Vinh Phuc urged to take more drastic actions for stronger growth

Prime Minister Pham Minh Chinh works with the Vinh Phuc Party Committee's Standing Board on March 16 (Photo: VNA)

Prime Minister Pham Minh Chinh has directed the northern province of Vinh Phuc to show higher determination, stronger efforts and drastic actions in economic development, contributing to completing the country’s target of over 8% growth for this year and double-digit expansion in the years ahead.

Working with the Vinh Phuc Party Committee's Standing Board on March 16, the PM asked Vinh Phuc to renew the traditional growth drivers of investment, exports, and consumption while promoting new ones such as digital transformation, green transition, circular economy, sharing economy and knowledge economy, as well as new industries like semiconductors and AI.

The locality should also focus on creating a more business-friendly environment, cutting down at least 30% of administrative procedures, developing a one-stop investment gateway, and exploring public-private partnership models to optimise funding and project execution, he underlined.

He ordered Vinh Phuc to accelerate the development of social housing, while expanding infrastructure, especially transport infrastructure, attracting more foreign investment and bolstering the growth of the private sector.

The Government leader reminded Vinh Phuc to take decisive and urgent actions to streamline and restructure the political system, ensuring internal consensus while securing public support for its reforms. Vinh Phuc was also asked to pay greater attention to the building of the Party and political system at all levels, while strengthening the fight against corruption and wastefulness.

According to the provincial Party Committee, over the past five years, Vinh Phuc has made significant economic strides, achieving and exceeding 24 out of 29 key development targets set by the 17th provincial Party Congress.

Prime Minister Pham Minh Chinh meets with Vinh Phuc authorities (Photo: VNA)

The province's GRDP growth for 2021–2025 is projected at 7.4%, with total economic output expected to reach 190 trillion VND (7.45 billion USD) by 2025, 1.53 times higher than in 2020. Annual per capita GDP is forecast to rise to 148 million VND, while labour productivity is improving at an average of 11% per year. Foreign direct investment (FDI) attraction is estimated at 3.53 billion USD, well above the original 2.0–2.5 billion USD target. The locality's budget revenue for 2021–2025 is expected to hit over 167 trillion VND, including 31.5 trillion VND in 2024 alone. Tourism is booming, with an expected 11.1 million visitors generating 4.4 trillion VND in revenue by 2025.

Meanwhile, the poverty rate is hoped to fall to just 0.3% this year. Vinh Phuc also leads the country in education and health care, ranking among the top provinces nationwide. Notably, it is one of only six provinces and cities to have completely eliminated substandard housing under a national programme.

Vinh Phuc proposed several initiatives to boost its development, including developing a scheme for the establishment of a free trade zone, additional resources to implement priority projects, and adjusting the management of part of Tam Dao National Park for the development of the Tam Dao 2 eco-tourism project. It also sought approval for the Vinh Phuc Eco-Complex Urban Area project and called for removing regulatory hurdles that have stalled investment projects, ensuring they can move forward efficiently.

PM Chinh pledged that the Government will create optimal conditions and provide suitable policies for Vinh Phuc, urging the province to promote its dynamism, creativity and self-reliance for breakthrough growth./.