Hai Duong’s Q1 economic growth ranks 9th nationwide

Hai Duong's economic growth in the 1st quarter of 2022 and 2023

Hai Duong’s economic growth in the 1st quarter of 2023 is estimated at 8.35%, ranking 9th in Vietnam and 3rd in the Red River Delta, according to the provincial Statistics Office.

High rises in a number of industries such as electronic components, office machines, automobiles and spare parts, and power generation, trade, transport, accommodation, and food and beverage (10 – 40% year on year) are bright spots in the 1st quarter economic growth.

However, some sectors recorded lower increases than planned.

The yield of the winter crop dropped compared to the previous year because of smaller cultivation area despite higher productivity.

Hai Duong's economic growth ranking in the 1st quarter of 2023

Pig raising faced difficulties caused by lower selling prices and higher input costs.

Garments and footwear, which require a lot of laborers, fell by 3.2% against the corresponding period last year. Further difficulties will affect income and social consumption.

Construction saw insignificant growth, only about 7.6%, due to a dull real estate market and high lending rates, resulting in the commencement of only a few projects.

The province’s economic growth in the 1st quarter is fairly high but still far from the target for 2023 (9%).

NM