Inspectors examine a container at Cai Lan port in Quang Ninh province. More ports need to be built to promote inter-regional ties. (Photo: VNA) The ministermade the remarks at a seminar "Promoting investment, trade, and servicesto strengthen inter-regional ties" held on March 30 in Thai Binhprovince.
He said inmore than 15 years, the region saw a remarkable economicadvancement with an average annual growth rate of 8.93%, far higher thanthe country's level.
In 2022, itsGDP hit 2.89 quadrillion VND (123 billion USD), contributing to nearly one-thirdof the national GDP. Its income per capita was 1.3 times as high as thenational average, at 123.4 million VND per annum.
Despite theimpressive economic growth, the region still faces some major obstacles.
First, itstransition to a service-based economy is moving slowly. Second, its fiscalrevenues are over-dependent on land sales.
Third, thereis a considerable time lag between planning and implementing. Fourth,economic development is uneven among sub-regional localities, and, moreimportantly, their economic ties remain weak.
The ministrycalled for more drastic measures to overcome the obstacles and unlock theregion's full potential. The measures could includeinfrastructure development, investment promotion, and tie strengthening.
Additionally,he urged the region to quickly approve 'The regional masterplan for theperiod of 2021 to 2030, with a vision to 2050' to lay the groundwork forregional development.
He alsocalled for a green-oriented, high-tech manufacturing hub in the region to reducegreenhouse gas emissions and secure a higher position in the global supplychain. Priority would be given to the production of semiconductors, chips,renewable energy, and new materials.
He said theregion should capitalise on free trade agreements to expand its commercialfootprint and diversity its market reach. It should also promote tourismto make the industry a money spinner for the region.
DeputyMinister of Industry and Trade Do Thang Hai described the region as a nationaleconomic powerhouse with three engines, namely Hanoi, Hai Phong, and Quang Ninh.
He said theregional infrastructure had been growing rapidly in recent years withthe proliferation of shopping malls and commercial centres, significantlyimproving the local economic landscape. However, inter-regional projects stillrely too much on the central government's funds.
He calledfor measures to attract different types of funds to pick up theslack. With those funds, more logistics hubs, transit centres, seaports, andairports can be built to promote inter-regional economic ties.
Vice Chairmanof the Party Central Committee's Economic Commission Le Hong Sonsaid the global situation is changing, which could be a bane or a boon forthe region. This depends on the mindset of the regional authorities andother stakeholders./.
VNA
