With consistent and firm solutions to remove bottlenecks in State administration, improve the investment environment, and boost production and business development, Vinh Phuc province has successfully accomplished its socioeconomic targets.
New records in GRDP and budget revenue
In 2022, Vinh Phuc's gross regional domestic product (GRDP) grew by 9.54% over 2021, the highest since 2014. This growth was higher than the national average (of 8%, estimated) and higher than the planned target (8-9%) and brought the average annualized growth to nearly 9% in 2020-2022 (one of the 10 best-performing localities in the country). Total budget revenue was forecast at VND35.7 trillion, an increase of 8.5% over 2021, the biggest growth ever. The domestic revenue accounted for VND30 trillion, up 6.2%.
Economic structure on the right track
The share of industry-construction accounted for about 64.2% of the economy; agriculture, forestry and fishery, nearly 6.6%; and services, 29.2%. Industrial production advanced impressively and business operations revived strongly to pre-COVID-19 pandemic levels. The industrial production value was estimated to rise by 15.5%, driven by the processing and manufacturing sector which climbed 16.5% and the electronic component manufacturing sector which posted the highest revenue growth of 24.3%.
US$450 million of FDI funds
With many efforts and innovations to increase investment inflows and upgrade the investment environment, in 2022, Vinh Phuc attracted US$450 million of foreign direct investment (FDI) as expected and VND12,500 billion of domestic direct investment (DDI), higher than the target set in Resolution 57 of the Provincial People's Council. The province had 1,300 new companies with a total registered capital of over VND13.6 trillion, 13% higher in new corporate registrations. By the end of 2022, the province had over 13,500 companies with over VND160 trillion of registered investment capital.
Welcoming 8.2 million tourists
In 2022, Vinh Phuc established the Provincial Tourism Development Steering Committee; and launched many plans, programs and activities to restore and develop tourism. Tourist arrivals to the province were estimated at 8.2 million, an increase of more than 4 times that of 2021. Tam Dao tourist area of Vinh Phuc province became the 7th national tourist area of Vietnam. On November 11, 2022, at the Final Gala of the 29th World Travel Awards 2022 held in Oman, Tam Dao Town was honored by the World Travel Awards as the world's leading destination town in 2022. Recently, Vinh Phuc successfully held the final contest of the Miss Tourism World, a good opportunity for the province to promote its image of land and people to international friends.
In 2023, given forecasts on difficulties and challenges in socioeconomic development, Vinh Phuc will strive to achieve a GRDP growth of 9-9.5%, total budget revenue of VND32,398 billion, US$400 million of FDI fund, VND5,000 billion of DDI fund and 16,000-17,000 new jobs for workers.
By Hoang Tham, Vietnam Business Forum
Vietnamese
October 2024
Hanoi