The People’s Committee of Thua Thien Hue province organized its regular meeting for September 2024. According to the meeting, the province’s economic growth rate (GRDP) in the third quarter is estimated to increase by 9.82% compared to the same period last year (with a 4.28% increase in the first quarter and a 7.42% increase in the second quarter). Thua Thien Hue’s average GRDP growth rate is estimated at 7.34%, ranking 6th out of 14 provinces/cities in the North Central and Central Coastal regions and 28th out of 63 provinces/cities nationwide.
The province’s service sector grew by 7.4%, a significant increase that accounts for 50.24% of the economic structure. In September, Thua Thien Hue’s export turnover reached an estimated USD 114.7 million, a 30% increase compared to the same period last year. Import turnover for September is estimated at USD 85.8 million, a 60.2% surge from the previous year. Total retail sales of consumer goods and services increased by 15%, and the consumer price index (CPI) for September is estimated to rise by 0.2% compared to the previous month.
The industry-construction sector grew by 8.62%, accounting for 29.92% of the province’s GRDP structure. The province’s industrial production index (IPI) for September is estimated to increase by 14%; for the first nine months, it is estimated to increase by 4.8% over the same period last year. The processing and manufacturing industry is estimated to increase by 5.9%. The construction sector also witnessed robust growth, with an estimated increase of 16.35% compared to the previous year. Production in many key industrial sectors of the province, such as beer and garment manufacturing, continued to maintain stable growth.
Total social investment capital has continued to improve, reaching an estimated VND 22,981 billion, equivalent to 68.3% of the plan and a 9.6% increase compared to the same period.
State budget revenue from the beginning of the year to now is estimated at VND 8,720 billion, equivalent to 74% of the estimate and 64% of the target, and an increase of 15.6% over the same period last year. State budget expenditure is estimated at VND 9,667.3 billion, equivalent to 60% of the estimate, including development investment expenditure of VND 3,205.8 billion, equivalent to 54% of the estimate.
From the beginning of the year until now, the province has licensed 32 new investment projects with a total registered capital of VND 6,104 billion (including 12 FDI projects with a registered capital of USD 35.6 million), an increase of 14 projects and over VND 1,000 billion in registered capital compared to the same period in 2023. There were 602 newly established enterprises with a total registered capital of VND 2,561 billion, an increase of 10.5% in quantity and a decrease of 31% in capital compared to the same period. Disbursed public investment capital as of September 30, 2024, was VND 3,616.479 billion/VND 6,957.879 billion, reaching 52% of the plan, higher than the average disbursement rate nationwide (40.5%), ranking 19th out of 63 provinces and cities nationwide.
From the beginning of the year until now, Thua Thien Hue has created jobs for more than 15,000 laborers, reaching nearly 90% of the plan, including sending nearly 2,000 laborers to work abroad under contracts.
Although the economy of Thua Thien Hue province has maintained a stable growth rate, according to the Department of Planning and Investment of Thua Thien Hue, the common difficulties of the domestic economy have significantly affected enterprises’ performance. The number of newly established enterprises decreased, and the number of enterprises registering to temporarily suspend their operations increased compared to the same period. Credit debt of enterprises saw negative growth in the first nine months.
The target of striving for budget revenue of VND 13,600 billion is a very big challenge for the province in the last three months of the year. In addition, site clearance continues to be a “bottleneck,” affecting the disbursement rate of public investment capital. Some investment projects with approved investors have been inaugurated, but the progress of implementation remains slow.
Given the difficulties and obstacles in implementing the projects, Mr. Nguyen Van Phuong, Chairman of the People’s Committee of Thua Thien Hue province, requested improving the efficiency of the four working groups on monitoring and managing investment projects of the People’s Committee to promptly address difficulties and obstacles and support businesses, investors, and investment projects in the province effectively. Focus on improving the business environment and completing the detailed planning and technical specifications to ensure synchronization and readiness in calling for and attracting investment.
In addition, it is necessary to focus on disbursing public investment capital and ensuring the completion of the state budget revenue plan for 2024. Continue to promote budget collection, prevent budget leakage, and direct budget spending to be stringent, economical, and efficient. Deploy seriously and effectively Official Dispatch No. 85/CD-TTg dated September 2, 2024, of the Prime Minister on directing the state budget estimate and the directives of the People’s Committee of the province. Strive to complete and exceed the state budget revenue plan for 2024 of VND 13,600 billion.
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