Hai Duong socio-economic picture in the first 6 months of 2024. Part 1: Economic growth exceeds scenario

Take advantage of opportunities from mixed difficulties and advantages

Hai Duong carries out its socio-economic development tasks in 2024 in a context where the world and the country have many advantages but also many risks. The world and regional situation is complicated and unpredictable due to geopolitical tensions and the challenges of climate change. In addition, the financial market contains many instabilities when high interest rates maintained for a long time put great pressure on the economy. Besides disadvantages, there are also positive prospects from the economies of the US, Russia, India, Brazil, etc. Therefore, recent world economic growth forecasts have all adjusted the increase compared to previous assessments. Hai Duong has an open economy with large export value, so it is directly affected by the external market.

The domestic situation also develops with mixed advantages and difficulties. The country's growth in the first quarter of 2024 reached 5.66%, the highest growth rate at the same time in the 2020-2023 period. However, the country's growth forecast for the whole year is only 6%. This shows that the growth potential in the remaining quarters of 2024 will not be high. However, if export and import activities continue to increase and domestic consumption is promoted by appropriate solutions such as maintaining low interest rates, stabilizing inflation, stimulating consumption, etc., the set growth target will be within reach.

The work of preventing corruption and negativity has achieved many results but also raises many issues that need to be solved and overcome.

The international and domestic context directly affects Hai Duong's economy. Based on the assessment and identification of the situation, the province has developed a realistic growth plan to take advantage of opportunities, overcome challenges, and strive to achieve the highest results. In which, the Party Committee and government's determination in goals and drastic management and implementation of synchronous solutions for socio-economic development are the core factors for Hai Duong to achieve positive and comprehensive results in the first 6 months of 2024. The province has strengthened the implementation of solutions to improve the investment and business environment, promptly removed difficulties and obstacles in production and business activities, promoted public investment to gain momentum to lead private investment... Thereby, creating a new driving force for the province's socio-economic development.

Exceeded plan

In the first 6 months of 2024, Hai Duong built a growth scenario of 8.22%, but the actual economic growth of the province is estimated at 10%. With this result, the province ranks 7th in the country after the provinces and cities of Hai Phong, Bac Giang, Khanh Hoa, Tra Vinh, Ha Nam, Thanh Hoa; ranks 3rd in the Red River Delta after Ha Nam province and Hai Phong city.

The province's agriculture, forestry and fishery sector is estimated to have increased by 3.52%, ranking 26th in the country. Livestock and fishery activities stand out with positive growth rates of 6.1 and 6.8%, respectively. Winter crop and winter-spring rice yields both increased compared to the previous year. The downside of this sector is that lychee and fruit output decreased by 21.8%.

Hai Duong's industrial and construction sector is estimated to increase by 13.71% in the first 6 months of 2024, ranking 8th in the country. This sector continues to maintain the growth momentum of the last months of 2023. In the industrial sector, the industries grew quite evenly. Only 2 out of 36 industries decreased: production of other non-metallic mineral products; repair, maintenance and installation of machinery and equipment. These 2 industries only account for 3.5% of the province's industrial production value. Construction activities grew relatively high because the province actively implemented public investment projects from the beginning of the year.

The province's service sector is estimated to increase by 6.9%, ranking 25th in the country, of which the second quarter increased by more than 7%, higher than the first quarter of 2024 but lower than the fourth quarter of the previous year. The reason is that residential consumption increased less. Financial, credit and insurance activities continue to face many difficulties. The real estate market has improved but not significantly. The spillover effect from the production sector to increase consumption is often 3-6 months slower, so the first 6 months of the year have not seen clear growth from the service sector.

Mr. Pham Ba Dung, Director of the Provincial Statistics Office, assessed that Hai Duong's growth in the first 6 months of 2024 was relatively positive, which is the basis for the province to be able to complete and exceed the set target of more than 9%. If there is no major impact to change the situation, the province's economic growth in 2024 is forecast to reach about 10%. Growth in the 2020-2025 period will be more than 9%, achieving the target set by the 17th Provincial Party Congress.

Next: Industry is the spearhead of growth