Although the COVID-19 epidemic is complicated, greatly affecting all activities of life and society, but with the determination and consensus of the whole political system, the business community and people, the economic picture of Bac Ninh in the past 8 months still has many bright spots.
Efforts to maintain economic development
Thanks to the drastic direction of the Government and the creative and timely solutions of the province, the COVID-19 epidemic was basically controlled, and the operation of large industrial zones was maintained. Although production temporarily slowed down in June due to the application of distance measures to prevent and control the epidemic, from July, it started to grow again when the epidemic was under control. The index of industrial production (IIP) in August increased by 13.63% compared to the previous month and increased by 6.18% over the same period last year (a strong increase in the processing and manufacturing industry, a corresponding increase of 13.67). % and 6.21%. Generally for 8 months, IIP of the whole industry increased by 9.81% over the same period. Many products have high production volume compared to the previous month such as: Printer-copier, printing by inkjet technology with connection increased by 73.1%; smart watches increased 61.7%; Regular mobile phones increased by 60.6%; Wooden tables of all kinds increased by 49.4%; Electronic components increased by 20.5%;... However, a few products had a decrease in production such as: Smartphones decreased by 19.2%; Hot water heater decreased by 11.1%... Most of the production and business establishments returned to work in the new normal state, so the labor utilization index in August increased by 3.2% compared to the previous month. before. This has had a positive impact, increasing the revenue of accommodation and catering activities by an estimated 0.6% month-on-month, up 9.5% over the same period last year. Total retail sales of goods in August increased by 6.7% and total retail sales in 8 months was estimated at VND 30,083.2 billion, up 3.1%.
Export activities in August reached more than $3,648 billion, up 3.2% over the previous month, down 6.4% over the same period. Many key products saw an increase in exports compared to the previous month, such as computers and components up 7.5%; textiles and garments by 4.3%; plastic products increased by 3.7%... Total export turnover in 8 months reached 26.06 billion USD, up 21.1% over the same period; import turnover was estimated at 23.08 billion USD, up 21.9% over the same period. Thus, the trade surplus still reached 2.98 billion USD. It is worth mentioning that thanks to effective disease control and control, Bac Ninh maintains production chains, industrial zones still attract many new investment projects, and active projects continue to register to increase capital. invest. Total foreign investment attraction capital in 8 months reached 567.22 million USD (newly registered capital 465.33 million USD; adjusted capital increased 101.89 million USD); attracting domestic investment reached nearly 14,590 billion. In the province, there are 1,508 newly established enterprises and 494 affiliated units, with a total registered capital of 18,805.6 billion VND.
Increase budget revenue
Production is maintained, creating a foundation to increase state budget revenue. As a result, 8 months' total budget revenue reached VND 20,045.27 billion, equaling 72% of the year estimate and increasing by 6.14% over the same period last year, of which, domestic revenue was estimated at VND 15,244.9 billion, an increase of 2.44 %. Total budget expenditure is estimated at 11,654 billion VND, accounting for 61.2% of the year estimate, of which investment and development expenditure is estimated at 6,648.4 billion VND. With lending support solutions and preferential interest rate credit packages of the banking system, outstanding loans in the area continued to grow strongly. From August, credit outstanding started to increase by 0.6% compared to the previous month and increased by 23.1% over the same period. This capital was disbursed in a timely manner, creating motivation for businesses to recover production after the pandemic and maintain growth momentum. Besides, the implementation of Bac Ninh's 2021 public investment plan has changed positively. Public investment capital is allocated in detail to ensure compliance with the principles and criteria prescribed by the Central Government and the province, and is carried out openly and transparently, gradually overcoming the situation of scattered and spread investment. this. Bac Ninh is considered as one of the localities with a good disbursement rate of public investment capital in the situation that many provinces have slow disbursement speed, with the disbursement rate by the end of August reaching 55.28%. In which, disbursement rate of provincial budget is 43.23%; district and commune budget is 64.03%. Transport activities in the province are gradually recovering, the work of ensuring traffic and circulation in the province is well done…
Be alert to risks, appropriately balance solutions
Implement policies to support businesses and employees affected by the COVID-19 epidemic, at all levels, sectors and localities, focusing on reviewing and guiding people and businesses to access policies, ensuring the right state laws and regulations. By the end of August, the province has 7,158 businesses and organizations with 461,206 employees and affected people proposed to support, with a total budget of 67.25 billion VND. In which, 24.07 billion VND has been given to those affected by the epidemic. Consulting on employment and labor policies for 5,632 employees, receiving and processing 1,700 dossiers of request for unemployment benefits. Review of employees who need to be vaccinated against COVID-19.
According to Mr. Nguyen Dinh Xuan, Director of the Department of Planning and Investment: With the foundation of the fields built up in the past time, it is forecast that the province's gross domestic product (GRDP) in 2021 will reach about 133,033 billion VND, increased by 6.45% compared to the previous year (the plan is to increase from 4-5%). However, due to the strong impact of the COVID-19 epidemic on the southern provinces, it will affect the balance of trade in goods, when foreign investors are somewhat cautious; The disruption of supply chains and domestic industrial parks due to the COVID-19 epidemic forced exporters to temporarily close factories or suspend production. Whether the economy will recover by the end of 2021, that will depend on the outcome of the current COVID-19 outbreak control, the effectiveness of vaccine deployment and the effectiveness of fiscal measures to Support affected businesses and people to stimulate recovery. Not outside of that chain effect, in order to maintain the achieved results and complete the 2021 plan, all levels, sectors and localities need to be wary of increased risks in the financial sector, specifically the need to concern about bad debt. Fiscal policy also needs more attention, appropriate balance between the need to support economic recovery and the need to maintain other goals at a sustainable level. Digitize procedures and databases, encouraging businesses and workers to equip them with the right skills to take advantage of the digital transformation process. Fostering innovation capacity of enterprises through competition. Strengthening external activities and international integration, supporting business development. Consulting and guiding businesses in the province to carry out technology transfer, intellectual property protection, and brand building activities. Implement measures to prevent and control the epidemic in the new situation, continue to vaccinate subjects in the province according to the plan, move towards achieving herd immunity, bring all production activities back to normal. position.