Extending High Growth Momentum

10:18:35 AM | 4/4/2022

Despite being affected by the complicatedly developed COVID-19 pandemic, Bac Ninh province achieved optimistic results in industry and trade in 2021, featuring the industrial production growth index of 9.67% and merchandise export growth of 15.7% (highest in the nation). This is an important driving force for the sector to keep going up in 2022.

Ms. Dao Hong Lan, Secretary of the Bac Ninh Provincial Party Committee, addresses the meeting with the Department of Industry and Trade

Happily remarking on its achievements, Mr. Tran Ngoc Thuc, Director of Bac Ninh Department of Industry and Trade, said, with the close care and timely guidance of local authorities for successful application of the dual goals of containing the COVID-19 pandemic and effectively boosting socioeconomic development, the province endeavored to effectively utilize free trade agreements, expand and diversify export markets, and boost industrial output. The province’s industrial structure continued to move toward the desired pattern. The index of industrial production (IIP) grew by 9.67% over 2020; and the sector’s GRDP expanded 9.92%. The processing and manufacturing sector continued to account for a high share of industrial development, with 15 out of 24 growing key industrial products. Many products posted high growth like casual clothes (58.4%), water spoilers (35.6%), electronic components (29.6%), smart watches (27%), and vitamin-containing pharmaceuticals (24.2%).

Despite being affected by the COVID-19 pandemic, the province has adopted many effective solutions to promote trade and service, expand the market, stimulate consumer demand, and foster e-commerce development to ensure the supply and demand of goods for people and businesses.

In 2021, the total retail revenue of consumer goods and services was estimated at VND61.9 trillion (US$3 billion), fulfilling 91.7% of the full-year plan, down 0.7% from 2020. In particular, the total import and export value was forecast at US$84.1 billion, 22.2% higher than the yearly plan, 16.2% higher than in 2020. Of the sum, merchandise exports were valued at US$45.2 billion, 24% higher than the plan and 15.7% higher than in 2020.

To uphold the results in 2021, the department has set out some key tasks for 2022, said Director Thuc. It seriously adhered to the leadership and direction of the Provincial Party Committee, the Provincial People’s Council, the Provincial People’s Committee and the Ministry of Industry and Trade to perform its tasks and achieve its targets. The department will carry out solutions to ensure the supply and demand balance and stabilize the supply for the market during high-demand seasons in 2022.

Bac Ninh province will strive to obtain a total import and export value of US$92.07 billion in 2022, of which exports will account for US$48.65 billion. Retail revenue of consumer goods and services will amount to VND69.55 trillion (US$3 billion).

In addition, the Department of Industry and Trade will work with consultants to review the spatial arrangement of resources for the industry, trade and energy integrated into the provincial planning to lay the groundwork for maintaining and developing the province’s industry and trade sector in 2021-2030. The department will urgently finalize the plan for Bac Ninh industrial zone development in 2021-2030, with a vision to 2050.

The department will continue to coordinate with relevant bodies and localities to deploy consistent measures to safely and flexibly adapt to, and effectively control the COVID-19 pandemic, and promptly address difficulties in supporting enterprises and people to restore their business and livelihoods and stabilize the market. The agency will effectively implement the action plan for implementation of Conclusion 306-TB/TU dated 10/11/2021 of Bac Ninh Provincial Party Committee.

Source: Vietnam Business Forum