Vinh Phuc Aims for Over VND32 Trillion in Budget Revenue in 2025

Vinh Phuc province is targeting double-digit growth in 2025, aiming for a 10-11% increase compared to 2024, with a state budget revenue goal of VND32.1 trillion. To achieve this, the province has outlined key solutions and is actively seeking business support to drive economic growth.

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At the recent meeting with over 200 leading businesses and investors operating in the province, Chairman of Vinh Phuc Provincial People's Committee Tran Duy Dong highlighted Vinh Phuc's achievements in 2024 despite a lot of difficulties. With support from the Party and State, strong leadership, and the efforts of all sectors and businesses, the province met its targets. Economic growth reached 7.52%, exceeding the national average, while state budget revenue surpassed VND31,500 billion, including over VND26,200 billion in domestic revenue. Investment in culture and society grew, living standards improved, and national defense, security and social order remained stable.

Double-digit growth target

Chairman Tran Duy Dong said that in response to Conclusion 123 of the Central Party Committee, the Prime Minister's Directive 140 on achieving double-digit economic growth in 2025, and Government Resolution 25 dated February 5, 2025, the province has developed a strategy to reach a Gross Regional Domestic Product (GRDP) growth rate of 10-11% compared to 2024. The sector-specific growth targets are as follows: Industry & Construction: 14.5% - 15.5% increase; Services: 10% - 11% increase; Agriculture, Forestry & Fisheries: 2.5% - 3% increase; Product tax (excluding subsidies): 3.5% - 4.5% increase. Additionally, the province aims to achieve a total state budget revenue of VND32.100 trillion, attract foreign direct investment (FDI) of US$800 million, and secure domestic direct investment (DDI) of VND5,000 billion.

To achieve this goal, Vinh Phuc prioritizes completing the institutional framework and improving the business environment. The province continues to simplify administrative procedures, eliminate bottlenecks and create favorable conditions for individuals and businesses. Additionally, it focuses on attracting investment in large projects to drive economic growth.

Provincial Chairman Tran Duy Dong said that despite the challenges of 2024, Vinh Phuc has conducted a thorough assessment of its resources and confidently set an ambitious double-digit growth target for 2025. He emphasized that this goal reflects Vinh Phuc’s responsibility to the nation, as the province has consistently ranked among the top in attracting FDI, with major global corporations such as Honda, Toyota and Piaggio investing and expanding their operations.

Along with efforts to develop a synchronized and modern infrastructure system, particularly in transportation to enhance regional connectivity, Vinh Phuc is restructuring key sectors with a focus on innovation-driven growth. The province prioritizes the development of high-quality human resources, especially in supporting industries, chips, semiconductors and artificial intelligence, while also promoting scientific research, technological development and innovation. By fostering startups and advancing technology applications, Vinh Phuc is determined to achieve its growth targets.

Enterprises have made significant contributions to the development of Vinh Phuc province

Calling for business collaboration

Amidst both challenges and opportunities, Provincial Chairman Tran Duy Dong urged the business community to drive innovation, enhance competitiveness, expand markets and actively contribute to socio-economic development, supporting the province in achieving its double-digit growth targets.

He also said that the province is committed to supporting businesses. In 2024, the Provincial People's Committee established the Investment Promotion and Business Support Center as a central hub for receiving and addressing business feedback daily. Additionally, a fixed weekly schedule was introduced for direct discussions with organizations, businesses and entrepreneurs. Starting in March 2025, the Provincial People's Committee leadership will hold regular meetings with businesses and entrepreneurs in the last week of each month to resolve challenges and facilitate business growth.

Ms. Do Thi Thu Huong, Deputy General Director of Vinh Phuc Pharmaceutical Joint Stock Company (Vinphaco), affirmed the company's strong commitment to the province’s development. She emphasized that innovation, technological application and digital transformation are not just trends but essential factors for rapid and sustainable business growth. Vinphaco’s 2025 development goal is a "Breakthrough in revenue and efficiency," with three objectives: achieving 23% growth in business production revenue, continuing the digital transformation project using the German international standard enterprise management software SAP launched in 2024, and completing necessary steps to become a sci-tech enterprise in 2025. This commitment reflects Vinphaco’s dedication to innovation and ambition to reach new milestones in business development, aligning with the broader movement of Vinh Phuc’s business community. The company pledges to actively participate in the "Businesses promote production and business in 2025" program.

On this occasion, the Vinh Phuc Provincial People's Committee announced the Department and District Competitiveness Index (DDCI) in 2024. The State Bank was ranked No. 1 among departments, branches and sectors, while Yen Lac district secured the top position among districts and cities in economic governance capacity. Additionally, the Provincial People's Committee awarded emulation flags to four outstanding businesses leading the emulation movement and presented Certificates of Merit to 14 collectives for their exceptional achievements in 2024.

By Le Hien, Vietnam Business Forum