**Positive Industrial Production Signals in Ha Tinh Province**
The economic report for Ha Tinh Province in August 2024 reveals encouraging signs in industrial production. Formosa Ha Tinh is witnessing an upward trend in output, and the canned beer market expansion has led to increased production. Additionally, there is a heightened focus on producing building materials, wood chips, and wood shavings.
However, Ha Tinh’s industry still faces challenges. The new pack-pin product heavily relies on market fluctuations, leading to unstable production. Moreover, the first generator of the Vung Ang 1 Thermal Power Plant has been operational since August of the previous year, so there won’t be a growth advantage in the fourth quarter of this year, creating pressure on the province to achieve its annual growth targets.
**13 Product Groups Show Growth**
Preliminary estimates for August 2024 indicate a 6.46% increase in Ha Tinh’s industrial production index compared to the previous month and a substantial 25.31% year-over-year rise.
For the January-August period of 2024, the province’s industrial production index rose by 0.12% year-over-year. Mining industry surged by 30.43%, contributing 0.38 points to the overall growth. In contrast, the manufacturing industry declined by 4.37%, reducing the index by 3.51 points. Electricity production and distribution increased by 22.34%, adding 2.93 points, while the water supply and waste treatment sector rose by 14.33%, contributing 0.32 points to the overall growth.
**Overall Industrial Production Index Rises**
Ha Tinh’s overall industrial production index is estimated to have increased by 0.12% year-over-year as of August 2024. Out of the 20 primary product groups, 13 showed cumulative growth during the first eight months of 2024, while six exhibited declines. Some industrial products that witnessed growth during this period include inmenite ore and refined inmenite (+80%), ready-mixed concrete (+23.54%), wood chips and wood shavings (+22.25%), canned beer (+24.49%), electricity production (+21.8%), and commercial electricity (+12.96%).
**Declines in Some Industrial Products**
However, some industrial products experienced declines during the same period. Frozen squid showed a significant drop of 76.87%, while pure tea (such as green and black tea) decreased by 8.48%. Clay building bricks fell by 42.02%, and semi-finished stainless steel products declined by 8.76%.
**Fiscal Revenue Exceeds VND 12,500 Billion**
Turning to retail sales, Ha Tinh’s revenue in August 2024 is estimated at VND 5,783.30 billion, a 2.0% dip from July but an impressive 18.21% year-over-year increase. While sales of high-value and non-essential items like passenger cars (-27.06%), means of transport (-11.01%), and household appliances (-5.83%) saw significant declines compared to the previous month, overall retail sales for the first eight months of 2024 reached over VND 45,856 billion, reflecting a robust 19.70% year-over-year growth.
The essential food and foodstuffs group accounted for VND 22,120.21 billion, or 48.24% of the total, and grew by 25.90%. This group’s growth directly impacts the province’s overall retail revenue. All other groups also exhibited substantial growth, except for passenger cars and means of transport, which experienced sharp declines of 28.58% and 27.14%, respectively.
Ha Tinh’s accommodation, catering, and travel services generated VND 781.89 billion in revenue in August 2024, a slight increase of 0.28% from the previous month and 9.95% year-over-year. While revenue from accommodation and travel services declined, catering services, which account for over 94% of the total revenue in these three sectors, experienced growth. Overall, the three sectors saw a modest increase in revenue for the first eight months of 2024, reaching VND 5,583.87 billion, up by 12.80% year-over-year.
**Other Service Sectors Show Growth**
Other service sectors in Ha Tinh also demonstrated positive dynamics in the first eight months of 2024, with total revenue surpassing VND 3,000 billion, a 7.84% year-over-year increase. Real estate transactions reached an estimated VND 640.54 billion, a 9.41% drop, partly due to capital being invested in securities and gold. Administrative and support services generated VND 750.91 billion, a 4.45% increase, driven by robust growth (8.4%) in machinery and equipment rentals attributed to the government’s enhanced public investment.
Education and training services rose by 10.59% due to increased driving license fees, while health and social work services climbed by 20.37% following adjustments to medical service prices per Ministry of Health Circular No. 22/2023/TT-BYT, effective November 17, 2023. Arts, entertainment, and recreational services surged by 46.9%, and other services grew by 11.9% compared to the same period last year, reflecting the improving living standards of the province’s residents.
**Transport Sector Revenue Increases**
Ha Tinh’s transport sector performed well in the first eight months of 2024, with revenue estimates reaching VND 5,742.83 billion, a substantial 23.26% year-over-year increase. Passenger transport revenue is estimated at VND 1,001.34 billion, up by 47.52%, while cargo transport revenue is expected to reach VND 3,568.71 billion, an 18.28% increase. Additionally, revenue from warehousing and transport support services is estimated at VND 1,132.11 billion, a notable 35.08% rise compared to the same period last year.
**Provincial Revenue Collection Surpasses Target**
In terms of fiscal revenue, Ha Tinh Province exceeded its target for the first eight months of 2024. Total state budget revenue reached an estimated VND 12,580 billion, achieving 72% of the provincial People’s Council’s target and an 8% year-over-year increase. Domestic revenue is estimated at VND 6,580 billion (including VND 1,980 billion in land use fees and VND 4,600 billion in taxes and fees), an 11% increase compared to the same period in 2023. Revenue from imports and exports reached approximately VND 6,000 billion, a 5% year-over-year rise.
The Looming Storm: A Race Against Time for Vietnam’s Farmers
Amid concerns about the impact of the third storm, many farmers in Ha Tinh province rushed to harvest their rice, even though it wasn’t quite ripe yet. They adhered to the adage, “It’s better to have green crops at home than ripe ones in the field,” reflecting a proactive approach to potential storm damage.
Citrus Season Kicks Off in Phúc Trạch: Farmers Rejoice as They Count Their Fruits and Earnings
The residents of Huong Khe district in Ha Tinh province are busy with the harvest of Phu Trach grapefruit. This year’s yield is expected to reach nearly 23,000 tons, bringing in an estimated VND 600 billion.
The Future of HAGL: Overcoming Adversity and Forging Ahead.
The short-term debt exceeding short-term assets, coupled with an accumulated loss of over VND 957 billion, poses a significant “uncertainty factor” that may hinder HAGL’s ability to continue operating, according to the auditing firm.
The Property Slump: Why Real Estate Businesses are Reporting a Decline in Profits for the First Half of 2024
Despite the robust revenue growth, many real estate businesses reported negative profit growth and even losses in the first half of 2024.
