For the first half of 2024, the gross domestic product (GDP) grew by 6.42%, second only to the growth rate of 2022 in the 2020-2024 period. As the economy continued to thrive across various sectors, local growth also accelerated. According to statistics from the General Statistics Office, seven localities recorded a GRDP growth rate of over 10%, including Bac Giang, Khanh Hoa, Thanh Hoa, Ha Nam, Hai Phong, Tra Vinh, and Hai Duong. Bac Giang maintained its leading position for two consecutive years.
Ho Chi Minh City’s growth momentum stems from public investment and private investment attraction: PV
Among the localities with the highest GRDP, except for Hai Phong (with a growth rate of 10.32% – the fifth highest in the country), the centrally-controlled cities continued to be absent. However, Ho Chi Minh City (with a growth rate of 6.46%) showed significant improvement, surpassing Hanoi (with a growth rate of 6%). Meanwhile, Can Tho (with a growth rate of 5.73%) and Da Nang (with a growth rate of 5%) ranked at the bottom of the list.
Although not ranked high, one of the notable improvements was made by Bac Ninh province. In the first quarter, Bac Ninh’s GRDP decreased by 3.5% compared to the same period last year, but in the second quarter, it witnessed a remarkable leap, recovering to a growth rate of 8%. As a result, Bac Ninh’s growth rate for the first half of the year reached 2.32% compared to the previous year. Notably, Bac Ninh also led the country in attracting foreign direct investment (FDI).
Economist Dr. Le Duy Binh, Executive Director of Economica Vietnam (an economic consulting and research organization), assessed that while the large cities and economic “locomotives” significantly contribute to GDP, their economic growth rates have not met expectations.
According to Dr. Binh, there is still much potential for higher growth in these large cities in the remaining six months of the year. Regarding Ho Chi Minh City, he believed that the momentum comes from promoting public investment and attracting private investment. The determination of the city’s leader to disburse public investment was strongly affirmed at the regular meeting in June. Da Nang, a locality with strengths in service and tourism development, is also expected to break through after the peak tourism season and the Da Nang International Fireworks Festival.
In the first six months, Da Nang’s revenue from retail sales, accommodation, food, and tourism travel services was among the highest growth rates in the country. According to Ms. Nguyen Thi Mai Hanh, Director of the National Accounts System Department, General Statistics Office, the provinces and cities with the highest GRDP growth rates in the first six months were those with substantial contributions from the processing and manufacturing industry. In the second half of this year, the General Statistics Office believes that Vietnam is likely to achieve its economic growth target of around 6-6.5%.
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Lizen has achieved a significant milestone by successfully deploying and implementing major high-speed construction projects in 2023. The company’s revenue has reached 2,030.5 billion VND, which is twice the amount compared to 2022. However, the post-tax profit has reached its lowest point in the past 6 years, dropping down to only 118.3 billion VND.
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According to Mr. Dominic Scriven, Chairman of Dragon Capital, the role of the finance industry in the stock market will be significant in 2023 and possibly in 2024. The roles of other industries, such as real estate or consumer goods, will depend on their respective challenges.
