The economic growth of Thua Thien Hue province ranks 28th nationwide.

Posted on 11 April, 2024

The Gross Regional Domestic Product (GRDP) growth rate of Thua Thien Hue province in 2023 is estimated at 7.03%. With this growth rate, the province ranks 28th out of 63 provinces/cities nationwide and 9th out of 14 provinces/cities in the North Central and Central Coastal regions…

Thành phố Huế từ góc nhìn trên cao
The city of Hue from an aerial perspective.

On November 30th 2023, the People’s Committee of Thua Thien Hue province held its regular monthly meeting for November.

According to the information provided at the meeting, the GRDP growth rate of the province in 2023 is estimated at 7.03%, which falls short of the set target of 9-10%. Specifically, the industrial-construction sector increased by 5.12%; the service sector by 8.64%; the agriculture sector by 5.88%; and the product tax deduction sector by 6.93%. The total product in the province is estimated to reach 72,865 billion VND, with a per capita GRDP estimated at 63.1 million VND (equivalent to 2,680 USD/person), representing an increase of 8.5-9.5% compared to the same period last year.

This growth rate ranks 28th out of 63 provinces/cities nationwide and 9th out of 14 provinces/cities in the North Central and Central Coastal regions, higher than the national average (estimated at 4.7-5.8%).

The economic structure of this province has shifted significantly, with agriculture representing 11.1%, industry and construction 32.9%, and services 47.6%. Notably, the service sector has experienced strong growth at 8.64%. Tourism has seen a remarkable recovery, with the total number of tourists reaching an estimated 3.2 – 3.3 million for the year, meeting the planned targets. However, industrial growth has been modest at 5.12%, while agriculture, forestry, and fisheries continue to serve as the mainstay of the economy, ensuring comprehensive agricultural production.

During the first 11 months, Thua Thien Hue province’s total social investment capital reached 28,500 billion VND, equivalent to 92% of the plan, a 17% increase compared to the same period last year. For the whole year, the estimated investment capital is 31,000 billion VND, meeting 100% of the plan. From the beginning of the year until now, the province has granted new licenses for 25 projects with a total registered investment capital of 9,374.078 billion VND. The number of newly registered and reactivated enterprises continues to decrease compared to the same period last year.

Regarding the state budget revenue for the first 11 months, Thua Thien Hue province is estimated at 9,217.5 billion VND, equivalent to 93% of the plan, 71% of the striving target, and a decrease of 21.6% compared to the same period last year.

Regarding the disbursement of public investment capital, including other sources of public investment that Thua Thien Hue province has allocated for supplementation during the year, the total planned public investment for 2023 in the province is 8,924.76 billion VND. The disbursement of public investment capital up to the reporting period is 5,731 billion VND out of 8,924.76 billion VND, reaching 64% of the plan. The disbursement results of the province’s public investment plan for 2023 are currently higher than the same period in 2022.

Toàn cảnh phiên họp (Ảnh - Lê Thọ)
The overview of the meeting

According to the data from the Ministry of Planning and Investment, the rate of disbursement of public investment by the Province against the Prime Minister’s plan in the first 10 months of the year reached 92% of the plan, ranking 4th out of 63 provinces and cities nationwide. It is expected that the disbursement for the whole year of the capital plan allocated in early 2023 will reach 5,697.993 billion VND out of 5,923.257 billion VND, achieving 96% of the plan.

At the meeting, Chairman of the People’s Committee of Thua Thien Hue Province, Nguyen Van Phuong, urged departments, sectors, and localities to continue monitoring and closely grasping the operations of businesses to promptly address any difficulties and obstacles. He also emphasized the need to accelerate the progress of various projects, including the Gilimex Industrial Park infrastructure construction and business investment project, Kanglongda Hue Factory, Phu Son Household Waste Treatment Plant, and the Kim Long Motor Hue Production and Assembly Complex investment project.

Regarding the disbursement of public investment funds to ensure the completion of the State budget plan for 2023, Mr. Phuong emphasized the need to review public investment projects, assess the importance of projects that have not been disbursed or have been disbursed below 10%. Additionally, there should be adjustments to the capital plans of projects that are progressing slowly to allocate funds to projects with potential disbursement needs. Priority should be given to allocating funds to key projects that have a ripple effect, promote regional connectivity, and stimulate growth. Furthermore, effective measures for budget management should continue to be implemented, including strengthening discipline and rigor in budget management to ensure strictness, thriftiness, and efficiency.

Source: Vneconomy


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