Ninh Binh makes breakthroughs in industrial development
Affirming position among top three national automobile hubs
In October, Hyundai Thanh Cong Automobile Factory No. 1 of Hyundai Thanh Cong Vietnam JSC held a ceremony to announce the export of Hyundai Palisade cars to Thailand. This shipment marks a new milestone of Hyundai Thanh Cong’s success in reaching out to the international market as well as in promoting and advertising “Made in Vietnam” products.
Hyundai Thanh Cong’s production has made significant contributions to shifting the economic structure, creating more jobs, increasing productivity and contributing around 70% of the province’s budget revenue and spurring other economic sectors’ growth.
Hyundai Thanh Cong’s success has also proved the province’s sound and consistent orientations and policies in industrial development, thus creating a FDI investment wave into the automobile and supporting industry.
To date, the province has lured dozens of projects in components and equipment production to serve automobile manufacturing and assembly.
When it was re-established in 1992, Ninh Binh was an underdeveloped province. Its economy relied heavily on agriculture while industry didn’t develop.
To date, the industry and service sector makes up an over-80% proportion of the provincial economy and contributes over 50% to the provincial budget revenue.
The industrial structure has shifted positively with a larger portion of processing and manufacturing. Ninh Binh has become one of the three top automobile manufacturing and assembly hubs in the country with a high rate of localisation. Its products have met increasing demand of the domestic market and export.
Industry has become a momentum for the province’s growth. In 2023, though being affected by the global economy situation, Ninh Binh’s industry still reaped positive outcomes.
According to the Department of Industry and Trade, in 2023, the province’s industrial production value reached 102.9 trillion VND, up 3.4% compared to the same period of 2022. In 2024, Ninh Binh’s industrial production has been on the track of recovery.
In the past 11 months, the province’s industrial production value hit over 95.1 trillion VND, a year-on year increase of 9.6%. Some key products with high growth include electronic components and automobiles.
Creating favourable conditions for investors
Under the province’s master planning scheme for the period of 2021-2030 with a vision to 2050, Ninh Binh has defined four main pillar economic sectors: taking tourism and cultural industry in combination with heritage economy as its spearhead; automobile industry as a momentum for hi-tech industries; innovation and start-up as a breakthrough and ecological agriculture as a mainstay.
Mentioning the province’s development orientations in the coming time, Secretary of the provincial Party Committee Doan Minh Huan said Ninh Binh will continue pursue a viewpoint on green, sustainable and harmonious development, and is committed to accompanying and creating favourable conditions for enterprises to develop and expand production in the province.
Ninh Binh has issued numerous policies and mechanisms to support firms operating in the fields of automobile manufacturing and assembly, agricultural product and foodstuff processing and supporting industries, he said.
At the same time, the province has also created the most favourable conditions in terms of tax, investment procedures and land rental for businesses, Huan added.
