The Mekong Delta province of Hau Giang is expected to register the highest growth rate at 14.21%, followed by Bac Giang and Hai Phong, which are expected to grow by 10.94% and 9.94% respectively.
Hau Giang’s phenomenal growth is attributed to its efforts in focusing economic growth on the four pillars of industry, agriculture, tourism and urban development.
In the first quarter of 2023, Hau Giang’s index of industrial production was lower than the figure seen during the same period last year but was still impressive at 13.05%.
Other provinces in the top ten performers included Quang Ninh, Ca Mau, Nam Dinh, Hung Yen, Ninh Thuan, Khanh Hoa and Thai Binh.
Hai Phong is the only centrally-governed city in the top ten, while the other four centrally-governed cities are projected to record only modest growth.
Specifically, Hanoi ranks 30th at 5.97%, followed by Da Nang’s 46th position at 3.74%, Can Tho’s 47th place at 3.71% and Ho Chi Minh City’s 48th position at 3.55%.
At the other end of the scale are Bac Ninh, Quang Nam, Lai Chau and Ba Ria-Vung Tau, whose economies shrank by 12.59%, 9.16%, 6.32% and 3.47% respectively.
Bac Ninh’s dismal performance was caused by a sharp fall in manufacturing, which came as a result of declining global demand.
According to the provincial statistics agency, its industrial production plunged by 19.02% in the first five months of 2023, the steepest fall over the past five years.
