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Industry continues to be growth driver

(BGO)- On February 17, 2022, the Prime Minister approved the Planning of Bac Giang province for the 2021-2030 period, with a vision to 2050. Accordingly, the planning sets out the goal of developing Bac Giang rapidly, comprehensively and sustainably and taking industry as the main driving force for growth. 

By 2030, the province strives to become a modern industrial province, with GRDP growth in the group of 15 leading provinces and cities in the country, and leading in the northern midland and mountainous region.

Industry, growth driver, Bac Giang province, Planning of Bac Giang province modern industrial province, GRDP growth, important role, industrial development

The Van Trung Industrial Park is home to many foreign-invested enterprises. Photo: Viet Hung.

Recognizing the important role of industry, Bac Giang province has chosen industrial development as the driving force for development in many periods, especially in 2021-2030, with a vision to 2050.

For industrial development, in the past decade, the province has implemented synchronous solutions from devising and issuing mechanisms and policies; improving the effectiveness and efficiency of state management; to improving the quality of planning for industrial zones and clusters...

Thanks to that, Bac Giang’s industry has gained many remarkable achievements, creating a foundation for socio-economic development. The industrial infrastructure system is constantly growing in size, with plentiful types and diversified structure, meeting the needs of the economy.

According to the report of the local industry and trade sector, over the past 10 years, industry has made great contributions to the province's socio-economic development, making the largest contribution rate to the state budget. It has become the main export with high growth rate. The structure of the industry has seen positive changes, with the processing and manufacturing sector making strong developments.

Production value had a high growth rate, accounting for a dominant proportion in the total industrial production value of the province, reaching nearly 218.88 trillion VND (9.57 billion USD) in 2020 (at 2010 comparative price), accounting for 98 percent of the province’s industrial production value. The industrial sector’s GRDP growth in the 2011-2020 period averaged 19.3 percent per year, especially 23.8 percent per year in 2016-2020. The scale of the sector’s GRDP in 2020 (at 2010 comparative price) hit nearly 45 trillion VND (1.97 billion USD), contributing approximately 37 percent to the province's GRDP…

Thus, it can be seen that the 2010-2020 period, industrial growth contributed mainly to the economic growth of Bac Giang province.

Despite some achievements, Bac Giang industry needs to fix some specific problems and limitations such as growth yet to be sustainable, low added value, and poor competitiveness. The supporting industry has not yet developed, so production and export are not stable because they depend a lot on input raw materials and accessories, and fluctuations in world prices.

Industry, growth driver, Bac Giang province, Planning of Bac Giang province modern industrial province, GRDP growth, important role, industrial development

A production line of Hana Kovi Vietnam Co., Ltd., based in the Dong Dinh Industrial Cluster (Tan Yen district).

To make Bac Giang a modern and sustainable industrial province and one of the industrial development centers of the region by 2030, the province needs to focus on creating breakthroughs to improve productivity, quality, efficiency and competitiveness, while taking full advantage of the golden population period and tapping the advantages when Vietnam joins new generation free trade agreements.

It should strongly develop key industrial products in the fields of mechanical production, manufacturing, food processing, textile and garment, electronics, computers and optical products, electrical equipment, products made from rubber and plastic; and focus on training industrial human resources with skills, discipline and creativeness.

It is necessary to speed up the synchronous construction of infrastructure at industrial zones and clusters and infrastructure for industry; focus on promoting investment from large corporations, the top 500 largest enterprises in Vietnam, foreign partners with global brands, financial capacity and experience, and using modern and environmentally friendly technologies; encourage the development of private businesses and small and medium-sized enterprises with a system of synchronous and effective policies and solutions.

 

Dr. Phung Minh
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Industry, growth driver, Bac Giang province, Planning of Bac Giang province modern industrial province, GRDP growth, important role, industrial development
 
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