Bac Ninh's economy has grown fairly well
10:19 28/04/2020
Despite facing many overarching difficulties, with many intertwined challenges, especially the COVID-19 pandemic that deeply impacted on most economic sectors and social life, but in the quarter I of 2020, Bac Ninh still achieved an economic growth of 5.9% (it was -2.5% in the first quarter of 2019) and increased by 0.4% compared to the forecast of the economic growth scenario of the first quarter (5, 5%). This is a fairly good growth, showing the efforts and determination of all levels, sectors, business community and people in the province.

The COVID-19 epidemic has broken out globally, affecting the production and business of the whole country in general and Bac Ninh province in particular. In which, many businesses reduce capacity, or produce in moderation, due to slow consumption and lack of supply of raw materials because imports are limited due to social gap. The manufacturing sectors with the biggest difficulty were the wood and paper industry, followed by the hotel industry, the accommodation, food and beverage, travel business, down 13.7% q-o-q and down 10%. over the same period; entertainment services, transportation services fell sharply.

In the concentrated industrial zones of the province, there are 48 enterprises temporarily suspending operation (mainly domestic enterprises) and nearly 700 employees temporarily quit their jobs (still with salary) due to the affected enterprises of COVID 19 ... However, the industry - construction sector grew by 8.2% (the industrial production index increased by 9.5% compared to the first quarter of 2019). The force is that electronic products still have high growth, compensating for the shortage due to the impact of the epidemic. Specifically, Samsung Group launched 3 new product lines and ordered in large quantities, so the export revenue of the Samung Electronic factory in Bac Ninh increased month by month (January reached 866 million USD, to February increased by nearly 2 times to 1,651 billion USD; in March it was 1,834 billion USD).

For Samsung Samsung Diplay Co., Ltd., Vietnam maintains export revenue from $1.15 billion to $1.19 billion/month. Thus, the first quarter export revenue of Samsung electronics and Samsung monitors reached $7.877 billion, contributing to raising the province's export turnover in the quarter to $8.29 billion, up by more than 11.6%. over the same period; Import turnover reached $6.89 billion, up 34.7% over the same period.

In addition, in the difficult situation, many businesses have been flexible, proactively operating production, ensuring good prevention and fighting against epidemics and finding a suitable direction for the situation, so that industrial products have Both large export volumes and increasing domestic consumption demand both increase production. Compared to the same period, in 25 main industrial products, there were 16 items with an increase in index. In which the food group increased by 17.7%; milk and cream increased 5.5%; pharmaceutical products containing vitamins 2 times. Total retail sales of consumer goods and services were estimated at 16,744.2 billion VND, down 6.3% from the previous quarter (due to shopping demand for the Lunar New Year 2020), but up 2% compared to the previous quarter. in the same period, in which the total retail sales of goods reached 13,182 billion dong, up 5.8% over the same period. Along with growth in the industrial sector, construction investment activities tended to increase over the same period. Total investment and development capital in the first quarter was estimated at 16,226.4 billion dong, up 4.4% over the same period last year. Of which, state budget capital was estimated at 1,513.6 billion Dong, up 23.3%; non-state capital (organizations, enterprises and households) was estimated at 5,834.3 billion dong; Foreign direct investment (FDI) was estimated at 8,878.5 billion dong, up 6.3%. The proportion of social development investment capital compared to GRDP accounts for 30.3%.

In such difficult context, but Bac Ninh still "absorbed" well the inflow of foreign investment into the area, with a total capital of 280,164 million USD, including newly registered investment capital of 109,787 million USD; the increased adjusted capital is USD 141,648 million; capital contribution, share purchase, capital contribution is 29,929 million USD. Typical new FDI projects such as: Suga International Vietnam Factory (Que Vo III Industrial Park), with registered capital of 7 million USD, specialize in manufacturing animal training machines, motors, generators, electric transformers, distribution, civil electronic products, communication equipment ...; Abco Electronics Vina Factory, with registered capital of 5 million USD, produces electronic components; Hit Vina Company Limited (VSIP Industrial Park), with registered capital of 1.74 million USD, specializes in manufacturing and processing specialized automation machines related to technology of mounting surface components (such as printers, cutting machines , laser engraving machine ...

The target set in the economic growth scenario in the second quarter of 2020 is 10.1%, which is a huge challenge for the province's socio-economic development task in the second quarter. In order to continue implementing the goal of both preventing and combating epidemics and promoting production and business, at the April regular meeting, Chairman of the Provincial People's Committee Nguyen Huong Giang requested: Branches and localities actively build scenarios. in the direction of effectively responding to the effects of COVID -19 induced epidemic for all sectors. In particular, it is necessary to clearly define specific striving levels for each sector and field and have timely and effective solutions and counter-measures to well implement the economic growth target in a sustainable direction. Deploying credit support packages, fiscal policies to remove difficulties for production and business, extending, exempting and reducing taxes, fees, land rentals.

Continue to promote disbursement of public investment capital, ensure disbursement of all remaining public investment capital in 2019 and planned capital in 2020, accompanied by strict sanctions if delay. To drastically restructure industries towards high technology, modernity, supporting industries, pay attention to promoting the domestic industry; promote attracting new investment along with taking care of already operating and operating FDI enterprises. Strongly improve the business investment environment, create the most favorable conditions for production, business, trade, services, stabilize consumer psychology and psychology of businesses and investors. At the same time, to take advantage of every opportunity, prepare ready conditions for recovery right after the epidemic is controlled, and promote the development of branches and fields./.
Collected and translated by Nguyen Mai Huong Chief of Office, Bac Ninh IZA
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