The province was re-established in April 1992 with a low base and weak infrastructure, however with the correct policy and guidance of the Party Commission and People’s Committee, Ninh Binh has kept apace with the development of the whole nation. The encouragement and diversification of all economic sectors have largely contributed to the economic development of the province.
Regarding the private economic sector, in the three years 2001-2003, the province saw 413 new private enterprises (an average of 137 enterprises a year), in the first half of 2004, and a further 107 new private enterprises have registered for establishment.
In the past, enterprises mainly engaged in trade, services and construction, now they are expanding business activities to industry, tourism and agricultural farms, creating a sustainable economic structure for the development of the province.
The mobilisation of resources for development has also recorded rapid but stable growth. The total investment capital in 2003 was VND2,040.4 billion (equivalent of US$130.8 million) including investment from the State budget VND711.6 billion (US$45.6 million) and State development credits VND606 billion (US$38.8 million).
To ensure economic growth and restructure, the province has made good use of the State budget. In the past years, infrastructure has been upgraded with high priority given to major projects such as Tam Diep cement plant, industrial zones in Tam Diep, Ninh Phuc, Gian Khau, tourist centres in Trang An, Tam Coc-Bich Dong, Kim Son coastal economic zone, Ninh Binh town, and flood-prone zones.
The mobilisation of resources from private enterprises has also been successful. With the Decision 568/2002/QD-UB of April 10, 2002 of Ninh Binh People’s Committee encouraging investment in industrial and tourist centres, 74 projects have been approved with total capital of VND1,639 billion (US$105.1 million), including 56 projects in industry-construction (75.6 per cent), 12 projects in trade-services (16.3 per cent), and six projects in agriculture (8.1 per cent). Other provinces invested in 52 projects and established 15 branches and three representative offices in Ninh Binh.
The Department of Planning and Investment has advised the People’s Committee on Decision 2033 QD-UB of
Apart from developing its internal strengths, the province has also attracted outside funding via FDI, ODA, and NGOs totalling VND44.9 billion in 2003, mostly from ODA.
In 2005, the province plans to attract VND1,500 billion (US$96.2 million) with continued priority given to key projects by the State budget and national programmes (VND360-415 billion). The province will mobilise resources from the people and private enterprises for socio-economic development as well as call for foreign resources, in particular ODA and NGOs. The province will also launch several programmes attracting local and foreign investors to do business in Ninh Binh.
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