The majority of the province’s key industrial products have seen a significant increase in output compared to the previous period, with some even experiencing a breakthrough. For instance, steel production has increased by almost tenfold, while cooking oil production has gone up by 6.6 times. Other notable increases include a 3.3-fold rise in sulfur production, a 2.9-fold increase in fuel oil, a 2.6-fold jump in benzene, and a 2.5-fold boost in motor gasoline…
According to functional sectors in Thanh Hoa province, the cumulative value of industrial production from 2021 to 2024 (in 2010 comparative prices) is estimated at VND 1,052 trillion, a 2.12-fold increase compared to the 2016-2020 period. The province’s key industrial sectors, including oil refining, power generation, steel, construction materials, garments, leather shoes, and agro-forestry processing, have shown significant development and made substantial contributions to its economic growth. Specifically, for Thanh Hoa’s chemical and petrochemical products, the average annual growth rate from 2021 to the present is estimated at 16% for fuel oil, 13.7% for sulfur, and 4.2% for benzene…
After completing a major overhaul in 2023, the Nghi Son Oil Refinery has been operating stably and continuously at high capacity, ensuring the supply of over 40% of the domestic market’s gasoline and diesel demand and contributing significantly to state revenue through the export of post-refining chemical products. Moving forward, the province will implement the Duc Giang Chemical Complex project and attract investment in projects like the national crude oil reserve and the LNG reserve for the North Central region, transforming the Nghi Son Economic Zone into a prominent center for chemical and petrochemical industries in the region and the country.
Turning to the construction materials industry, Thanh Hoa has witnessed a strong development in its primary products: cement and clinker. With the completion of the Long Son Cement Grinding Station project and the first and second production lines of the Dai Duong Cement Plant, the province now boasts five cement plants with 11 production lines, designed to produce a combined 24.4 million tons per year. From 2021 until now, the total cement output in Thanh Hoa is estimated at 82.196 million tons, reflecting a 25.7% increase compared to the 2016-2020 period. The average growth rate is approximately 9%/year for cement and 6.7%/year for clinker. However, the cement industry faces challenges due to slow market recovery, and the growth in cement production has not met expectations (12%/year).
The textile, garment, and footwear industries in Thanh Hoa have also witnessed robust development over the past three years, attracting significant domestic and FDI investment. Many projects in these sectors, such as those by the HuaLi Group, Sakurai Vietnam Co., Ltd., and Tien Son Corporation, have been newly invested or expanded in scale.
Currently, there are nearly 230 garment, footwear, and accessory production facilities operating in Thanh Hoa, providing employment for over 220,000 workers. The annual production capacity has reached an impressive 610 million garment products and 274 million footwear products. From 2021 until now, the total output of garment products is estimated to have increased by 66.5% compared to the 2016-2020 period, with an average growth rate of 19.9%/year. Similarly, the total output of footwear products has increased by 70.6%, with an average growth rate of approximately 18.7%/year.
Thanh Hoa’s electricity production industry has experienced rapid growth with the commissioning of the BOT Nghi Son 2 Thermal Power Plant (1,200 MW) in 2022. Presently, the province is home to 19 operating power plants with a combined capacity of 2,488.36 MW, including 13 hydroelectric plants (610.66 MW), two thermal power plants (1,800 MW), one solar power plant (30 MW), and three biomass power plants (47.7 MW). From 2021 until now, Thanh Hoa’s electricity production is estimated at 56.97 billion kWh, with an average growth rate of approximately 21.4%/year. Commercial electricity output reached an estimated 38.218 billion kWh, 105.4% of the plan, translating to an average growth rate of 11%/year. The province is in the process of implementing procedures for power projects, including the 1,500 MW LNG-fired power plant in Nghi Son, as well as hydroelectric, wind, and waste-to-energy projects, in line with the approved Master Plan and Power Development Plan VIII, to further boost the growth of its energy industry.
In terms of mechanical engineering and metallurgy, the province witnessed a significant boost in 2021 with the commencement of the Nghi Son Steel Plant, leading to substantial growth in mechanical and metallurgical products. From 2021 until now, the total iron and steel production in the province has reached 9.7 million tons, marking an impressive 894.6% increase compared to the 2016-2020 period, with an average growth rate of 34.9%/year.
Thanh Hoa has substantially completed the construction of the Nghi Son Steel Rolling Mill No. 2 and is currently investing in the construction of the Nghi Son High-Tech Mechanical Plant, setting the foundation for future growth in this industrial sector.
However, some industrial products in Thanh Hoa province have witnessed a decline in the last three years compared to the previous period. For instance, refined sugar production decreased by 32.3%, beer production dropped by 62.8%, fertilizer output fell by 59.3%, and automobile production saw a sharp decline of 81.3%. These decreases are mainly attributed to outdated production technologies, a lack of innovation, weak and unsustainable production linkages, and a shrinking raw material source.
Industrial Production in Thanh Hoa Thrives with High Growth Over the Last Three Years
From 2021 onwards, this locality has witnessed a remarkable growth in its industrial production, with an estimated average annual growth rate of 15% in the industrial production index (IPP).
“An Ambitious Target: Surpassing the Industry’s 12-13% Growth Goal.”
In 2024, the industry is projected to grow by approximately 8.4%, a modest increase compared to the previous year. However, to achieve a true breakthrough, the industry must aim for an ambitious 12-13% growth rate in 2025, building upon the year’s 8.4% expansion.
Record-Breaking Trade: Vietnam’s Foreign Trade Hits a Staggering $800 Billion
According to the Ministry of Industry and Trade, foreign trade has been a standout performer this year, with total turnover reaching a new record high of nearly $800 billion.
The Ministry of Construction: Estimated Completion of 21,000 Social Housing Units by 2024, Achieving 16% of the Plan
In the 2024 annual review draft, the Ministry of Construction outlined the completion of 21,000 social housing units, surpassing 16% of the planned 130,000 units.
The Steel Stock That Unexpectedly ‘Faltered’ for 8 Straight Sessions After the State Shareholder Announced a Complete Divestment at a Sky-High Price
The steep upward trajectory pushed the price index to a peak not seen in over two years, with a significant boost in trading volume.
