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Hung Yen: Economic development PDF Print
Wednesday, 15 January 2014 14:52

HungYenEco1VIETRADE - Hung Yen economy has grown well and steadily in recent years. Average annual GDP growth exceeded 12.42% (200-2008), structural shifting proceeded to quickly increase the industries-services share part taking. The socio-economic infrastructures gradually consolidated and improved; people’s income and living standard rose and clearly ameliorated. Significant uplifts in competitiveness, quality and efficiency were noted in the economy. 2008 growth was 12.33%, whereby, industrial out put value growth 23.5%, agricultural – fishery output, 4.52%, services out put value, 14.1%. Provincial budget income hit VND 1.815 bn. Average per capital income amounted to 12.8 VND m. Economic structural share part was noted as follows: agriculture 27.95% industries construction, 42.17%, services, 29.88%. Export revenue was USD 442 m.



Industries: Industries showed rapid, high growth. Average annual 2006-2008, out put value (index reference 1994) hit VND 12,690 bn, 26.64% increase; in breakdown, state industries VND 1,149.24 bn, 9.63% increase; non-state industries VND 5,731.6 bn, 24.08% increase; foreign investment industries VND 4,829.29bn, 32.17% increase; individual undertakings VND 1,076.64 bn, 23.78% increase (2007- 2008 period) 2008 industrial out put value reached VND 15,600 bn, 23.5% increase over 2007, in break-down, state industries: VND 1,417 bn, 37.3% increase, non-state industries VND 8,363 bn, 17.8% increase and foreign investment industries VND 5,820 bn, 29.3% increase. Key industrial products: iron, steel, stainless steel articles, machines, electronic goods, processed food, automobiles, motorcycles, animal feed, textile-garment, foot wear, tool machines, motor spare parts…


Planning and development of industrial parks (IPs): Hung Yen Province has been authorized by the Government to establish, by the year 2010, 10 IPs in regroupment over a land space of 2,230ha; 5 IPs have been established (Pho Noi A, Pho Noi B, Minh Quang, Minh Duc, and Vinh Khuc) the other five have been policy-approved to permit infrastructures building investors do the study-survey for detailed plan making, which will be submitted for approval in preparation for establishment (Ngoc Long, Yen My II, Kim Dong, Bai Say, Dan Tien). As of the end of 2008 Hung Yen hosted 114 projects: 64 local investments at VND 4,860 bn registered capital, taking 141ha lease land 53 foreign investment at USD 609 m registered capital taking 104ha lease land. 77 projects have entered business operation, of which 47 are local investment with VND 2,850 bn paid up capital or 59% of registered capital, 30 are foreign investment with some USD 140 m paid-up capital 23% of registered capital. These operational projects have positively contributed to the province’s socio-economic development, provided income for the provincial budget, employment and steady income to more than 16,000 labor.


HungYenEco2Agriculture, fishery: Relatively in steady development: rice yield exceeding 12 tons/ha return from 1ha, VND 40.5 m. Farming out put value has been hiking 4% plus annually; agricultural economic structure shifting quickly moves toward scaling up animal husbandry and fishery. Industrialization and modernization of farming and rural life show encouraging results; the economic model of commercial farming is gaining currency. There have been more than 3,000 successful commercial farms. Clean water is accessible to 74.5% of the rural population. 2008 plant cultivation spread over 113,547ha; rice culture took 81,749ha, 3,049 increase (high quality rice 45.7% share of the planting); average annual rice yield of a growing season: 6,335 kg/ha, food production: 56.4 mn tons (paddy 5,180 m tons); fruit crops acreage: 7,593ha of longan and litchi: 460,000 tons.


In animal husbandry and fishery: currently, the pig herd counts 590,000 heads, yielding 68,400 tons of fresh meat; cattle herd, 50.400 heads, yielding 2.300 tons of meat; poultry flock, 5.78 m birds, yielding 17,200 tons.


Fishery acreage is 4,616ha. Big farm holdings and family farm holdings develop fairly well. There are currently 3,600 farm holdings, of which 2,400 are standard. 79% of the population have access to clean water.


Trade-services: Retail sales and consumer services in 2008 valued at VND 6,650 bn, showing 26.1% increase over 2007; common price index in December 2008 rose 26.5% over the same period the year before. Exports met with difficulties because of world wide financial crisis impact. 2008 export revenue hit USD 443 m, increasing 20.64% over 2007. Import expenditures valued at some USD 569.195 m, increasing 5.61% over 2007.Main export products were: Garments, foot-wear, electrical products, stainless articles… Import products were mainly fabric and clothing additives, foot wear additives, electronic components…


Other services: Transport, port-telecom, financebanking, insurance have been growing and expanding, improving in quality, increasingly making significant contribution to the socio-economic development of the province.


Investment attraction: To this date, there have been 153 valid FDI projects, of which, 100 are in business operation (in 2008 there were 22 additional operational projects) with USD 913 m registered capital ( USD 504 m outside of IPs, USD 409 m in side IPs); total paid up capital of these projects is USD 354 m (38.8% of the registered capital). In the year 2008 in particular, FDI projects paid up capital was USD 76 m (30 mn outside IPs, USD 46 m inside IPs).


Finance-banking: Provincial budget income and expenditures have been growing significantly. Succeeding years outperformed preceding ones. In 2008 Hai Duong provincial budget income came to approximately VND 1,765 bn, marking 24.5% increase over 2007. Budget expenditures shed out VND 1,969.6 bn exceeding plans by 20.3%; development investment expenditures administered by local budget amounted to VND 579.7 bn, 16.1% higher than plans. As regards banking, the banking system and people’s credit funds have achieved steady development in working nets formation, and have exerted realistic solutions to factual local conditions, timely responding to capital demand and banking service needs of various economic entities and people in the provincial compass. Funds mobilized in 2008 came to approximately VND 10,217.9 bn, exceeding 2007 by 16.35%, whereby local fund mobilization made VND 5,930.4 bn or 58% of the total. Total excess loan balance was VND 9,063.5 bn, surpassing 2007 by 15.06%; bad debts accounted for VND 166.4 bn or 1.8% of the excess balance.

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