Vinh Phuc Determined to Achieve Economic Development Goals for 2020

9:43:17 AM | 15/7/2020

Although local economic growth in the first six months of 2020 has slowed down compared to the same period in 2019, Vinh Phuc province has basically completed the objectives and tasks set out. In the remaining months, the province is determined to synchronously implement solutions to achieve the economic development targets set for 2020.

According to the report by Vinh Phuc People’s Committee, in the first six months of 2020, the local gross domestic product at 2010 constant prices was estimated to decrease by 2.7% compared to the same period in 2019. Of the three manufacturing industries, only agriculture, forestry and fishery sector increased by 1.02% over the same period, while the industry – construction sector decreased by 5.24%; service industries were estimated to decrease by 4.04%.

Specifically, industrial production activities in the province in the first six months encountered many difficulties; the production value at constant prices was estimated to decrease by 9% compared to the same period in 2019. Under this situation, the provincial People's Committee has focused on directing relevant departments, sectors and units to deploy many measures and organize many direct meetings with investors and enterprises to timely support them.

The investment attraction results in the first six months of 2020 were low. In particular, FDI capital was estimated at 32.1%, DDI capital was estimated at 51.5% compared to the same period in 2019. Accumulated to the end of June 2020, the province had 392 valid FDI projects with a total registered investment capital of US$5.57 billion and 782 DDI projects with a total investment capital of over VND93.73 trillion.

Regarding the low growth of the agriculture, forestry and fishery sector, the provincial People's Committee has requested the agricultural sector to synchronously implement all activities related to irrigation, plant varieties, and livestock, fertilizer supplies, animal feed. At the same time, it has carried out programs to support agricultural and fishery production in accordance with Resolution 201/2015/NQ-HDND of the provincial People's Council; continuing to effectively implement the contents of agricultural restructuring on supporting quality rice varieties in 2020 crop, training farmers on integrated pest management (IPM).

In 2020, Vinh Phuc aims to increase GRDP from 8-8.5%, achieving total budget revenue of VND33,500 billion, including VND29,350 billion of domestic revenue. To achieve the target of economic growth, Vinh Phuc province continues intensifying the fight against the Covid-19 pandemic, and at the same time, mobilizing maximum resources to remove bottlenecks, solving difficulties and obstacles, and promoting economic development.

Accordingly, the province will focus on removing bottlenecks in public investment, speeding up the process of approving and appraising projects at departments; resolutely revoking the projects that are slow to deploy; speeding up the ground clearance of industrial parks, clusters and urban areas. It will accelerate the auction of auctioned land lots, land for socio-economic development. It will focus on synchronous implementation of measures to increase budget revenue, definitely settle the expenditures in the plan and transfer expenditure to next year. In addition, the provincial People's Committee has requested all levels, sectors and localities to focus on removing difficulties and obstacles, promoting production and business activities of enterprises; creating the most favorable conditions for experts and skilled workers to return to work soon; finding plans to supply stable raw materials for manufacturing enterprises; speeding up the completion of procedures for investment in infrastructure of industrial parks and clusters.

In order to affirm the determination to fulfill the assigned tasks at the highest level, right at the conference of officials to discuss urgent solutions to promote socio-economic development in 2020, the leaders of nine districts and cities signed commitments to effectively implement the assigned tasks, including the disbursement of 100% public investment capital; accelerating the progress of compensation, ground clearance and promoting socio-economic growth.

With the efforts of the entire political system, businesses and people, it is believed that Vinh Phuc will achieve its socio-economic development goals.

By Nguyet Tham, Vietnam Business Forum