Maintaining industrial production growth

Industrial production in the province confronted several problems in 2023 as a result of complicated and unexpected global events, as well as internal issues and obstacles... However, by encouraging benefits and integrating policy mechanisms and support solutions from the state and province, enterprises working in the industrial sector have surmounted obstacles and increased output and business. As a result, industrial output continues to play an important role in boosting economic growth, laying the groundwork for the 2024 growth objective.

Vietnam Sunergy Joint Stock Company (VSUN) in Cam Khe Industrial Park is a high-tech company that produces solar batteries.

Despite several challenges, the province’s industrial growth rate is expected to reach 11.5% in 2023, with a rise of 17.3% in the industrial production index (IIP) over 2022. Contributing to Growth In general, 5/18 processing and manufacturing industries added additional capacity over the same time, with electronic goods, computers, and optics expanding by 40.8% and equipment manufacturing increasing by 40.8%. Electricity consumption surged by 70.1%, while output of beds, cabinets, tables, and chairs climbed by 7.9%.

Such achievements are obtained by the dramatic intervention of the whole political system, from the national to the local levels. The government has implemented supporting policies such as tax breaks, interest rate reductions, and other measures to encourage industrial expansion. The emphasis is Resolution No. 58/NQ-CP dated April 21, 2023 of the Government on a number of essential policies and solutions to help enterprises in proactively adapting, recovering rapidly, and developing sustainably; Policies to encourage production and business, lower value added tax (VAT) for groups of products and services, in accordance with National Assembly Resolution 43/2022/QH15 dated January 11, 2022; Policy to prolong the deadline for paying VAT, corporate income tax, and land rent in 2023...

Phu Tho province has aggressively adopted administrative reforms related to the leader’s responsibilities; Improve the efficacy and efficiency of discipline and administrative discipline, with an emphasis on analyzing and implementing clear and transparent investment processes and procedures; Reduce processes and time, increasing the efficiency of investment promotion and attraction efforts. Effectively implement Provincial Party Executive Committee Resolution No. 61-NQ/TU dated October 13, 2021, which aims to significantly improve the province’s economic investment climate. In 2023, several significant projects will be expanded with increased capacity, fundamental construction investment will be completed, operations will be formally launched, and money will begin to be generated. Furthermore, the innovation and implementation of new technology in projects has helped to improve performance and provide new added value for goods.

Electronic products in the province grew compared to the same time owing to a new factor, BYD Electronics Company Limited (which will begin operations at the end of 2022). With the help of a number of operational enterprises, including JNTC Vina Co., Ltd., revenue in 2023 will be 4,244 billion VND, up 214% from 2022... contributing to the rapid expansion of the manufacturing industry group Electronic products, computers, and optical products.

A number of other industrial production sectors increased over the same period, contributing to the industry’s growth, such as: Lam Thao Super Phosphate and Chemical Joint Stock Company’s revenue in 2023 reached 3,527 billion VND, up 14.8% from 2022; Vietnam Paper Corporation’s paper products reached 2,011 billion VND, up 7.1% from 2022...

In 2024, industrial production is expected to confront various obstacles and challenges, in addition to its advantages. The Industry and Trade sector aims to achieve a 10.3% industrial growth rate, with an added value of 16,800 billion VND (a 10% increase over 2023).

Mr. Cu Xuan An, Deputy Director of the Department of Industry and Trade, stated that in 2024, the Department will continue to coordinate with relevant departments, branches, and units to strengthen propaganda and spread information about the provincial Department of Industry and Trade’s planning and plans, the implementation of investment projects, and the development of industrial zones and clusters in the area. Continue to successfully execute national and local systems and policies aimed at lowering barriers to production and business for firms. At the same time, continue to effectively implement breakthroughs in improving the business investment environment, focusing on attracting and developing industrial products with competitive advantages, prioritizing the development of quality products, high added value, the application of high technology, clean technology, energy conservation and efficiency, and environmental protection.

In addition, make the best use of investment resources in industrial zone and cluster infrastructure, as well as energy, commerce, and service infrastructure, to support and encourage industrial growth, particularly in industrial sectors. Traditional industries have strengths and benefits in the province. At the same time, enhance market forecasting, trade promotion, and commodities export markets.

Trinh Ha