Creating economic growth momentum

In the last first quarter, the world and domestic economies still encountered many difficulties, significantly impacting production, business and investment activities in the province. However, with the proactive and drastic leadership, direction and administration of the Provincial Party Committee, People’s Council and People’s Committee; as well as the active participation of the entire political system along with the efforts of the business community and people, the province’s economic picture still has many “bright colors”, creating motivation for the growth target for the whole year.

According to the General Statistics Office, the economic growth rate in the first quarter of Phu Tho province is estimated at 6.56% (7.02% for the last same period), ranking 17 out of 63 provinces and cities, 3 out of 14 provinces in the Region, following Bac Giang with 14.18%, and Tuyen Quang with 8.60%. In particular, agriculture, forestry and fishery growth reached 4.37%, industry and construction increased by 9.37% (industry alone 9.09%), and services increased by 4.58%.

Implementing the province’s breakthrough, the business investment environment continues to be improved. The province has organized a public announcement of the Provincial Planning for the 2021-2030 period; reviewed the provincial-level and district-level land use plans; approved the construction planning project of Phu Ninh district; directed construction planning for Doan Hung and Lam Thao districts... as a basis for implementing programs, schemes and projects in the coming time.

The province has also actively mobilized development investment resources; Total social investment capital in the first quarter was estimated at 9,600 billion VND, up 8.1% over the same period. Attracting new and additional capital for 7 domestic projects, with the registered capital of 389.9 billion VND; 7 FDI projects, with the registered capital of over 35.3 million USD. Synchronously and promptly deploying the public investment plan for 2024, especially for 13 out of 20 key public investment projects for the 2021-2025 period. The disbursement value of public investment capital by the end of March reached 1,055 billion VND, equal to 29.7% of the plan, up 10% over the same period.

Industrial production maintained a good increase, with a number of new and expanded projects coming into production; The industrial production index in the first quarter increased by 26.6%, of which the processing and manufacturing industry increased by 27.7%. Total retail sales of goods and consumer service revenue reached 13,800 billion VND, an increase of 15% over the same period. Tourism activities are improving, with the revenue estimated at 800 billion VND, an increase of 14%, welcoming more than 206,000 visitors, an increase of 28% over the same period.

Import-export turnover in the first quarter is still a bright spot in the economic picture, estimated at 5.98 billion USD, up 42.3% over the same period, of which the export value reached 3 billion USD, up 28.4% over the same period. Total state budget revenue in the area is estimated at 2,300 billion VND, reaching 33.4% of the estimate, an increase of 11% over the same period. Thanh Son Sour Meat Cooperative’s traditional sour meat products meet OCOP 3-star standards and are popular with consumers.

According to economic experts, in the first quarter of this year, although the economic growth showed signs of improvement, the economy will continue to face difficulties and challenges in the coming time due to increasingly fierce strategic competition between major countries, affecting the global supply chain of goods, crude oil, and food. That will also have a significant impact on the economy of the whole country, including Phu Tho province. Increasing climate change will also affect the province’s agricultural production.

To effectively implement economic development tasks in 2024, speaking at the Government’s National Online Conference with localities on the socio-economic situation in the first quarter of 2024, Mr. Phan Trong Tan - Standing Member, Vice Chairman of the Provincial People’s Committee proposed to the Government, ministries and branches to continue paying attention to directing the synchronous implementation of solutions to support the removal of difficulties for production and business, helping businesses recover and develop production. At the same time, pay attention to directing and soon concretizing the Land Law (amended); Housing Law (amended)... to create a synchronous legal corridor to resolve difficulties and obstacles in land management. Ministries and branches should focus on removing difficulties in implementation of the National Target Program for socio-economic development in ethnic minority and mountainous areas...

Trinh Ha