Hai Phong to further strengthen economic pillars in 2024

Reporting on the results of socioeconomic development and defense and security tasks in 2023, Chairman of the city’s People’s Committee Nguyen Van Tung indicated that the socioeconomic situation continues to be stable. The city’s economy grew at a rather high rate compared with the country’s average, with major economic indexes reaching higher levels compared with 2022. Specifically, 14 among 19 socioeconomic indexes (73.68 percent) reached or exceeded the targets set by the city’s People’s Council; only five indexes (26.32 percent) did not reach targets. The total State budget revenue of the city was estimated at more than VND102.614 trillion, equivalent to 98.02 percent of the plan assigned by the Government and 88.12 percent of the plan assigned by the city’s People’s Council. Of the sum, the revenue from domestic sources accounted for VND42.5 trillion, equivalent to 135.66 percent of the plan assigned by the Government and 100 percent of the plan assigned by the city’s People’s Council; and the revenue from import-export activities accounted for VND58 trillion, equivalent to 82.98 percent of the plan assigned by the Government and the city’s People’s Committee.

Industries, logistics and trade are three pillars of Hai Phong’s economy

In 2023, 170 million tonnes of cargo were transported via Hai Phong’s ports (plan: 185 tonnes). The export value reached US$31 billion, equivalent to 100 percent of the plan. The total investment in development reached VND191 trillion. The city is implementing 74 digital transformation tasks with the total investment of more than VND700 billion. The disbursement of public investment capital has been in accordance with the plan assigned by the Government.

Hai Phong’s investment and business environment continues to improve. Foreign direct investment (FDI) reached an estimated US$3.5 billion (the plan assigned by the city’s People’s Council is US$2-2.5 billion).

The city’s general plan for development until 2040, with a vision to 2050, has been approved by the Prime Minister. Hai Phong has begun the construction of major projects in the fields of transport, industry and urban development, paving the way for the city to promote socioeconomic development.

Despite the results it has achieved, Hai Phong still has to cope with numerous difficulties and challenges. Although the city has made great efforts to maintain economic growth at a double-digit rate in nine consecutive years, it did not achieve the annual socioeconomic development targets in the period from 2021 to 2023.

The city has set 19 groups of targets related to socioeconomic development and environment in 2024, focusing on eight groups of tasks and solutions to expand the economic space, renovate the growth model and restructure the economy with three major pillars: hi-tech industries, seaports - logistics, and tourism - trade. The city will tighten the management of budget revenue and expenditure along with efforts to improve the business and investment environment, giving a priority to promoting economic growth. At the same time, Hai Phong will continue to invest in upgrading the transport infrastructure of the city.

Greater attention will be paid to improving the quality of education and training to ensure the quality of human resources. Scientific research, technology application and creative innovation will be expanded along with accelerating digital transformation. The city also attaches importance to cultural development, social progress and equality, and measures to improve the material and spiritual lives of the people. It will take the initiative in coping with climate change, preventing natural disasters, tightening the management of natural resources, and protecting the environment.

The city will also accelerate administrative reform and the reorganization of administrative units at the district and commune levels. Greater efforts will be made to combat corruption, practice thrift and prevent waste. At the same time, Hai Phong will expand external relations and tighten regional linkages along with strengthening national defense, maintaining political stability and social security.