In the first 9 months of 2024, the province maintained its economic growth rate, leading the country thanks to the industrial and construction sectors.
In the first 9 months of 2024, Bac Giang continued to lead the country in economic growth rate, reaching 13,89%. This is the second consecutive year the province has maintained its position as the "champion" in growth, thanks to the synchronous implementation of solutions, in which industry remains the main driving force.
According to Bac Giang Newspaper, Blueway Vina Co., Ltd., a Chinese enterprise in Van Trung Industrial Park (IP), is a typical example of the development of Bac Giang industrial zone. The company specializes in manufacturing electronic components for large corporations and has created jobs for nearly a thousand workers since it began operating in 2012.
Despite difficulties in orders due to the impact of the Covid-19 pandemic and the global economic recession in 2023, the company has made efforts to promote, expand the market and organize production, helping revenue skyrocket. In the first 9 months of 2024, the company achieved sales of more than 70 million USD, an increase of 40% over the same period last year, the highest level since operating in Bac Giang.
Besides, many other FDI enterprises in the province also recorded significant growth, especially enterprises belonging to Hong Hai Science and Technology Group and mechanical and manufacturing industries.
Some large enterprises have expanded their production scale and made breakthroughs in production value, such as Luxshare Van Trung ICT Co., Ltd. with estimated revenue of VND59.830 billion, up 22,5% over the previous year, and Hana Micron Vina Co., Ltd. with revenue of VND6.164 billion, up 61,26%. Thanks to this growth, the province's industrial production value in the first 9 months reached nearly VND500 trillion, up 28,5% over the same period. Tax collection from FDI enterprises also exceeded the estimate by 16,7%.
However, the province also faced some unfavorable factors in the third quarter, such as unfavorable weather causing a loss of lychee crop and the impact of storm No. 3 on agricultural production. This caused the third quarter growth to reach only 12,23%, the lowest level in the last 4 quarters. However, overall in the first 9 months of the year, Bac Giang's economy still maintained the leading growth rate in the country thanks to the industrial and construction sectors.
Bac Giang has continuously implemented measures to improve the investment and business environment, strengthen connections with large corporations such as Foxconn, Luxshare-ICT, JA Solar, Hana Micron, etc., and invest in socio-economic infrastructure. Thanks to that, the province has not only achieved impressive growth but also significantly improved its economic scale, ranking 12th nationwide.
In the final months of the year, the industrial and construction sectors are forecast to continue their growth momentum, with the fourth quarter growth rate estimated at 18%, while the service sector is estimated to increase by more than 6%.
To achieve the 2024 growth target of 14,5%, the People's Committee of Bac Giang province has proposed many solutions such as attracting investment in industrial park real estate projects, supporting businesses in recruiting workers, and promoting the resolution of difficulties in production and business. At the same time, the province will have flexible measures to restore agricultural production after natural disasters.
Source: Observer