Thai Nguyen economy: Perspective from growth figures

In the first 6 months, Thai Nguyen province's economic growth rate (GRDP) reached 6.5%. That is the number recently announced by the General Statistics Office. This number has many profound meanings and is a general indicator of the "health" of the economy. So from a numerical point of view, where is Thai Nguyen's economy on the growth map of the Northern Midlands and Mountains and the whole country? What are the tasks and solutions to achieve the 7% growth target of 2021? That's the question being asked!

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In 2021, Thai Nguyen province and the whole country entered a new, more difficult, and complicated phase of Covid-19 prevention and control than in 2020. Caused by the rapid spread of Covid-19 in the country on a large scale, many provinces and cities appeared with new variants from Britain and India, spreading faster and more dangerous. Right next to Thai Nguyen, the surrounding provinces such as Bac Giang, Hanoi, Tuyen Quang, Vinh Phuc all appear infected cases. Particularly, in Bac Giang province, the Covid-19 pandemic has spread widely in the community and industrial zones, causing great socio-economic losses. Even in Thai Nguyen, although the province has actively and drastically prevented and controlled the epidemic, the first cases of Covid-19 infection have also appeared in the community. However, Thai Nguyen province has always been calm, proactive, creative, and drastic in all stages from directing work to solving and overcoming consequences. Therefore, Thai Nguyen has quickly suppressed the epidemic to prevent the Covid-19 epidemic from spreading to the community. Victory on the front of epidemic prevention and control is the basis for production chains in Thai Nguyen province not to be broken or interrupted, maintain stable production and promote growth. While many provinces and cities across the country have low economic growth, Thai Nguyen continues to maintain a high growth rate of 6.5%, higher than the growth rate of the same period in the previous year (2.67%), and higher than the national average growth rate in the first 6 months of 2021 (5.64%). With achieved the growth value, Thai Nguyen province is ranked 25th out of 63 provinces and cities in the country. Compared with 14 provinces in the Northern midland and mountainous region, Thai Nguyen province's economic growth rate ranks 6th. It is worth mentioning that Thai Nguyen province's economic size is compared with other provinces in the Top economic growth regions. At current prices, the economic scale of Thai Nguyen province is about 120,000 billion VND; at comparative prices, the economic scale of Thai Nguyen province reached 80,000 billion VND. That means 1% growth in GRDP of Thai Nguyen province is about 800 billion VND. Thus, with the economic growth rate of Thai Nguyen province in the first 6 months of 2021, the absolute growth value of the economy will reach about VND 5,200 billion. This is an impressive and meaningful number, showing the "health" of the economy, increasing confidence in the challenging condition of the current Covid-19 pandemic. These achieved results are due to the relatively high rate of disbursement of public investment projects in June 2021, about 60%, which is a significant contributor to the GRDP growth results of the whole province. The directions and administrations of the Party committees and authorities at all levels of Thai Nguyen province are always unified, thorough, creative, and drastic. The decisions are derived from the common interests of the province, the people, and the business community, so people and businesses always recognize, agree, and readily share and support.

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So, to achieve the economic growth target of GRDP 7% in 2021, according to calculations, the economic growth rate in the last six months of the year must reach 7.44%. According to Mr. Le Hong Ninh, Director of the Department of Statistics of Thai Nguyen province, to contribute to the growth point, the agricultural sector, the service sector, and the industry and construction sector must achieve a growth rate of 4%, 6.5%, and 8.53% respectively.

The above analysis shows that the direction and administration should be comprehensive, but the focus should be on industrial development, especially in the field of manufacturing and processing industries, which the province has advantages. In addition, it is essential to strengthen the work of attracting investment and promote growth through the production capacity of new products. Besides, it should necessarily focus on improving the investment capacity of the whole society. Moreover, all levels and branches of the province need to determine a safe coexistence with the epidemic, that is, to realize the dual goal of both fighting the epidemic and promoting production and business. The work of epidemic prevention and control must be proactive, drastic, not negligent, subjective or panic. That is the lesson that has been learned in the practice of dual goals in the first 6 months of 2021. Along with that, large-scale vaccination must be deployed soon to move towards the goal of herd immunity. Furthermore, the province should perform the task of removing difficulties for people and businesses, with solutions for each industry, field synchronously and effectively, and ensure suitability and early promotion of effectiveness. That means each target group requires its own solutions and policies that are close to reality and feasibility. In addition, the province needs to continue to promote investment attraction to create resources for the economy to develop, create the most favourable conditions for investment projects, and increase new production capacity.

Synchronously implementing the tasks and solutions mentioned above plus the determination of the whole political system, especially the drastic direction and management of provincial leaders, leaders of departments, branches, and localities, and units, the companion and support of businesses, entrepreneurs, and consensus from the public, we can expect for a bright picture of the economy and the GRDP growth target of 2021 to be achieved as planned.

Tan Xuan
thainguyen.gov.vn