According to the latest data from the Nghe An Provincial Statistics Office, the province’s agricultural, forestry, and fishery production remains stable. The industrial production index for October 2024 in Nghe An is estimated to increase by 11.85% compared to the same period last year. Notably, electricity, gas, hot water, steam, and air conditioning production and distribution increased by 20.69%; mining industry by 20.31%; manufacturing by 9.99%; and water supply, waste management, and treatment activities by 6.22%.
For the first ten months of 2024, the industrial production index of Nghe An Province surged by 10.81% year-on-year. Specifically, electricity, gas, hot water, steam, and air conditioning production and distribution rose by 22%; manufacturing by 9.67%; water supply, waste treatment, and management activities by 7.12%; and mining industry by 6.34%.
However, some businesses and factories in the region are facing challenges due to global, domestic, and local influences, resulting in reduced domestic and international consumption, high inventory levels, and increased production costs. Consequently, certain products have witnessed low growth, such as an estimated 38.7 million BSE speakers, a decrease of 38.94%; 14.7 million charging docks, a drop of 33.76%; and 36 thousand tons of NPK chemical fertilizer, a decline of 16.10%.
The trade and service sector in Nghe An continued its positive growth trajectory in October 2024. The province’s total retail sales of goods and services consumption in October were estimated at over VND 12,933 billion, a decrease of 0.58% compared to the previous month but an increase of 6.09% year-on-year. For the first ten months of 2024, the total retail sales of goods and services consumption in Nghe An reached over VND 126,550 billion, up 27.8% compared to the same period last year.
From January to October 2024, retail sales of goods in Nghe An were estimated at over VND 94,000 billion, a surge of 23.64% year-on-year. Accommodation and catering services revenue reached VND 15,789.5 billion, a substantial increase of 37.25%. Revenue from tourism services amounted to VND 377.5 billion, marking a 29.44% rise, while other services generated VND 16,319.6 billion, up by 46.09% compared to the same period last year.
During the first ten months of 2024, the freight transportation revenue in Nghe An reached VND 9,173 billion, a 7.89% increase year-on-year. Revenue from warehousing, cargo handling, and supporting transportation activities amounted to VND 1,927 billion, a modest gain of 1.52%. The province also witnessed a significant surge in revenue from postal and courier services, which reached VND 22 billion, doubling the figure from the previous year.
In terms of foreign trade, the province’s export turnover for the ten-month period was estimated at USD 2,638 million, a notable increase of 32.01% year-on-year, while import turnover reached over USD 2,025 million, surging by 82.48% compared to the same period.
State budget revenue in Nghe An for the first ten months of 2024 was estimated at over VND 18,911 billion, a substantial increase of 41.2% compared to the same period in 2023. Domestic revenue in the province reached VND 17,529.1 billion, equivalent to 120.6% of the estimate and a 40.7% year-on-year increase.
Breaking down the domestic revenue, collection from centrally-owned enterprises stood at VND 472 billion, fulfilling 81.4% of the annual estimate and marking a slight increase of 2.1% compared to the same period last year. Revenue from foreign-invested enterprises reached VND 311.4 billion, equivalent to 107.4% of the estimate and a significant rise of 53.6%. Taxes on commerce, industry, and non-state services amounted to VND 5,145.4 billion, achieving 95.1% of the estimate and a 13% increase. Individual income tax reached VND 921.2 billion, equivalent to 115.2% of the estimate and a 20.7% year-on-year increase. Land use fees stood at VND 7,392.9 billion, 162.1% of the estimate and more than triple the figure from the same period last year.
Additionally, revenue from import-export activities in Nghe An reached VND 1,372.5 billion, equivalent to 105.6% of the estimate and a substantial increase of 50.2% compared to the same period in 2023. With this budget revenue performance, Nghe An ranked 17th in the country and second in the North Central region.
In terms of investment attraction, Nghe An has licensed 67 new projects with a total registered capital of over VND 19,106 billion. The province also adjusted the investment capital of 35 projects, with the total investment capital increasing by over VND 17,212 billion. The total registered and adjusted capital reached over VND 36,318 billion, including FDI capital of USD 751 million.
While many economic sectors in the province have maintained a growth momentum this year, businesses still face challenges, especially small and medium-sized enterprises. In the first 22 days of October, 38 enterprises in Nghe An voluntarily dissolved, an increase of 80.9% compared to the same period last year, while 43 enterprises resumed operations, a decrease of 4.4% year-on-year.
For the first ten months of 2024, Nghe An Province saw the establishment of more than 1,800 new enterprises, an increase of 8.26% year-on-year, with a total registered capital of VND 19,822 billion, a significant rise of 28.29%. The number of businesses resuming operations was 683, a decrease of 16.91%. Meanwhile, 1,420 enterprises registered for temporary suspension of operations, a drop of 9.91%, and 276 enterprises completed dissolution procedures, an increase of 34.63%. Additionally, 511 enterprises announced their dissolution, a sharp rise of 79.3%.
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