The economy of Bac Giang ranked 8th nationwide in Q1/2023

Economic growth ranks 8th in the country.

The People's Committee of Bac Giang province has just released a report on the socio-economic situation in March and Q1/2023.

According to the People's Committee of Bac Giang province, in the early months of 2023, along with the whole country, Bac Giang province has to face many difficulties and great challenges. The world situation is complex, unpredictable in terms of politics, security, economy, and society; the prices of many input factors, production and business costs tend to increase... have negatively affected most industries.

In that context, the People's Committee of Bac Giang province has closely followed the situation, issued and implemented many timely solutions, appropriate to the reality, focusing on removing bottlenecks and blockages; at the same time, promoting investment, creating new impetus for short-term growth and preparing for the long-term.

Thanks to the proactive, determined, accurate, timely, effective, and coordinated guidance and management, as well as the strong agreement and support from the people, business community, the province's economy and society still achieved positive results.

Specifically, the province's economic growth rate (GRDP) is estimated at 8.4%; all production sectors have growth, of which: Agriculture, forestry and fisheries increased by 1.74%, industry and construction increased by 0.02% (industry increased by 10.5%, construction increased by 4.7%), services increased by 6.26%, and product taxes increased by 3.06%.

Thus, Bac Giang's economic growth rate in Q1/2023 ranks eighth in the country.

The value of industrial production increased by 11.1%, with the establishment of many new industrial parks and clusters

According to the Bac Giang Provincial People's Committee, in Q1/2023, the locality focused on investing in developing technical infrastructure of industrial parks (IPs) and industrial clusters (ICs) according to the plan.

As a result, four new ICs were established, and the planning steps for 15 prioritized IPs to be implemented in the period 2022-2025 and seven IPs to be implemented by 2030 were carried out.

At the same time, completing the documentation and procedures to solicit the opinions of central ministries and agencies to submit to the Prime Minister on the investment policy for six IPs, merging two ICs into IPs. Accelerating the progress of compensation and site clearance, and investing in technical infrastructure construction of approved IPs and ICs.

In general context, the industrial sector of Bac Giang province in the first 3 months of 2023 had to face significant challenges, especially in the production of export products. Some products continued to face difficulties such as garment industry and the supply chain of products for Samsung.

However, thanks to the effective implementation of many synchronized solutions, the province's industrial production still achieved positive results. The production index in March increased by 8.5% compared to the previous month and 10.2% compared to March 2022; the 3-month index increased by 10.5% compared to the same period last year.

In particular, the electronic component manufacturing industry with many large enterprises continued to operate stably and tended to expand production, such as Siflex, Fuyu, Luxshare... which continued to be the main driving force for growth. Some other manufacturing industries also increased significantly, and 68 new enterprises contributing to the overall growth of the industry began production.

The value of industrial production in the first 3 months of the whole province (at current prices) reached 115,465 billion VND, an increase of 11.1%. Specifically, the state-owned enterprise area reached 2,515 billion VND, a decrease of 3.7%; the non-state-owned enterprise area reached 13,025 billion VND, an increase of 20.7%; the FDI area reached 99,925 billion VND, an increase of 10.4%.