The northeastern province of Quang Ninh’s economy has seen double-digit growth for eight consecutive years, and that momentum will continue this year thanks to appropriate policies and synchronous measures.
According to the provincial Party Committee, its gross regional domestic product (GRDP) is expected to reach 11.02% in 2023, 0.74 percentage points higher than the previous year.
The province’s economic scale is estimated at over 312 trillion VND (13 billion USD).
Total state budget revenue hit an estimated 55.6 trillion VND by the year-end, up 3% year-on-year. Of which, domestic revenue is estimated at 39.6 trillion VND, surging 7% over the previous year while revenue from import and export activities will likely top 16 trillion VND.
At the same time, administrative reform and improvement of the business investment environment continue to be promoted by the province. Quang Ninh is known as a locality with an open and favourable investment environment, wholeheartedly dedicated to businesses and invest
The province has to date attracted 5 billion USD worth of investment, including 3.1 billion USD in foreign direct investment (FDI), temporarily securing its position as the leading province nationwide in attracting FDI this year.
It has also kept its position among the best performers nationwide in terms of the Provincial Competitiveness Index (PCI), Public Administration Reform (PAR) Index, Satisfaction Index of Public Administration Services (SIPAS), and Provincial Governance and Public Administration Performance Index (PAPI).
Secretary of the provincial Party Committee Nguyen Xuan Ky said improving the quality of development and growth goes hand in hand with maintaining a two-digit Gross Regional Domestic Product (GRDP) growth rate, focusing on increasing the processing and manufacturing industry’s scale and contribution to GRDP and budget revenue and improving the efficiency of attracting new generation FDI flows.
Ensuring double-digit growth by 2025
Quang Ninh aims to sustain a double-digit gro
wth rate in the next three years, under a resolution on orientations and tasks by 2025 issued by the provincial Party Committee.
The locality also strives to become a modern service and industrial province, an international tourism hub, a maritime economic centre, a centre of dynamic and comprehensive development in the northern region, and an important transport gateway of Vietnam by 2025.
To obtain the targets, Quang Ninh will promote the implementation of breakthrough steps to press on with comprehensive reforms to secure sustainable development, green and inclusive growth, and economic development, Secretary of the provincial Party Committee Nguyen Xuan Ky said.
It will also continue using public investments to attract private ones, especially through public – private partnership (PPP), improve the attraction of foreign investment to industrial parks and economic zones, prioritise investments in high-tech and environmentally friendly projects, and strongly facilitate private and startup companies.
horities will further step up administrative reforms, improve the investment and business climate, remove barriers, and create favourable conditions for enterprises to grow, he said.
The provincial budget will be focused on ensuring social security, building influential structures, supporting production development, narrowing the development gap among local areas, and fully tapping into potential and advantages to comprehensively develop the local economy, the official added.
In 2022, Quang Ninh posted GRDP growth of 10.3%, ranking fourth in the Red River Delta. It collected 54.7 trillion VND for the state budget, up 4% from 2021./.
Source: Vietnam News Agency