While the global economy continues to face challenges, the domestic economy is also encountering difficulties. Therefore, to develop the region economy, Vinh Phuc province has decisively directed efforts to follow the instructions, resolutions, programs, and directives of the Government and the Prime Minister. Several positive measures have been implemented, positively resulting in various areas.
In Q1/2024, the economic growth of Vinh Phuc maintains a recovery trend and stable growth compared to the same period last year. The Gross Regional Domestic Product (GRDP) growth rate this time reached 4.06%, with the agricultural, forestry, and fisheries sector, estimated an increase of 2.70%; industrial and construction sector increased by 6.79%, and the service sector increased by 2.81%.
According to data from the State Treasury, by March 15, 2024, the total budget revenue in the region reached VND 7,242 billion, up 3.58% compared to the same period, equal to 22.80% of the annual assigned estimate. Domestic revenue increased by 7.16% compared to the same period, with revenue from land and housing tax seeing the highest increase,VND 638 billion, a 3.6-fold increase.
FDI attraction in the first quarter of 2024 of the province achieved 86.8% of the annual plan.
During the first quarter of 2024, there was a slowdown in the number of newly registered businesses. By March 15, 2024, there were 283 newly registered businesses, marking a decrease of 6.91% compared to the same period. However, the registered capital of these new businesses saw a significant increase to VND 3,325 billion, rising by 40.73% compared to the corresponding period. This surge in capital is estimated to generate job opportunities for approximately 3,361 workers. Moreover, there was an increase in the number of businesses re-entering the market, totaling 158, which represents a growth of 21.54%. Consequently, the combined tally of newly established businesses and those re-entering the market reached 441 during this period.
With many improvements in the investment environment, reflected through measures and policies to support infrastructure improvement, administrative procedure reduction, and favorable conditions for businesses, FDI capital attracted in the first quarter of 2024 was USD 347.13 million, up 98.59% compared to the same period, reaching 86.8% of the annual plan. Registered capital and adjusted registered capital witnessed good growth rates of 110% and 91.81% respectively. Traditional investors from Japan, South Korea, and Taiwan are still important partners, with South Korea being the largest investing country with USD 170.2 million, accounting for 49.03% of the total registered capital. 22 out of 25 projects, with USD 257.13 million, are in the priority development sectors, promoting investment attraction of the province in the processing and manufacturing industry, contributing to achieving the goal of Vinh Phuc becoming a modern industrial province.
By March 15, 2024, the province had secured 12 DDI projects, comprising 6 new initiatives and 6 projects with adjusted capital. The total registered capital for these projects amounted to VND 2,099 billion, reaching 38.16% of the 2024 plan. Despite an overall decline in registered capital, there was a notable increase in new registered capital, totaling VND 733 billion. Notably, the majority of adjusted capital increase projects were concentrated in the processing and manufacturing industry, with a total of VND 728 billion invested.
