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Vinh Phuc Province - Economic development PDF Print
Friday, 25 November 2011 09:13

Vinh_Phuc_Province_-_Natural_Features_and_Development_Resources_5VIETRADE - GENERAL CONSIDERATION

Since 1997 (reinstatement of Vinh Phuc Province, inclusive of Me Linh District) Vinh Phuc economy has grown fast, laying foundation for a continual strong drive to industrialization, modernization. Average annual economic growth in the period of 1997 – 2007 hit 17.5%, whereby industries construction growth was 33.1%, service growth, 15.3%, agro-forestry-fishery, 5.4%. Provincial GDP (by 1994 index) when Me Linh District was not cut off, in 2007, grew 21.8%. In 2008, when Me Linh was cut off, GDP hiked 14.8%. GDP per capita (current price index) in 1997 only came to 2.08 million VND, it rose to 21.1m VND (equivalent to 1,250 USD) in 2008. Economic structures shifting effected positively: industries construction share-part in the economy from 20.7% in 1997 rose to approximately 59.75% in 2008, agro forestry-fishery went down from 44.4% in 1997 to about 17.11% in 2008.

 

DEVELOPMENT STATUS OF KEY ECONOMICSECTORS:

Industries: Vinh Phuc economic growth in recent years may be said to have been associated with strong industrial growth, particularly of foreign investment industries. Taking account of only 3 recent years (2006-2008), it was found that total industrial output value average annual growth (by 1994 index) rated 29.34%, whereby, state industries hiked 8.96%, non-state industries, 21.13%, foreign investment industries 31.92%. In the first semester of 2009, total industrial output value (by 1994 index) was 13,603.83 billion VND, making 35.16% of the whole year projection, yet declining 14.18% compared to the same period the previous year.

 

Vinh Phuc industrial structure registers a high share of innovative engineering work and a certain sizeable manufacturing business such as automobile, motorcycle fabrication, electronic equipment making, yet, product assembly dominates. Main industrial products consist of automobile, motorcycle mechanical and electronic component spare parts, light construction material, garments, leather shoes, tea, processed wood furniture…

 

Development of industrial parks (IPs), industrial clusters (ICs): In 2008, Vinh Phuc kept on planning, developing and implementing investment for technical infrastructures construction inside and outside certain IPs. It also started implementing formalities for IPs establishment approved by the Prime Minister in investment policy. At the closing of the year 2008, the province availed 9 IPs, of which 5 had been established (Kim Hoa, Khai Quang, Binh Xuyen I, Binh Xuyen II, Ba Thien) while 4 other had been policy approved for establishment (Chan Hung, Hoi Hop, Ba Thien II, Son Loi). Total IPs acreage was 2,284ha, of which, industrial intended leasable land space for the 5 established IPs covered 596ha, 4 IPs of them having investment policy approved by the Prime Minister was 889ha. All the 9 IPs have found infrastructures chief investors. The 5 established IPs are undergoing positive perfection of technical infrastructures construction and services inside, common land occupancy filling is 67%. The 4 remaining IPs are undergoing detailed planning, investment project making, land clearance compensation; investment in technical infrastructures is being urgently proceeded.

 

Trade-services: For over the past 10 years, trade and services in Vinh Phuc compass have been developing strongly, in particular, since Vietnam officially became a member of WTO. Trade and services have been playing an increasingly important role in the socio-economic development of the province.

 

Trade value-added (by production price index 1994) in 2008 reached 2,605bn VND, 7.12 times higher than that of 2000, 18.58 times higher than that of 1997. Trade value-added rose from 9.44% in 2001 to 12.1% in 1997.

 

Commodities retail sales and services in the compass of the province in the period of 1998-2007 made an average annual growth of 23.63%; retail sales and services in 2008 came to 10,061.1bn VND, marking an increase of 56.8% over 2007. They may reach 7,243.73bn VND in the first semester of 2009, marking 48.24% increase over the same period in 2008 (this comes to 50% of the projected plan).

 

Total export revenue in the period 2001-2008 was 1,452.26m USD. It was 351.4m USD in 2008, 22.55 times higher than that of 1997. Export revenue in the first semester of 2009 hit 150.311m USD, measuring only 73.8% against the same period in 2008. Main export products consisted of dried tea, textile-garments, foot wear, motorcycles and components, automobile spare parts, mechanical engineering products…

 

Total export expenditures in 2008 amounted to some 1,294.08m USD, marking 35.99% increase over 2007, 229 times higher than 1997. Imports in the first semester of 2009, reached 550.651m USD, making 78.7% of the same period the previous year. Main imports were raw materials, components spare parts for assembly and production of goods, FDI factory inputs.

 

Services such as tourism travel, transport, post-telecom, bank credit have grown fast, diversified, improved on material foundation and quality, satisfying demand from production activities and common people lives.Vinh_Phuc_Province_-_Natural_Features_and_Development_Resources_6

Agro-forestry-fishery: In recent years, agro-forestry-fishery activities have overcome impediments to grow. In the period of 2006-2008, they made an annual average output value (by 1994 index) of 2,250.1bn VND or 3.08% annual increase. Crop planting grew annually 0.99%, animal husbandry, 8.27%, agricultural production service, 13.02%, forestry, 1.8%, fishery, 5.7%.

 

Agricultural output value in 2008 (by 1994 index price) came to 2,082.7bn VND, making 7.2% rise against 2007. Crop planting grew in acreage, yield and production. Annual rice output hit 5201kg/ha, the highest yield ever. Grain staple crop output was 375.1 thousand tons, 18.6% rise against 2007, rice made 301.5 thousand tons, 11.9% increase, corn (maize), 73.5 thousand tons, 57.3% increase. Animal husbandry grew as ever, the whole herd was preserved. Agricultural services basically timely fulfilled production demand. Reforestation, forest care management, protection and fire fighting were maintained. Fish farming output was estimated at 10,904 tons, rating 94.1% of projected plan, making 9.1% increase over 2007.

 

Budget income-expenditures: From dependency on Central Government fund allocation, to this date, Vinh Phuc Province has managed to balance its budget income-expenditures, yet, making remittances to national coffers. In 1997 provincial budget income only netted 114bn VND, it rose to 5,860bn in 2007, 50 times higher than that of 1997, and  reached 9,228.2bn in 2008, making 57.26% increase over 2007.

 

Local budget expenditures shed 4,356.2bn VND in 2007, which was 15 times higher than that of 1997. 2008 expenditures came to 6,609.5bn, making 42.3% increase over 2007.

 

Investment attraction: As of June 2009 there were 373 valid investment projects: 105 FDI projects capitalized at 2,068.5m USD, 278 domestic investment projects at 15,835bn VND. In the first semester of 2009, the province drew in 31 projects – 5 foreign investment projects capitalized at some 80.5m USD, and 26 domestic investment projects capitalized at 15,835bn VND.



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