Vinh Phuc enjoys high economic growth so far

Vinh Phuc (VNA) – The northern province of Vinh Phuc saw good economic growth in the first nine months of this year with high results in the majority of areas.

The locality recorded a gross regional domestic product (GRDP) growth of 8.63 percent year on year in the reviewed period, with the industrial sector expanding by 13.01 percent, reported the provincial Department of Statistics.

Among major industrial sectors of the province, electronic accessories production grew 45.55 percent in the period.

Meanwhile, the service sector continued to record stable development with year on year rise of 6.98 percent, contributing 1.38 percent point to the overall growth of Vinh Phuc.

As of September 24, the province’s State budget collection reached over 24.76 trillion VND (nearly 1.1 billion USD), fulfilling 89.09 percent of the plan.

At the same time, the consumer price index (CPI) of Vinh Phuc rose 1.32 percent compared to the same time in 2018, the lowest level in the recent four years.

The rise was attributable to increases in health care services and education fees, rising prices of gold and US dollars and the impact of the Africa swine fever in pigs.

In September alone, CPI in the province was up 0.35 percent over the previous month, and 1.38 percent over the same time last year. In the month, three out of 11 goods groups saw an upturn in prices, with the highest rise of 4.06 percent recorded in education fees, followed by food and catering services’ prices at 0.8 percent, and other goods and services at 0.04 percent.

Meanwhile, the prices of five out of 11 goods groups dropped, with the sharpest fall seen in transportation prices at 1.29 percent. Prices of housing and construction materials decreased by 0.66 percent, while those of post and telecommunication reduced by 0.3 percent, culture, entertainment and tourism dropped 0.08 percent and equipment and household appliances fell 0.11 percent.

In the first nine months of 2019, investment activities in Vinh Phuc also saw high development.

Total disbursement of social development investment in the province in the third quarter of 2019 hit more than 8.76 trillion VND, up 10.48 percent over the second quarter and representing a year on year rise of 3.46 percent.

In the first nine months of this year, the figure reached nearly 23 trillion VND, a rise of 6.18 percent over the same period last year.

Of the total, capital disbursement for capital construction was 14.3 trillion VND, accounting for 62.3 percent of the total.

In the first nine months of this year, Vinh Phuc attracted 31 new domestically-invested projects worth 9.78 trillion VND. At the same time, an additional 879 billion VND was also poured into six underway projects. So far, Vinh Phuc has had 747 valid domestically-invested projects with combined capital of over 82.3 trillion VND.

With its advantages in location and a healthy investment environment, Vinh Phuc has become a promising destination for domestic and foreign investors. Many foreign businesses, including those from the US, Germany, the Czech Republic and the Netherlands have visited Vinh Phuc to seek investment opportunities.

In the first nine months of this year, the province attracted 253 million USD in 55 new FDI projects, and 313 million USD to 40 underway projects. As of September this year, the province has hosted 373 valid FDI projects with total capital of 4.9 billion USD.

As much as 2.63 trillion VND of FDI capital was disbursed in the third quarter of this year, a rise of 8.51 percent over the second quarter and 5.72 percent over the same period in 2018, pushing the total FDI disbursement in the first nine months of this year to over 6.54 trillion VND, up 9.08 percent compared to the same period last year./.