Vinh Phuc's GRDP growth projected to reach 7.5-7.8% in 2024

Northern Vinh Phuc province is experiencing strong socio-economic progress in 2024, with 14 out of 15 key indicators have met or surpassed their targets, according to a report from the province's People's Committee.

The estimated Gross Regional Domestic Product (GRDP) for the whole year is projected to increase by 7.5 - 7.8% compared to 2023, successfully reaching the planned target of 7.5-8.5%. This growth rate positions Vinh Phuc province ahead of the national average growth rate of 6.8 - 7%.

The scale of Vinh Phuc's GRDP at current prices is estimated to reach approximately VND172 - 173 trillion ($6.77 - $6.8 billion), representing an increase of about VND14 trillion (nearly $550.6 million), or an 8.8 - 9.3% rise compared to 2023.

In 2024, the locality attracted an estimated $600 million in Foreign Direct Investment (FDI), equivalent to 150% of the plan and matching the figures from 2023.

Total State budget revenue is estimated to reach nearly VND30.5 trillion ($1.2 billion), with domestic revenue exceeding VND25 trillion ($984 million).

Despite industrial production challenges in the first quarter of 2024, the situation improved significantly from the second quarter as businesses received new orders and consumption demand increased, particularly in the electronics component manufacturing sector. This contributed to the industrial sector achieving a substantial increase compared to the same period in 2023.

The Industrial Production Index (IIP) for the whole year is estimated to rise by 11.3%, with the processing and manufacturing industry expected to increase by 11.4%.

Additionally, export activities grew substantially compared to 2023. Total export turnover for the year is estimated to reach $16.3 billion, reflecting a 12.55% increase year-on-year. The main export products include complete motorcycles, motorcycle spare parts, phones, computers, electronics, auto parts, wood and wood products, and textiles.