Hai Phong City’s Socio-Economy Maintains Stable Growth

With great effort to achieve the highest socio-economic development goals for 2023 and the period of 2021-2025, right from the first month of the year, the city’s authorities have drastically directed public capital disbursement associated with accelerating the execution progress of key projects,  improving business and investment environment and enhancing competitiveness.

The city’s economic growth rate is estimated at 10.34%, maintaining for nine consecutive years at double digits, two times higher than the country’s overall growth rate. The total state budget revenue in the city is estimated at over 103 trillion VND, with domestic revenue reaching over 43.5 trillion VND. The index of industrial production (IIP) increased by 14.0%, 2.8 times higher than the national average. The city’s investment and business environment has also been improved. The Provincial Competitiveness Index (PCI) in 2022 ranked 3rd out of Vietnam’s 63 provinces and cities. The PAR INDEX administrative reform index ranked 2nd. Attracting foreign direct investment achieved breakthrough results with 3.5 billion USD, an increase of 1.4 times compared to 2022. Many large projects in key fields, such as transportation, industry, and urban areas, continued to be inaugurated, especially those to build social housing areas and housing for workers in the city. The Prime Minister’s approval of the adjustment of Hai Phong Cty’s general planning until 2040 with a vision toward 2050 and Hai Phong City’s planning for 2021 – 2030 with a vision to 2050 have great significance in promoting economic development, enhancing the city’s position and paving the way for its socio-economic development in the future. /.