Quickly recovering, Bac Ninh's economy grew spectacularly
10:29 29/06/2022
In 2022, the world situation is volatile due to political conflicts between countries, which have had a significant impact on rising input prices, shifting investment capital flows, local shortages of labor and "post-COVID". “… affects the production and business activities of the whole country, in which Bac Ninh is a province with a deeply integrated international economy that also suffers from many impacts. Overcoming everything, with many flexible and effective management solutions, in the first 6 months of the year, Bac Ninh's economy quickly recovered and grew spectacularly with an increase of 14.7%, becoming one of the top 5 cities and provinces in the country.

Immediately after entering the task of 2022, the province directed all levels, branches and localities to implement drastically, synchronously and effectively Directive No. 01 of the Provincial People's Committee on key tasks and key solutions, managing the implementation of the socio-economic development plan in 2022; inspect and urge the implementation of key projects, work with enterprises to promptly remove difficulties, promote production, and improve people's quality of life. Exploiting the advantages of the economy being opened up in the new normal, the COVID-19 epidemic is basically under control, and socio-cultural activities gradually return to normal, reinforcing trust and safety of people and businesses, creating an important premise for socio-economic recovery and development. With many innovative and effective solutions, positive changes have been made and along with a number of new projects put into operation, it has increased support for economic growth. As a result, in the first six months of the year, the province's gross domestic product (GRDP) was estimated at VND67,199 billion, up 14.7% over the same period in 2021. This is the highest growth rate in the first 6 months of the year since 2019 until now (reduced by 1.78% in 2019; decreased by 2.64% in 2020; increased by 7.5%) in 2021 and much higher than the +5.3% target set by the Inter-sectoral Department of Planning and Investment and the Department of Statistics since the beginning of the year. In which, the industry - construction sector increased by 15.4% (industry alone increased by 17.4%), contributing 11.41 percentage points to economic growth; the service sector increased by 18.1%, contributed 3.26 percentage points and the product tax increased by 1.7%, contributed 0.07 percentage points; agriculture, forestry and fishery decreased by 1.2%, reducing by 0.05 percentage points.

5G equipment production line at Samsung Electronics Vietnam Co., Ltd)

The manufacturing and processing industry continues to affirm its role as a driving force in industry and economic growth of the province. The COVID-19 epidemic is under control, businesses adapt quickly to the new situation, employees in businesses return to normal work, supportive solutions and policies on taxes, interest rates, credit ,.. is done synchronously to help restore production. FDI enterprises (accounting for a large proportion) increased again thanks to electronic products (phones, watches, tablets), screens and components continued to expand their market share in the world, so production continued to be expanded. Samsung Display's LCD screen production business - was originally scheduled to stop working at the end of 2021 but will continue until the end of June 2022. Besides, the market's demand for using OLED screens for laptops and gaming devices is increasing day by day. From February 2022 Samsung Electronics launched the Galaxy S22, S22+ and S22 Ultral products, along with increased demand for 5G smartphones, wearables and tablets such as the Galaxy tab S8, which helped production of Samsung Bac Ninh Complex increased. As a result, the Index of Industrial Production (IIP) is estimated to increase by 17.39%, the added value of industry in the whole province (comparable price in 2010) is estimated at 48,303 billion VND, an increase of 17.4% over the same period in 2021. Foreign investment attraction reaches more than 1.65 billion USD, of which newly registered capital is 114.1 million USD; adjusted capital increased by 1,505.4 million USD (an increase of 1.5 times in number of projects and nearly 35 times increase in capital size); contributed capital, bought shares, contributed capital 15 times with a value of 30.8 million USD.

Since April, commercial and service activities have recovered, the goods market and consumer demand have increased, retail points, distribution systems, restaurants, hotels, business shops, food and beverage shops reopen reopened; businesses continue to maintain both face-to-face and online forms, which have contributed to the high growth of the service trade industry. In general, the added value (at 2010 constant prices) of service industries was estimated at 12,438 billion VND, up 18.14% over the same period. Total retail sales of consumer goods and services was estimated at 40,403 billion VND, up 36.2% over the same period. Production and business activities are recovering, so state budget revenue is guaranteed, estimated at 16,532 billion dong in the first 6 months, equal to 54% of the yearly estimate. In which, domestic revenue is 12,600 billion VND, equaling 54.2% of the yearly estimate; revenue from import and export activities 3,932 billion dong, up 4.3% over the same period.

The impetus for growth is also supported by the aquaculture industry. Because the environment in the first 6 months of the year is relatively favorable for the growth and development of farmed fish, establishments continue to promote intensive farming and apply advanced techniques for raising fish in river cages with many effective models. The results were replicated, so the fishery industry achieved a growth rate of 2.48%.

From the results of the first 6 months of the year, combined with the prospect of disbursement of public investment and FDI capital of a number of large projects, as well as updating the positive situation of production and business activities, especially projects Once the new project is put into operation, the economic growth prospect of Bac Ninh will increase in the coming time. But should not be subjective, branches and localities need to grasp the actual situation in the country and the region, continue to implement synchronously and effectively the Resolutions and Conclusions of the Central Government, the National Assembly and the Government; of the Provincial Party Committee, People's Council, Provincial People's Committee on COVID-19 epidemic control and rapid recovery, sustainable socio-economic development. Renovate the growth model, accelerate the development of the digital economy, boost domestic production capacity and effectively exploit resources to maintain growth momentum both in 2022 and the following years.

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