Hung Yen maintains high growth momentum

Hung Yen (VNA) - Thanks to drastic solutions to overcome difficulties and support businesses in resuming production, Hung Yen’s economic growth recorded positive results in the first half of the year, maintaining its position as one of the localities with high growth rates in the country and the Hong (Red) River Delta region.
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According to the provincial People’s Committee, the locality’s GRDP growth rose by 8.21% in the period, ranking 7th among the 63 provinces and cities nationwide. This was also the 3rd highest growth rate over the same period since 2013.

According to Vice Chairman of the provincial People's Committee Nguyen Le Huy, the improvement of investment environment along with support policies has contributed to attracting large inflows of domestic and foreign investment, thus creating momentum for economic growth.

The index of industrial production (IIP) increased by 6.16%. Meanwhile, the total state budget revenue topped 15.2 trillion VND (640.6 million USD), accounting for over 66% of the target.

Credit institutions in the locality have implemented a 2% interest rate support programme, thereby assisting businesses, cooperatives, and business households in overcoming difficulties, reducing financial pressure, and accessing bank loans for production recovery and expansion.

As of June, the total capital of credit institutions reached approximately 127 trillion VND, up 7.1% compared to six months ago. The outstanding loan balance totaled 90 trillion VND, 3.9% higher than that reported on December 31, 2022. Bad deb non-performing loans accounted for 1.3% of the total outstanding loans.

Local authorities have focused on accelerating administrative reform, improving the investment environment and competitiveness, and speeding up digital transformation, contributing to luring more investment from private sectors and foreign-invested businesses.

Over 10 trillion VND and more than 360 million USD were poured into Hung Yen in the reviewed period.

Hung Yen’s service sector has recorded an impressive rebound and strong growth. The estimated value of commercial and service production expanded by 10.42%, with the total revenue from retail sales of consumer goods and services reaching an estimated 52 trillion VND, surpassing the annual plan and surging by over 163% year-on-year.

Secretary of the provincial Party Committee Nguyen Huu Nghia attributed the high economic growth to efforts to promote growth model innovation on the basis of implementing public investment projects, improving competitiveness, making breakthroughs in improving the business environment and accelerating urbanisation by developing large-scale urban areas.

Hung Yen is implementing a project to promote the export of litchi and its products to the Japanese market during the 2021 – 2025 period. It will also organise a cross-border e-commerce event to popularise its typical products.

Local authorities will continue implementing solutions to successfully complete the goals set for the remaining months of this year, concentrating on implementing infrastructure investment projects, accelerating the disbursement of public investment and boosting trade promotion activities, and providing timely support to businesses in joining global value chains.

Hung Yen is striving to become a smart, green urban area with modern infrastructure.

Its GRDP is expected to grow 8% per year from 2021-2025 and 8.5% from 2026-2030, while its social investment is set at about 250 trillion VND and 450 trillion VND in the two periods, respectively.

By 2025, the local poverty rate is projected at below 1% and the rate of trained labourers will reach 71% of the local workforce./.