Dong Nai determined to achieve double-digit economic growth

With great effort, officials, people, and businesses in Dong Nai Province have successfully revived the local economy, achieving relatively high growth in 2024. Building on this success, the province aims to set a “double-digit” growth target for 2025 and beyond.

Dong Nai strives for double-digit economic growth by 2025

Chairman of Dong Nai Provincial People’s Committee Vo Tan Duc believes that to reach the goal of a higher average income for citizens by 2030 and a higher income by 2045, Dong Nai’s economic growth rate must maintain a double-digit pace in the coming years. In particular, starting in 2025, priority should be given to growth, with an annual GRDP (Gross Regional Domestic Product) growth of about 12.4%, to create momentum for the province’s plan for the 2021-2030 period.

High and comprehensive economic growth

According to Dong Nai’s Statistics Department, the province’s GRDP in 2024 is estimated at over 260.2 trillion VND, an 8.02% increase compared to the same period in 2023. This growth rate exceeds the initial target for the year of 6.5-7% and is notably higher than the 5.41% growth rate from the previous year.

All five economic indicators have surpassed the targets set by the Dong Nai Provincial People’s Council for 2024, including economic growth rate (GRDP), average income per capita, export turnover, total social investment capital, and state budget revenue.

Specifically, the agriculture, forestry, and fishery sectors grew by 3.53%; industry and construction expanded by 9.5%; services advanced by 5.5%; and product taxes went up by 7.07%. Notably, the construction sector soared by 17%, driven by major projects like Long Thanh International Airport and the Nhon Trach 3 and 4 power plants.

The province’s efforts to innovate its growth model have further promoted the restructuring of the economy in the right direction, with agriculture, forestry, and fishery making up 9.4% of the economy; industry and construction accounting for 58.0%; services at 24.7%; and product taxes excluding subsidies at 7.9%.

The industrial production index in the country’s industrial hub showed good growth across key industries, with a general increase of 8.2% compared to the same period last year.

While most of the growth has come from the processing and manufacturing industries, which account for 90% of total industrial output, other key industries such as food processing, tobacco, textiles, apparel, leather production, chemicals, pharmaceuticals, and furniture have also shown significant production increases. Many businesses have secured new production orders, with strong growth in the final months of the year.

In agriculture, Dong Nai focuses on developing organisational models tied to the restructuring of the agricultural sector. The province has expanded organic farming models, applied high technology, and helped businesses and farmers build planting area codes and packaging facilities for export.

Thanks to proactive efforts in connecting agricultural products to the market, Dong Nai has received 18 planting area codes and seven packaging facility codes for bananas and durian exports to China. As of now, the province has a total of 189 planting area codes across nearly 28,000 hectares and 93 packaging facilities certified for exports to markets including China, the US, Europe, Australia, and New Zealand. The province has also established three livestock regions meeting export requirements and two organic pig farming cooperatives in the Dinh Quan District.

In the services sector, significant changes have occurred due to the restructuring of industries based on modern industry and digital technology. Transport, telecommunications-IT, finance, banking, and tourism services have all contributed to the sector’s increased value-added contribution to the overall economic growth of the province.

One highlight is Dong Nai’s tourism, which welcomed 3.4 million visitors in 2024, a 26% increase, generating revenue of 2.4 trillion VND, up 40% compared to the same period in 2023.

Dong Nai’s export turnover is estimated to reach over 23.4 billion USD in 2024, up 8.5% compared to last year. Meanwhile, imports amounted to about 16.7 billion USD, up 7.2% from the previous year, leading to a trade surplus of around 6.7 billion USD, a record high.

Strong economic growth has directly contributed to easing the pressure on the state budget, reducing the need for year-end “scrambling” efforts. Thanks to a series of decisive measures from the beginning of the year, Dong Nai is likely to surpass the revenue targets set by the government.

It is estimated that the total state budget revenue will reach about 58.62 trillion VND, 104% of the target and 101% compared to the same period last year. This is a commendable result, given the reduced revenue from some key goods due to the government’s VAT tax reduction policy and the drop in imports of goods subject to reduced tariffs.

Notably, total social development investment capital in Dong Nai in 2024 is expected to be about 126.6 trillion VND, a 15.16% increase compared to last year. This is driven by a significant economic recovery, favourable business conditions, and investment from businesses in expanding production and purchasing fixed assets. Furthermore, the province continues to work on major national projects such as Long Thanh International Airport and Nhon Trach 3 power plants.

In addition to focusing on economic growth, the provincial party and government are prioritising improving the quality of life for citizens, attaching specific and practical criteria. As a result, average income per capita in 2024 is expected to reach 148.9 million VND (equivalent to 5,868 USD), surpassing the target set by the resolution.

Determined to achieve double-digit growth

Domestic and foreign direct investment (FDI) in Dong Nai is recovering strongly, providing a foundation for the province to strive for a double-digit economic growth target by 2025. In 2024, domestic investment is expected to reach about 130.7 trillion VND, 10.5 times higher than in 2023, with 1,105 active domestic projects totalling around 450.9 trillion VND.

FDI attraction has also seen an increase, with a 34% rise in FDI to over 1.41 trillion USD as of November 20. The number of active FDI projects has reached 1,685, worth 35.15 billion USD. New FDI projects are mostly in semiconductor production, electronic components, mechanical manufacturing, and metal products, promising to bring high-added value to the province.

Chairman of Dong Nai People’s Committee Vo Tan Duc stated that with the consistent approach of “government accompanying businesses,” coupled with the implementation of the province’s 2021-2030 development plan and the vision for 2050, along with major national projects such as Long Thanh International Airport and various expressways, Dong Nai is well-positioned for breakthrough development and economic transformation.

All efforts are focused on the ultimate goal of bringing prosperity and happiness to the people. Specifically, the province aims to achieve an average annual economic growth rate of more than 12.4% from 2025 to 2030 and increase average income per capita to 330 million VND (equivalent to 14,650 USD) by 2030.

(Source:NDO)