Positive signals in economic recovery (Part 1)
Manufacturing at Damsan Joint Stock Company (Nguyen Duc Canh Industrial Park). Photo: Thanh Tam
By the end of September 2020, the total product in the province (GRDP) was estimated at 38,132 billion dong, increasing by 4.38% compared with the same period of 2019; The total production value of the whole province was estimated at 111,121 billion VND, increasing by 3% compared with the same period of 2019. These results confirm a positive signal in the economic recovery of the province as well as timely leadership and direction of the Provincial Party Committee, People's Council, Provincial People's Committee, the determination of the entire political system, the efforts and consensus of the people and the business community in the context of the impact of the Covid-19 pandemic.
1st term: Gradually recovering
One of the areas with good growth is agriculture. In the first 9 months of 2020, performing the tasks in the context of the world economy in general and the Vietnamese economy in particular facing many difficulties and challenges due to the impact of the Covid-19 pandemic, but the Agriculture sector still achieved steady growth with an estimated production value of VND 19,488 billion, increasing by 3.2% compared with the same period of 2019. That growth has become not only a support for the economy of 2020 but also hopes for the whole period of 2015 - 2020.
Mr. Dinh Vinh Thuy, Director of the Department of Agriculture and Rural Development, said: Facing the complicated development of the Covid-19 epidemic, the entire industry has actively directed and guided localities to well implement the project in which, focusing on converting rice seed structure, seasonal structure and cultivation methods to improve crop productivity and value. Up to now, the whole province has nearly 30,000 hectares of high-quality rice with contracts for product consumption, 479 large fields including 412 rice fields and 67 vegetable fields with a total area of nearly 14,000 hectares, of which more than 9,700 hectares of product consumption. Along with that, the Agriculture sector also focuses on recovering the development of pig production after the impact of African swine fever with the total number of pigs estimated to be 647,500 as of September 1, 2020, increasing by 2.3% compared with August 2020 and increasing by 1.2% compared with the same period in 2019. In addition, the Agriculture sector is also interested in maintaining stable aquaculture and fishing activities, thereby making an important contribution to enhance production value of the whole industry. In the first nine months of 2020, total seafood production was estimated at 191,151 tons, increasing by 6.7% compared with the same period of 2019, of which aquaculture output increased by 6.7% and capture output increased by 6.7% compared with the same period of 2019.
Farmers in Quynh Hai commune (Quynh Phu) develop crops to increase their income.
Despite being the industry most affected by the Covid-19 pandemic, according to the Provincial Statistics Office, out of the total nine-month GRDP value of the province, the industry and construction sector contributed the most with 2.5 percentage points. That is the achievement of recognition of the efforts of all levels, sectors and localities, especially the efforts of the business community to rise. Many industries such as beverage production, textiles, footwear ... declined because businesses had to partially or wholly stop operations during the period of social gap, unable to import raw materials and machinery and equipment for production or not being able to export, but with the dynamism to overcome difficulties, many enterprises promptly converted to producing urgent products such as masks, medical protection wear, and antibacterial hand wash... according to market demand. Therefore, in the first 9 months of 2020, the whole province only had more than 200 enterprises registered to suspend business, 47 enterprises dissolved themselves; Currently, the whole province has 7,134 enterprises, 876 branches and representative offices registered to operate with a total registered capital of nearly 84,787 billion VND. The province has also focused on attracting investment to create a stable growth for the economy.
Mr. Vu Kim Cu, Director of the Department of Planning and Investment, said: The positive signal in the province's investment attraction is that from the beginning of the year until now, the whole province has 71 projects approved and adjusted for investment policy or be granted or modified investment registration certificates; in which, there are 39 new projects and 32 adjusted projects with total newly and additionally registered capital reaching nearly 3,800 billion VND. In particular, despite the impact of the Covid-19 epidemic, the province still attracts 3 foreign direct investment projects with a total registered capital of more than 25.8 million USD. Up to now, the province has had 90 valid foreign direct investment projects with a total registered investment capital of over 797 million USD, of which 78 projects have been completed and put into stable operation.
Another positive signal in the economic recovery of the province is the stable growth of the banking industry. In the context of the impact of the Covid-19 epidemic, the investments from credit capital of the banking sector has made an important contribution to helping economic sectors of the province overcome difficulties and stabilize production development. By the end of September 2020, the banking sector achieved positive credit growth with an increase of 1.2% compared to December 31, 2019, outstanding loans to the economy were estimated at VND 59,810 billion; Of which, loans for agriculture, forestry and fisheries accounted for 20%, industry and construction accounted for 32% and commerce and service accounted for 48% of total loans. Capital construction investment is also focused on implementation by the province, in particular focusing on directing and speeding up the implementation of key projects as well as disbursing public investment capital, from there to become a locality in the top ranking of the whole country in disbursement of public investment, praised by the Government.
(to be continued)