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Tuesday, 29/10/2024
Tuesday, 29/10/2024
Industry is a key manufacturing sector that predominantly contributes to Hai Duong’s economic growth. Positive growth results in the first six months of 2024 were achieved mainly thanks to this “locomotive.”
Hai Duong province’s industrial production was estimated to increase by 13.9% in the first half of the year, ranking 9th in Vietnam in terms of growth rate.
The growth momentum has been maintained since the last months of 2023 and is forecast to continue reaching high levels in the coming time when the economy shows clear signs of recovery.
Electricity production and distribution posted an increase of 18.9%, helping the overall rate of the industry sector increase by 1.8 percentage points.
Electrical equipment manufacturing surged by 45% due to strong industrialization, modernization and urbanization, creating opportunities for electric cable manufacturers to develop.
Motor vehicle manufacturing saw a rise of 13.1%. Increasing demand for cars created favorable conditions for businesses producing automobile components and auxiliary parts to thrive.
Along with that, high demand for electronic products and equipment created motivation for businesses in this field to develop. Therefore, the industry grew by nearly 11%.
The garment and textile industry has recently recovered and developed again after the reopening of export markets. Many garment and textile enterprises in the province have signed orders to the end of the 3rd quarter, even the end of the year, contributing to the industry’s increase of 13.4%.
Food production and processing with animal feed being the main product also achieved a rise of 12%.
This manufacturing industry is facing a “golden” opportunity as demand for food has sharply increased while the price of raw materials for animal feed production is hitting bottom.
Considering a breakthrough in industrial development as the key task to stimulate other sectors’ growth, the province has taken many synchronous measures to promote this key economic sector.
Party committees and authorities at all levels attach special importance to leadership and direction to improve the provincial business and investment environment and competitiveness. Hai Duong’s Provincial Competitiveness Index jumped 15 places in 2023, ranking 17th nationwide.
The provincial authorities have also actively removed difficulties of businesses in production and investment; proactively promoted trade and investment; simplified administrative procedures; enhanced the improvement of traffic and social infrastructure to lure investment; etc.
To maintain high, stable, and sustainable growth, the province will continue to effectively implement a project on high-tech and supporting industries and a program on industrial encouragement in the 2023 – 2025 period and local industrial encouragement.
The province will also focus on luring investment to large-scale production and business projects that will create high added value in the fields of processing, manufacturing, electronics, semiconductor, etc., thereby strongly restructuring the province’s industry in the direction of increasing the proportion of processing and manufacturing and decreasing that of mineral exploitation and resource-use industries.
As a result, industrial production will continue to be a bright spot in the province's 2024 economic picture.
Next article: Breakthrough in budget revenue
DUNG CUONG