According to the 2023 social-economic report of Nghệ An province, as of the period before the 2023 Gregorian New Year, the state budget revenue in the province is expected to reach over 18,000 billion VND. With this figure, Nghệ An province ranks 20th in the budget revenue ranking.
However, in the last days of 2023, two companies, VSIP Nghệ An and Ecopark Joint Stock Company, had paid land use fees, with each unit contributing over 1,000 billion VND to the local budget. These two units have contributed an additional 2,200 billion VND to the state budget. At the same time, some sources of revenue from import and export activities have increased significantly. Accordingly, just in the last week of 2023, Nghệ An province collected more than 2,000 billion VND in budget revenue.
With the sudden increase in revenue, Nghệ An province ended 2023 with a total state budget revenue of 20,250 billion VND. Its ranking in the budget revenue ranking, accordingly, also increased by 4 places to 16th, surpassing Khánh Hòa, Long An, and Thái Nguyên. This is also the second consecutive year that Nghệ An province has collected more than 20,000 billion VND in state budget revenue.
Currently, there are 17 centrally-run cities and provinces in the country with budget revenue of over 20,000 billion VND, including Ho Chi Minh City, Hanoi, Hai Phong, Ba Ria – Vung Tau, Binh Duong, Dong Nai, Quang Ninh, Thanh Hoa, Hung Yen, Vinh Phuc, Bac Ninh, Quang Ngai, Quang Nam, Hai Duong, Da Nang, Nghệ An, and Thái Nguyên.
In the 2024 plan, the People’s Committee of Nghệ An province sets a target of 15,854 billion VND for state budget revenue.
Socio-economic situation of Nghệ An province in 2023 shows positive signs
In 2023, attracting foreign investment into Nghệ An province has achieved positive results. As of December 31, 2023, Nghệ An province had issued new investment licenses for 120 projects and adjusted 190 projects. The total newly registered and adjusted capital is 58,123 billion VND, 1.7 times the set target (30,000-35,000 billion VND). Compared to the same period last year, the number of newly registered projects increased by 3.4%, and the total newly registered capital increased by 1.5 times.
In particular, in 2023, Nghệ An province ranked among the top 8 localities in attracting FDI, with a total newly registered and adjusted capital of 1.6 billion USD as of December 31, 2023.
The growth rate of the province’s total GRDP in 2023 is estimated at 7.14%; in which, the agriculture, forestry, and fishery sector is estimated to increase by 4.54%, the industry – construction sector is estimated to increase by 6.8%, the service sector is estimated to increase by 8.7%, and product tax minus subsidies is estimated to increase by 6.65%.
In terms of agricultural, forestry, and fishery production, the province has maintained a stable growth rate. The total grain output is estimated to reach over 1.2 million tons, an increase of 1.14% compared to the same period in 2022. The amount of timber harvested is estimated to reach 1.7 million m3, an increase of 2.37% over the same period. The total aquatic output is estimated at 277,957 tons, an increase of 4.19% compared to the same period.
The Industrial Production Index (IIP) of Nghệ An is estimated to increase by 7.6% compared to 2022. The total retail sales of goods in 2023 is estimated at 95,112.4 billion VND, up 17.13% compared to the same period. The total export turnover is estimated at about 3.11 billion USD, an increase of 22.6%.
