Localities accelerate to achieve “economic growth quotas”

Illustrative image (Photo: VNA)

Hanoi - Localities across Vietnam are working hard to develop GRDP growth scenarios to meet the "growth quotas" set by the Government, all aimed at economic breakthroughs in 2025.

To date, 23 localities have built their GRDP growth scenarios for 2025, with growth rates 0.1 to 2.5 percentage points higher than the quotas assigned by the Government in Resolution No. 25/NQ-CP on the growth targets for industries, sectors, and localities to ensure the national growth of at least 8%.

Among them, some leading localities contribute significantly to the national GDP growth, including Quang Ninh (over 2 percentage points), Hai Duong (over 1.8 percentage points), Binh Duong (over 0.5 percentage points), and Ba Ria-Vung Tau (over 0.1 percentage points), according to the Ministry of Finance.

Several other localities are also striving to achieve higher targets. Yen Bai aims for a growth rate 2.3 percentage points higher, Thai Nguyen 2 percentage points higher, Hue city 1.5 percentage points higher, and Hung Yen 1.7 percentage points higher.

“The government has set a GRDP growth target of 10.2% for the province, but Hai Duong is determined to achieve a 12% rate,” said Tran Duc Thang, Secretary of the provincial Party Committee.

To achieve this target, Hai Duong has developed a growth scenario, in which its GRDP is projected to expand 11% in Q1; and 11.8%, 13.7%, and 11.5% in the remaining quarters of the year.

Similarly, Vinh Phuc has set its 2025 growth target at 10-11%, which is higher than the "growth quota" of 9% assigned by the Government.

Mobile phone products inspected at JNTC Company in Thuy Van Industrial Park, Viet Tri city, Phu Tho province. (Source: baophutho.vn)

According to Chairman of the provincial People's Committee Tran Duy Dong, the main growth driver of Vinh Phuc will continue to be the industrial sector, with a target growth rate of 12% to 14.5-15.5%. The services sector has also adjusted up its target, from 9% to 10-11%.

Additionally, localities in the province have also reviewed input factors and amended their growth targets. For example, Tam Duong district has revised its target from 6.2% to 10%, and Binh Xuyen district has targeted a growth rate of nearly 15%, instead of 13%, Dong shared.

Recently, Deputy Prime Minister Nguyen Chi Dung led a government working delegation to Phu Tho province to discuss the implementation of the 2025 growth scenario, as well as solutions to difficulties in production and business, investment in construction, and disbursement of public investment capital in the locality. The Government has set a growth target of 8% or more for the province, which is 0.5 percentage points higher than the locality's original plan.

To that end, Phu Tho has focused resources on improving the investment and business environment, boosting resources mobilisation for development investment, and enhancing the mobilisation of capital for public investment, particularly in the implementation of key projects, such as the Lao Cai-Hanoi-Hai Phong railway, Phong Chau bridge, and the road connecting to the Tuyen Quang-Phu Tho expressway.

Additionally, Phu Tho aims to address challenges in production, revive traditional industries, support ongoing projects to soon put them into operation, and strive for a 12% growth in the processing and manufacturing industry in 2025, according to Chairman of the provincial People’s Committee Bui Van Quang.

In addition, accelerating public investment disbursement is also a solution chosen by most localities across the country to achieve the GRDP growth targets set by the Government./.