Hai Duong takes public investment to lead private investment

In the first 6 months of 2024, the province's economic growth is estimated at 10%, ranking 7th in the country and 3rd in the Red River Delta, after Hai Phong City and Ha Nam province.

Remember in 2023, when the general context was unfavorable, creating great pressure on the economy, Hai Duong was still determined not to adjust the economic growth target. Although the province's growth in 2023 was 8.16% (not reaching the set target of over 9%), the efforts at that time created momentum for Hai Duong to achieve remarkable results in socio-economic development in the first 6 months of 2024. One of the province's efforts was the determination to disburse public investment capital as a lever to attract investment, stimulate the recovery and growth of industry, construction, trade, and services.

In 2023, Hai Duong made a strong breakthrough in disbursing public investment capital despite the relatively stagnant and difficult months of the year due to problems in site clearance and investment preparation procedures. However, with the drastic participation of the entire political system, the province has disbursed nearly 7,000 billion VND, exceeding the public investment capital plan assigned by the Prime Minister. The high rate of public investment capital disbursement means that many projects and works of transport infrastructure and social infrastructure are urgently completed and put into operation and use. This is an important factor for investors to pay attention to and seek investment opportunities. In fact, in 2023, Hai Duong made a breakthrough in attracting investment with foreign direct investment (FDI) reaching 1.136 billion USD, the highest in the past 10 years and the second year the province attracted FDI exceeding the 1 billion USD threshold in nearly 30 years since the province welcomed the first FDI project. The province's domestic investment attraction also flourished, reaching more than 11,600 billion VND, 5.6 times higher than in 2022. In the first months of 2024, this investment capital flow began to kick in, stimulating the development of many economic sectors of the province. Thereby creating a positive movement in the province's economic growth. When public investment effectively leads private investment, it will create resources to calculate for new public investment projects and works.

The province's total public investment capital plan for 2024 is more than VND 7,900 billion, an increase of nearly VND 1,400 billion compared to the plan assigned by the Prime Minister. Currently, all levels and sectors in the province are actively removing difficulties, urgently speeding up the progress of projects and works, determined to achieve the disbursement target of over 95% of the capital plan. In addition to sprinting to reach the finish line of public investment capital disbursement for the period 2021-2025, agencies and units are also actively reviewing and evaluating priority investment projects and works to prepare for the medium-term public investment plan for the period 2026-2030. Public investment capital will be used with focus and key points, avoiding scattered and long-term investment.

While external factors are still not really stable, internal resources from public investment will be an important support and foundation to stimulate the economy. In the first 5 months of 2024, the disbursement rate of public investment capital in Hai Duong only reached 10%. Therefore, in the last months of 2024, the province must accelerate to reach the capital disbursement target and develop a plan, carefully prepare for the coming time and the next phase.

Disbursement of public investment capital not only directly impacts related industries and fields such as construction, trade and services, but is also a "magnet" attracting private investment projects to the province.