The northern province of Bac Giang has reaped numerous achievements in socioeconomic development thanks to efforts in diversifying methods of mobilising resources, including attracting foreign direct investment (FDI), according to the provincial Party Committee.
The committee said that after five years implementing the Politburo’s Resolution 39-NQ/TW on enhancing the efficiency of economic resources management, exploitation, use and promotion, Bac Giang has seen fruitful results.
In the 2019-2023 period, Bac Giang lured 273 new FDI projects worth 7.9 billion USD, accounting for 69% of the total investment capital the locality has attracted so far.
As of the end of 2023, Bac Giang’s population had reached about 1.92 million, 31,800 people higher than the figure recorded in 2022, becoming the 11th most populous locality in the country.
Of the total, nearly 1.1 million people, or 60% of the population, are in working age. The number of labourers working in the non-state economic sector accounts for 73.7%, while that in the foreign investment sector makes up 19.6%.
Last year, the rate of trained workforce in Bac Giang reached 76%. Bac Giang is in the "golden population" period, with favourable conditions in human resources.
In addition, the group of under 14 years old accounts for a high proportion, which is a good condition to ensure human resources for the province in the coming planning period.
Currently, about 60,000 local labourers are working in industrial parks, and about 10,000 others in businesses outside industrial parks.
Bac Giang has 389,589 hectares of natural areas, including 301,627 hectares of farming land, accounting for 77.4%, 84,570 hectares of non-farming areas, while the remaining area has to be exploited.
The abundant land stock has enabled Bac Giang to boost the development of agro-forestry-fisheries sectors as well as industrial parks and clusters, urban areas, services, and tourism.
Over the years, credit institutions in Bac Giang have applied many solutions to support local businesses, cooperatives, and business households to promote socioeconomic recovery and development.
Credit capital has been driven to production and business sectors, priority areas, thus shifting the credit structure towards economic development.
By 2023, outstanding credit debt in the province reached 91.7 trillion.According to Standing Vice Chairman of the Bac Giang People’s Committee Giang Mai Son said that in the first quarter of 2024, the province’s gross regional domestic product (GRDP) expansion reached 14.18%, leading all localities across the country.
This year, the province aims for 14.5% in GRDP growth, and per capita income of 4,500 USD. State budget revenue of the locality this year is expected to hit 16.06 trillion VND, while social investment capital is hoped to reach 103.58 trillion VND.
In the rest of the year, Bac Giang will continue to focus on removing obstacles hindering local growth, while promoting development, said Son.
The province will improve its business environment to enhance the quality of investment attraction and create favourable conditions for the growth of all economic sectors, and speed up administrative reform and digital transformation, he added.
