Prime Minister Pham Minh Chinh said, "The key drivers of Vinh Phuc province's growth are attracting foreign investment and boosting the private economy," as an approach for the province’s double-digit development target during a March 16 working session with the Standing Committee of the Vinh Phuc Provincial Party Committee.
During his visit to Vinh Phuc, Prime Minister Pham Minh Chinh urges the province to demonstrate greater determination and decisive action in economic development, helping achieve the country’s target of over 8% growth this year
According to the committee, over the past five years, Vinh Phuc has largely met its political goals and tasks, achieving or exceeding 24 out of 29 targets set by the 17th Provincial Party Congress Resolution.
Sustaining strong investment growth
The province’s Gross Regional Domestic Product (GRDP) growth in the 2021-2025 period is estimated at 7.4%, 1.53 times higher than in 2020. In 2025, the average GRDP per capita is expected to reach VND148 million.
Vinh Phuc has successfully attracted global corporations like Toyota, Honda and Piaggio, which have been investing effectively. Meanwhile, Vietnamese enterprises such as CNCTech and Vinh Phuc Pharmaceutical JSC are also experiencing strong growth.
The province’s labor productivity is growing at an average rate of 11% per year. The economy is expanding rapidly, with an estimated scale of VND190 trillion in 2025, 1.53 times higher than in 2020. Foreign direct investment (FDI) attraction for the 2021-2025 period is projected to reach US$3.53 billion, surpassing the initial target of US$2.0-2.5 billion.
The province's total budget revenue has shown positive growth, estimated to exceed VND167 trillion for the 2021-2025 period, including over VND31.5 trillion in 2024. Tourism is also expanding, with projections of around 11.1 million visitors and approximately VND4.4 trillion in revenue by the end of 2025.
National defense, security and social order remain stable, while foreign relations continue to be strengthened and expanded. Party building and the political system receive focused attention, with organizational structures implemented strictly.
Cultural development is a priority, and social security initiatives are well-executed, with the poverty rate projected to drop to 0.3% by 2025. Education, training and healthcare have seen significant progress, keeping Vinh Phuc among the country's top provinces in education. The province has effectively implemented key development programs and policies from the central government.
Prime Minister Pham Minh Chinh meets with key leaders of Vinh Phuc province
Maximizing opportunities and unlocking unique local potential
To capitalize on new development opportunities, Provincial Party Secretary Dang Xuan Phong proposed that the central government issue synchronized guidelines for implementing aspects of Directive 35 and Conclusion 127 of the Politburo. He also requested guidance for agencies undergoing review and merger processes before and after the provincial restructuring. Regarding institutional reforms, Vinh Phuc province suggested that the National Assembly consider amending the Law on Special Consumption Tax to extend incentives to hybrid electric vehicles (HEV). It also proposed revisions to the Law on Bidding, the Law on Investment, and related regulations to streamline approvals for social housing projects. Amendments to the Land Law and its implementing decrees were recommended to accelerate compensation, site clearance and resettlement for major national projects. The province called for a new decree to replace Decree 57, providing local governments with a framework to support enterprises in the agricultural sector. The province also requested adjustments to urban land and infrastructure development targets to facilitate key projects aligned with provincial planning and double-digit growth goals.
To boost infrastructure investment, Vinh Phuc proposed an increase in its budget adjustment rate to generate additional resources, particularly for regional connectivity projects. It also urged relevant ministries and agencies to collaborate on important projects such as the Tam Dao 2 Eco-resort and the Vinh Phuc Eco-Complex Urban Area.
Prime Minister Pham Minh Chinh visits the Tam Dao Livestock and Beef Processing Complex project in Vinh Phuc province
Prime Minister Pham Minh Chinh emphasized that Vinh Phuc holds an important role in both regional and national economic development strategies. The province has favorable conditions for multi-sector and multi-field economic growth, benefiting from its location, diverse terrain and soil types, and a well-connected transportation network, including roads, railways and proximity to air routes. The province boasts a rich cultural heritage, unique folk traditions, renowned scenic spots, and a diligent, intelligent workforce. However, the province has yet to fully leverage its distinct potential, outstanding opportunities, and competitive advantages to achieve rapid and sustainable development.
Prime Minister Pham Minh Chinh outlined key tasks that Vinh Phuc province must undertake to achieve its double-digit growth target in 2025 and beyond. He emphasized the need to effectively implement Politburo Resolution 57 through concrete action plans; attract foreign investment and foster private sector growth as economic drivers. The province must also focus on creating an open and transparent business environment, actively streamlining administrative procedures to support businesses and residents, and driving institutional breakthroughs.
Vinh Phuc province aims to develop a digital, green and circular economy while restructuring its economy appropriately. This includes increasing the proportion of the service sector, boosting social consumption and attracting more FDI. The province seeks to generate new growth momentum from emerging economic sectors, optimize its development potential, and expand social housing projects. Vinh Phuc will proactively mobilize resources for transportation infrastructure, invest in cultural, healthcare and education databases, and pioneer the creation of health records for residents. Education databases will also be developed to inform policy planning. For each of Vinh Phuc’s proposals, Prime Minister Pham Minh Chinh assigned specific tasks to Deputy Prime Ministers and relevant ministries, requesting them to coordinate with the province and report to the government promptly.
By Hien Hung, Vietnam Business Forum
Vietnamese
