Investment

Inspite of numerous difficulties and challenges in 2022, Ninh Binh province's industrial production maintained its high growth, reaching over 99.5 trillion VND (4.24 billion USD), a year-on-year rise of 7.2%.

While consumption has shown signs of slowing down, attracting foreign investment with strong growth in realised capital but not yet recovering in newly registered capital, public investment will still be the main driver of economic growth in 2023.

Agro-forestry-fishery exports set a new record of over 53.22 billion USD in 2022, according to the Ministry of Agriculture and Rural Development.

In spite of difficulties due to negative impacts of the COVID-19 pandemic and the Russia-Ukraine conflict, Ninh Binh province's exports have enjoyed high growth in 2022.

Many localities are working hard to build smart rural areas, as part of a national target programme on building new-style rural areas.

New opportunities and challenges in socio-economic development require Ninh Binh to continue improving transport infrastructure, thus, right at the beginning of the 2020-2025 tenure, it has actively implemented a series of key projects in a bid to complete transport infrastructure for inter-regional connectivity, opening up new opportunities to further develop and attracting investment in the short and long terms.

Having defined the attraction of investment projects as momentum for the province's economic growth in the current period, Ninh Binh has actively built and carried out numerous solutions to draw investors.

Ninh Binh province's gross regional domestic product (GRDP) was estimated to reach 49.63 trillion VND (2.1 billion USD) in 2022, up 8.62% from the previous year.

Vietnam recorded year-on-year growth of 3.15% in the 2022 consumer price index (CPI) while core inflation increased 2.59%, the General Statistics Office (GSO) said on December 29.

Though facing a range of difficulties due to fluctuations in food prices, complicated weather developments, and disruption in consumption markets, Ninh Binh province's fishery sector has continued to maintain its high growth in 2022 thanks to the application of drastic and suitable measures.

In the past years, Ninh Binh has stepped up planning and investment in infrastructure construction in a bid to attract secondary investors into industrial clusters.

Truong Sinh Trade and Service Development JSC on December 21 held a ceremony to inaugurate a general wholesale market in Ninh Tien commune of Ninh Binh city.

State budget revenue reached over 1.69 quadrillion VND (71.4 billion USD) as of December 15, exceeding the estimate by 19.8%, the Ministry of Finance announced at a conference in Hanoi on December 19.

The provincial OCOP council of Ninh Binh province convened a meeting on December 15 to evaluate and classify OCOP products in the second round of 2022.

Prime Minister Pham Minh Chinh chaired the plenary session of the fifth Vietnam Economic Forum in Hanoi on December 17.

For the first time in history Vietnam's 2022 import-export value has surpassed the US$700 billion mark, up 15% year on year.

Since activities of trading and transporting of goods has become bustling in the year-end months, the Sub-department of Market Surveillance of Ninh Binh has enhanced the management work and carried out numerous solutions to protect consumers' rights and business and production activities in the province.

Vietnam has set a target to double the amount of foreign investment in agriculture to 34 billion USD by the end of 2030. However, there were a number of shortcomings and limitations the country must urgently address to realise the goal, according to policymakers and industry experts.

Agro-forestry-fishery exports stood at over 49 billion USD in the first 11 months of 2022, higher than last year's record of 48.6 billion USD, the Ministry of Agriculture and Rural Development said.