Industry is a main driving force of growth

Mr. Tran Huy Quan, Director of the Department of Industry and Trade, Thai Binh province, said: Defining industrial breakthrough as a key task to create ripple effects and stimulate growth in other sectors, the province has synchronously launched many solutions to promote this key economic sector.

Chairman of the Provincial People's Council Nguyen Tien Thanh and other officials pay a working visit to the VND1,000 billion DragonTextiles 2 hi-tech fiber factory in Quynh Phu district, developed by Thang Long Import-Export Investment JSC

Accordingly, in early 2024, the sector actively advised the province to organize a ceremony to launch an emulation and competition movement to inspire companies to boost production and business; started and inaugurated some big projects; and created a vibrant competitive atmosphere. At the same time, it actively coordinated with relevant bodies and localities to promptly remove difficulties, support enterprises to participate in trade promotion events, apply advanced technology and e-commerce to search and expand markets, and bolster exports and imports.

As a result, in the first six months of 2024, despite the difficult global and domestic economies, Thai Binh province still achieved many positive industrial production and trade results, thus contributing positively to overall economic growth.

The Index of Industrial Production (IIP) was higher quarter by quarter, rising by 7.43% year on year in the first quarter and 15.74% in the second quarter. In the first six months of 2024, IIP grew by 11.78% year on year, of which three fourths of primary industries (including processing and manufacturing, electricity production and distribution, water supply, and wastewater and waste treatment) advanced from the corresponding period of 2023.

Processing and manufacturing industry: IIP edged up 0.7% year on year in the first quarter and 3.2% in the second quarter. Some important sectors increased sharply, including the manufacturing of electronic products, computers and optical products, and the manufacturing of motor vehicles. The electricity production and distribution sector grew strongly, with IIP soaring 44.2% year on year in the first six months and the production value surging 52%.

In the processing and manufacturing industry, the decline in inventories showed the increased production index and consumption index and the falling inventory index. The Production Index looked up 2%; the Consumption Index went up 1.7%; and the Inventory Index slipped 4.98% year on year as of June 30, 2024. Foreign industrial investment was quite good, with 16 projects and over US$173 million licensed in the reporting period.

Total retail revenue of consumer goods and services in the January-June period grew by 16.2% over the same period of 2023. Total export value rose by 7.5% year on year. Some key export products brought in high export value, including footwear, fibers and yarns, ceramics and porcelain, iron and steel, and electronic products. The structure of exports was guaranteed with light industrial and handicraft products, which always accounted for over 90%. The share of high value-added products such as computers, electronic products and components gradually increased.

These results will create an important premise for the province to complete and beat its economic growth targets in the remaining time of the year.

Modern and advanced development

The Thai Binh Provincial Plan for the 2021 - 2030 period, with a vision to 2050, states the goal: By 2030, Thai Binh will become a fairly developed province and one of industrial development centers of the Red River Delta and have a modern economic structure with industry as the main driving force of growth so that Thai Binh can develop rapidly, comprehensively and sustainably.

According to the plan, Thai Binh will develop a modern industry, with advanced technology and high added value; participate deeply and comprehensively in global production networks and global value chains; promote potentials and strengths; and become one of industrial and energy development centers of the Red River Delta.

Thai Binh will encourage investment in industrial development and make development breakthroughs such as energy, mechanical engineering, high-tech, electricity - electronics, and agricultural processing. The province will continue to maintain light industries, create many jobs and ensure social security such as textile and garment, leather and footwear, and handicraft.

The province will focus on researching and developing wind power and gas power to create clean power sources and balance emissions; research and invest in building a condensate processing plant; prepare all conditions for building and operating Thai Binh LNG Thermal Power Plant. It will stabilize and effectively operate two existing thermal power plants while finding alternative fuel sources to coal.

To achieve the above goals, in recent years, the province has focused on exploiting strengths and turning difficulties into development drivers, particularly expanding the land fund for industrial development. Currently, Thai Binh has 10 industrial parks (IPs), including four in Thai Binh Economic Zone, and 49 industrial complexes (ICs) in eight districts and cities with a total area of nearly 3,000 hectares. They have available land and ready infrastructure to welcome investors. Most prominently and attractively, Thai Binh Economic Zone, approved for formation by the Prime Minister, has a total area of 30,583 ha with 22 IPs with 8,020 ha of rentable industrial land.

The province will continue to strengthen the leadership and direction of authorities at all levels in removing difficulties for infrastructure investment companies and secondary investors in terms of land, site clearance and investment procedures, hence contributing to accelerating investment progress and attracting investors to fill industrial complexes.

The Department of Industry and Trade will regularly monitor the execution of licensed investment projects and operations of enterprises; coordinate with relevant agencies and local authorities to promptly remove difficulties and facilitate enterprises; support them in applying scientific and technological advances in production (in 2022 - 2024, the department has supported 48 companies to apply advanced machinery and equipment to production lines), participate in domestic and foreign fairs, exhibitions and trade promotion programs to research and expand markets, and link product consumption.

In addition, the province will periodically provide and advise on market information in many forms like organizing conferences, posting on websites, publishing publications, reports and television news. In 2022 - 2024, the department has organized six conferences to propagate and disseminate industry-related laws; the Industrial Promotion - Development Consulting Center has hosted 18 conferences to disseminate policies, support policies and processes for implementing cleaner production in industry and energy efficiency programs; organized two training conferences to improve business skills and trade promotion skills, and three training conferences on digital transformation for enterprises.

For information related to free trade agreements (FTAs), the Department of Industry and Trade disseminates this content in many forms immediately after receiving it. Specifically, the department will organize training conferences, instructions and communications on FTAs to which Vietnam is signatory; coordinate with the Vietnam Trade Promotion Agency under the Ministry of Industry and Trade to lead trade delegations to foreign nations; provide information widely on relevant websites like the website for pro-Vietnam products (http://tuhaoviet.vn) and the Foreign Market Information Portal (http://vietnamexport.com).