closely coordinate with the Tax Department, the State Treasury and departments and branches in managing state budget revenue and expenditure, ensuring correct and sufficient collection, preventing revenue loss and thoroughly saving and combating waste.

With a high sense of responsibility, the Department of Finance commits to accompany the business community, contributing to improving the investment environment, enhancing the efficiency of budget management and use, and successfully implementing the province's socio-economic development goals in 2025.

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Mr. Nguyen Duc Hanh, Director of BIDV Tuyen Quang

Accompanying businesses

To meet the needs of production expansion and technological innovation, BIDV Tuyen Quang always prioritizes the implementation of medium and long-term credit packages with competitive interest rates from 6.5%/year, flexible terms, suitable for each industry and business scale. BIDV has designed many separate credit products for small and medium enterprises, start-ups and priority sectors. The appraisal and disbursement process is shortened, helping businesses access capital quickly, saving time and costs. In addition to providing capital, BIDV Tuyen Quang also provides financial advice, supports the development of appropriate investment plans, contributing to improving management capacity and capital efficiency for businesses. By the end of the first quarter of 2025, the total outstanding debt of the Branch reached VND 4,352 billion, of which loans to businesses accounted for about 40% of the total outstanding debt, this is a source of capital contributing to promoting production development, creating jobs, improving competitiveness for businesses and contributing positively to the economic growth of Tuyen Quang province.

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Mr. Hoang Viet Hung, Deputy Director of Provincial Investment Promotion Center

Strengthening dialogue with businesses

In recent times, the Provincial Investment Promotion Center has increased regular dialogues for small and micro enterprises through Business Coffee programs and dialogues with enterprises. The programs have become a bridge between enterprises and the government.

At the programs, businesses have the opportunity to reflect on difficulties and obstacles from mechanisms and policies, and to be provided with and updated information on mechanisms and policies related to the business community in order to better take advantage of incentives and support for businesses. The dialogue also helped the government grasp the difficulties of the business community, their concerns to jointly resolve them, creating trust and motivation to help small and micro businesses overcome difficulties and challenges.
In addition, we have also organized and participated in many activities to facilitate small and micro enterprises to promote their images and products to markets inside and outside the province.

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Mr. Hoang Quoc Tuyen, Deputy Director of Tuyen Quang Mechanical Joint Stock Company

Proactive adaptation

As a business specializing in the production of exported wooden flooring, the challenges for the business are huge, especially the impact of fluctuations in input material prices, increased operating costs, and decreased orders. There was a period when the company had to try to hold on with a small number of orders. However, we realized that when determined to overcome the challenges, the opportunities for the business will be huge. First of all, we proactively seek orders with new partners; encourage employees to unite and be creative in production and business; restructure departments, reduce consumption costs in production, save materials and equipment; apply digitalization in the entire operating process from production to finished products for export. The company especially replaces unsuitable machinery and equipment to increase labor productivity, ensuring the quality of orders meets the strict standards of the markets of various countries.

Source: https://baotuyenquang.com.vn/tang-truong-quy-i-nhung-bai-hoc-210070.html