(HBO) - The resolution of the 17th Provincial Party Congress for the 2020-2025 tenure has set an average growth target of 9 percent over five years. By 2025, the per capita gross regional domestic product (GRDP) will reach about 100 million VND (4,350 USD) and the State budget revenue, 10 trillion VND.


Photo:Quynh Lam commercial housing project in Hoa Binh city. Raising the attractiveness and early implementing investment projects are identified as one of the solutions to promote the province's sustainable economic growth.

The province's economic growth model has developed mainly extensively and the quality of growth, unsustainable in recent years. The total factor productivity (TFP) reached only 25.77 percent in 2020. The number of newly-established enterprises and cooperatives per year is still modest. The allocation of investment is not adequate and the collection of state budget unstable.

The provincial People's Committee blamed the problems on the limited capacity in renovating its growth model in association with economic restructuring, saying that the investment environment is not attractive enough and the quality of human resources has not yet met the development’s demands.

2022 is an important year that lays the foundation for implementing the goals of the 5-year Socio-Economic Development Plan for 2021-2025. Thus, a growth rate of 9 percent should be obtained this year, according to the provincial People's Committee.

To achieve the goal, it is necessary to continue restructuring the economy, renovating the growth model and improve productivity, and creating momentum for rapid and sustainable development.

Ngo Van Tuan, Secretary of the Provincial Party Committee, said challenges lie ahead as its gross regional domestic product grew 2.66 percent last year.

 

He said agencies are authorised to finalise plans aimed at achieving an economic growth of 9 percent right at the beginning of this year, adding that individuals have to bear the responsibilities in management relating to projects that are at a standstill or the resettlement for residents whose land are revoked during the land clearance process.

Attention will be paid to the disbursement of public investment to ensure economic growth, he said. The focus will be on the implementation of key projects as well as state budget collection.

Department, agencies and districts were asked to carry out a project on restructuring the economy in association with renovating growth models. It is anticipated that the province will reach the national average growth rate by 2025.

Bui Van Khanh, Chairman of the Provincial People's Committee, said that investment is a must to achieve the growth targets, and that is why the province will concentrate on creating breakthroughs in infrastructure, human resources and investment attraction areas./.

 


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