Thai Binh records positive economic restructuring

In order to realize the Resolution of the 20th Provincial Party Congress to raise the proportion of industry, construction, trade and services in its Gross Regional Domestic Product (GRDP) by 80 percent, 85 percent and about 90 percent by 2030, 2035 and 2045 respectively, all sectors and localities in the province have actively promoted economic restructuring focusing on quality and efficiency, thereby boosting the province’s economic growth.

Huong Sen Comfor Textile Fiber Co., Ltd. uses automation lines for high productivity - photo: Thai Binh provincial Department of Industry and Trade

The proportion of industry, construction, trade and services in the province’s GRDP gradually increased from 72.51 percent in 2020 to 75.07 percent in 2021, 77.33 percent in 2022 and to 77.48 percent in the first half of 2023. This demonstrated the effectiveness of economic restructuring solutions associated with innovating the growth model which focuses on developing industries and products with competitive advantages, improving growth quality and competitiveness of the economy.

To develop the local industries strongly, Thai Binh Province has paid special attention to attracting investment, and removing bottlenecks, difficulties and obstacles to production and business activities of enterprises; and creating the most favorable conditions for investors’ operations in the province.

From 2021 to June 2023, Thai Binh approved and granted investment registration certificates for 274 projects with a total registered capital of more than VND57.1 trillion, of which the foreign direct investment (FDI) capital reached over US$1.1 billion. In particular, in 2021, the province attracted eight FDI projects worth nearly US$545 million, higher than the total FDI capital of the 2016-2020 period. Not only focusing on attracting investment, Thai Binh also effectively directed the restructuring of industries towards development of those of high scientific and technological content, high added value and little environmental pollution. From 2016 to 2020, Thai Binh’s average industrial growth rate reached 14.4 percent, in the 2021-2022 period at 17 percent, and in the first half of this year at nearly 10 percent.

Tran Huy Quan - Director of the provincial Department of Industry and Trade - said, over the past time, the department has proactively advised the province to attract and approve investment in industrial projects that exploit the province’s strengths in terms of land and labor; at the same time, removing difficulties for businesses to ensure their stable operation; paying attachment to developing e-commerce, and organizing conferences and seminars to expand markets.

All of these solutions have brought Thai Binh Province’s economic growth rate to the top of the country. The province posted a GRDP growth rate of 7.77 per cent year-on-year in the first half of 2023, higher than the average growth of the whole country, ranking 10th among 63 provinces and cities and 5th out of 11 in the Red River Delta region.