The Future of Vietnam’s Economic Powerhouses: Unveiling the 2024 Mid-Year Status of Aspiring Metropolitan Provinces

Bac Ninh’s economy experienced a boost in the first half of 2024 compared to 2023. According to the Bac Ninh Statistics Bureau, the world economy continued to face challenges in Q2 2024. However, the Provincial Party Committee and People’s Committee provided decisive and thorough solutions with specific scenarios, closely monitoring the situation and promptly resolving bottlenecks. The dominant industries witnessed positive shifts in product consumption markets. Consequently, Q2 2024 witnessed an impressive growth rate of 8.06% compared to the same period last year, pulling up the six-month growth rate to 2.32% over the same period. Although the six-month GRDP in 2024 achieved a high growth rate, the Bac Ninh Statistics Bureau noted that the scale has not returned to pre-recession levels and remains significantly lower than the GRDP in 2022, the peak year for GRDP scale.

Examining the economic sectors, all three sectors achieved growth, with the service sector experiencing the most significant increase, followed by agriculture, forestry, and fisheries (NLTS). The industry and construction sector witnessed the smallest increase, while taxes on products minus subsidies also rose slightly. The GRDP scale (in current prices) in the first six months of 2024 is estimated at VND 101,570 billion (equivalent to USD 3,992 million). The economic structure by sector in the first six months of 2024 was as follows: The NLTS sector accounted for 3.58%; the industry and construction sector, 68.87%; the service sector, 23.62%; and taxes on products minus subsidies, 3.92% (in the first six months of 2023, the corresponding figures were 3.26%, 71.11%, 21.61%, and 4.1%, respectively). Thus, the province’s economic structure underwent notable changes, with the proportion of industry and services decreasing by 2.24% compared to the same period, while taxes on products minus subsidies also decreased by 0.09%. In contrast, the proportion of the service sector increased by 2.02%, and the agriculture, forestry, and fisheries sector rose by 0.32%.

Khanh Hoa

The Provincial Gross Domestic Product (at 2010 prices) in the first six months of 2024 is expected to reach VND 31,226.2 billion, up 12.73% over the same period last year. Specifically, GRDP in Q1/2024 increased by 12.56%, and GRDP in Q2/2024 increased by 12.87%. With this result, Khanh Hoa ranked 2nd out of 63 provinces and cities nationwide and 1st out of 14 provinces in the North Central and Central Coastal regions.

The GRDP by economic sector increased by 13.8%, and taxes on products minus subsidies increased by 2.1%. The contribution to the total increase of 12.73% in the province came mainly from the industry and construction sector, which increased by 28.84%, contributing 8.41 percentage points. This sector recorded the highest growth rate among the three economic sectors and the highest growth rate ever. In addition, the service sector increased by 8.83%, contributing 4.35 percentage points; taxes on products minus subsidies increased by 2.1%, contributing 0.19 percentage points. Only the agriculture, forestry, and fisheries sector decreased by 1.8%, reducing the total increase by 0.22 percentage points.

The Provincial Gross Domestic Product (in current prices) in the first six months of 2024 is expected to reach VND 63,990.2 billion, with the following economic structure: The agriculture, forestry, and fisheries sector accounts for 11%; the industry and construction sector, 36.24%; the service sector, 44.47%; and taxes on products minus subsidies, 8.29%.

Thua Thien Hue

The Provincial Gross Regional Domestic Product – GRDP (in comparable prices) is estimated at VND 19,599.3 billion, up 6.01% over the same period (compared to 6.61% in the same period last year); ranking 10th out of 14 provinces/cities in the North Central and Central Coastal regions and 36th out of 63 provinces/cities nationwide. The scale of the economy (in current prices) was VND 37,935.5 billion.

According to the report of the local Statistics Office, the service sector grew well, with an increase of 6.95% (compared to 8.61% in the same period last year), accounting for 50.1% of the economic structure. This growth was significantly contributed by tourism revenue, estimated at VND 4,300 billion, up 19% over the same period.

The industry and construction sector increased by 5.22%. In particular, industrial production increased by 2.37% (compared to 2.25% in the same period), with the processing and manufacturing industry remaining the driving force for growth, with an industrial production index of 5.8%. Some new capacity projects that went into operation positively impacted the overall growth rate of the industry sector, including the Kim Long Motors Hue Project (phase 1), Phu Son Solid Waste Treatment Plant, Van Nien Clean Water Plant, and Scavi Hue 02 Plant…

The construction sector increased by 15.15%, much higher than the 6.33% increase in the same period, thanks to the focus on urging the implementation of key projects: The Coastal Road and Thuan An Bridge, Nguyen Hoàng Street and Huong River Bridge, Chan May Port Breakwater – Phase 2, Aeon Mall Hue Trade Center, Investment Project for construction and business of Gilimex Industrial Park infrastructure…

The industry and construction sector accounted for 30.1% of the GRDP structure. The agriculture, forestry, and fisheries sector, with agricultural production, stable livestock and poultry farming, and positive results in aquaculture, grew by 2.99% (compared to 9.45% in the same period last year due to a sharp decrease in 2022), accounting for 11.2% of the GRDP structure.

Taxes on products minus subsidies increased by 7.53% (compared to 5.29% in the same period), accounting for 8.6% of the economic structure, mainly due to high import tax revenue (about VND 120 billion), 6.3 times higher than in the same period.