PCI 2023: Hung Yen Continues to Break Through

Wed, 15 May 2024 10:10:00  |  Print  |  Email   Share:

Having previously set a goal to be in the top 45 of the 2023 PCI Rankings, with the concerted effort and determination of the entire political system, Hung Yen has exceeded the planned target, ranking in the top 12 nationwide for PCI.


Top 30 Provinces/Cities with the Best Economic Governance in PCI 2023

The Vietnam Chamber of Commerce and Industry (VCCI) has just announced the top 30 localities in the 2023 Provincial Competitiveness Index (PCI) rankings. Notably, Hung Yen province has made a remarkable breakthrough, rising to the top 12 nationwide.

Over the past 10 years (2012–2021), the highest PCI ranking Hung Yen achieved was 28th out of 63 (in 2012). For eight consecutive years, the province remained at the bottom of the rankings. However, through innovative, decisive policies in improving the business investment environment, Hung Yen made a significant leap in 2022, rising 25 places to enter the top 14 for the first time nationwide. In 2023, continuing its economic growth and strong support for investors and businesses, Hung Yen further climbed 2 places to secure the 12th position among the 63 provinces/cities with the best economic governance in the country.

In the 2023 PCI assessment, several indices showed positive changes, such as: entry costs (+0.41 points), transparency (+0.58 points), provincial leadership dynamism (+0.14 points), business support policies (+1.11 points), labor training (+0.62 points), and legal institutions and security (+0.06 points).


Many Component Indices Improve in Hung Yen's 2023 Provincial Competitiveness Index (PCI) Rankings

Explaining this, Tran Quoc Van, Chairman of the Hung Yen Provincial People's Committee, stated that despite being heavily affected by the global economic recession, under the proactive and close leadership of the Provincial Party Committee, the decisive direction and administration of the Provincial People's Council and People's Committee, the concerted effort of the entire political system, and the support of the people and business community, Hung Yen province has strived to overcome difficulties and challenges to achieve comprehensive development across various fields.

In 2023, the province's Gross Regional Domestic Product (GRDP) increased by 10.05%, ranking the province 4th among the 11 provinces/cities in the Red River Delta and 7th among the 63 provinces and cities nationwide. In the first quarter of 2024, the GRDP is estimated to have increased by 6.71% compared to the same period in 2023, continuing to be a "bright spot" in the overall picture of the national economy.


Chairman of Hung Yen Provincial People's Committee, Tran Quoc Van, Interviewed by the Press on the Sidelines of the 2023 PCI Announcement Ceremony. Photo: Vu Phuong

According to Chairman Tran Quoc Van, investors and businesses coming to Hung Yen always receive maximum support and favorable conditions regarding the investment environment. When domestic and foreign businesses consider investing, their primary concern is the business environment, and they often look at the PCI. A high PCI ranking for a locality boosts business confidence in the government apparatus.

For example, indices such as land access, the dynamism of local authorities, administrative procedure resolution time, and market entry conditions clearly reflect the role of the local government. Businesses feel reassured about investing when they receive strong support from the government.

The business community within the province highly appreciates the consistent policy of “accompanying businesses” from the provincial government. In recent years, the province has strengthened communication and dialogue with businesses through various channels to listen to their suggestions and promptly address difficulties and obstacles. “I am very pleased and grateful to the businesses for their positive sentiment towards the local government,” said Tran Quoc Van.

Congratulating Hung Yen province for achieving a good ranking in the 2023 PCI, Pham Tan Cong, Chairman of VCCI, affirmed that Hung Yen currently has one of the best investment and business environments in the country. The provincial business community consistently praises the efforts and responsiveness of the provincial leadership, which is clearly reflected in the PCI component indices. This demonstrates that the political system in Hung Yen has shown correct, innovative, and creative leadership and direction in economic development. Notably, according to Chairman Pham Tan Cong, Hung Yen always emphasizes environmental protection in its investment attraction and industrial development policies. The province maintains the principle of “not trading the environment for economic gain.”

Confident in these achievements, Chairman Pham Tan Cong hopes that Hung Yen will achieve even greater breakthroughs in the future, continue to climb the PCI rankings, and enter the top 10 localities with the best economic governance in the country.



By: By KIM DUNG - VU PHUONG (Business Forum Magazine)./ Translator: LeAnh-Bizic


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