The northern province of Thai Nguyen posted an economic growth of 18.6 percent this year, 3 percent higher than the set target, and the highest annual rate ever.

Also according to statistics provided by the provincial People’s Committee, the province overfulfilled the targets for industrial production and export value. Industrial output was estimated at 160 trillion VND (7.27 billion USD), which is a 3.34-fold increase over the yearly goal, while exports earned the province 8.1 billion USD, a 7.1-time hike.

The results were attributable to the province’s effective solutions to improve investment climate and reform administrative procedures, People’s Committee Chairman Duong Ngoc Long said.

The acceleration of infrastructure projects for transport, electricity and water supply created favourable conditions for manufacturers based in Thai Nguyen to establish trade and production links with their partners in northern economic hubs like Hanoi , Quang Ninh and Hai Phong, he added.

In addition, several major investment projects in support industry, mineral processing, and high technology, including the hi-tech complex of Samsung group, became operational during the year, creating a breakthrough in local industrial production.

High-output industrial products include mobile phones – which account for 71 percent of the total export turnover, garment and textile, coal, iron and steel products and cement.

In 2015, Thai Nguyen aims to maintain an economic growth of 15 percent and an industrial production value of 260 trillion VND (123 billion USD).

Local authorities will continue to build infrastructure at industrial parks for support industry projects to serve the Samsung hi-tech complex, and push efforts to enhance the provincial competitive capacity.-VNA