Ha Tinh’s Finance Sector Plays An Important Role in Socio-Economic Development

12:00:00 AM | 18/7/2005

Ha Tinh province has gained a high economic growth rate of 8 per cent over the past few years thanks to the sound leadership of the local authorities in promoting its inner force, taking advantage of central supports, and upgrading facilities for agricultural and rural economy development. 



Speeding Up Economic Structure       



The provincial finance officials have already worked out a wide range of effective policies on economic structure changes and investment attraction with a focus on transforming the agro-forestry and fisheries production structure and taking advantages of mountainous and coastal areas. The policies support local farmers expanding their pineapple and tea cultivation area and boosting aquaculture and also increases investment in developing tourism, industry, and handicraft production, helping the province obtain its socio-economic targets. Thanks to these, the province’s economic structure has changed significantly over time. In 2004, the proportion of agro-forestry and fisheries sector was reported to make up 44.36 per cent, industry-construction 14.51 per cent, and others 36.13 per cent, compared to those of 55.1 per cent, 11.43 per cent, and 33.57 per cent, respectively.



Bolstering its Inner Force, Upgrading Rural Agriculture Production Infrastructure



The provincial Department of Finance has consulted the local authorities to effectively make use of loans from both domestic and foreign sources. At the same time the department, has already made a large investment in some programs to develop rural agriculture production, such as projects to solidify the local canal and ditch system and upgrade aquaculture and handicraft facilities. So far, the province has funneled as much as VND145 billion into building an additional 900km of ditches and 40 per cent of the capital came from the state budget.  In addition, the province annually puts around VND4-8 billion from its budget into replacing thatched and dilapidated cottages with tile-roofed ones.



Hastening Education & Training and Science & Technology Development



Expenses for education and training and science and technology annually are estimated to make up for more than 40 per cent of the province’s total expenditure. Thanks to these, Ha Tinh province ranks among ten provinces leading the country in terms of junior secondary universalization in 2003. The province has also poured proper investment into other sectors such as healthcare, information and culture, sports, and media.



Calling for More Contribution to the Provincial Budget



There have been more and more domestic and foreign investors coming to the province after several investment promotion workshops and international trade fairs held in Hanoi and Ho Chi Minh City , contributing to the increase of the local budget, which is also raised from potential sources and anti-waste and corruption activities.



In terms of capital disbursement for trade and production, the province also spent a large amount on upgrading infrastructure at industrial parks and construction works outside industrial zones and building supplemental facilities for production projects. The finance department annually chairs meetings to review the trade and production efficiency of local enterprises and take their guidelines into consideration with aims to remove obstacles regarding capital and policies, which have hindered local enterprises from selling their products. Apart from that, the province has also spent a small portion of its budget on supporting local farmers to expand its agricultural production land and purchase breeding cattle and fish nurseries, generating a significant driving force for renovating agriculture production and increasing contribution to the local budget.



The province’s total incomes have increased to VND210, 000 million in 2004 from only VND37, 787 million in 1992. This is mostly attributed to the effective operation of finance sectors at all levels, which have played an important role in the province’s socio-economic development.


Nhat Minh