Growth is estimated at 11.01% in 2024
In 2024, although Hai Phong was severely affected by Typhoon Yagi, with estimated damage of over VND 12,000 billion, severely affecting many units, businesses and people. However, the city's GRDP growth rate is estimated at about 11.01%, ranking 3rd in the country after Bac Giang and Thanh Hoa.
This is the 10th consecutive year that the city has grown at a double-digit rate, demonstrating the sustainable development of Hai Phong City and the role of the Red River Delta region as a growth engine in the general context of the whole country.
The city's industrial and construction sector is expected to reach 13.8%, higher than the target, showing that the city's industry continues to recover and develop steadily, playing a key role in the economy.
The industrial sector recovered positively with the growth rate of the industrial production index (IIP) reaching 15%. The proportion of processing and manufacturing industry in GRDP is estimated at 43.86%, lower than the target of 46.6%. However, the proportion of high-tech industrial product value in the processing and manufacturing industry reached 66%, higher than the target of 64%, showing a positive shift in technology and product quality.
Import and export is one of the city's bright spots in 2024, achieving a trade surplus of 7.5 billion USD. Of which, total export turnover is estimated at 33.25 billion USD, up 9.5% compared to 2023, reaching 100.77% of the annual plan; total import turnover is estimated at 25.75 billion USD, up 4.6% compared to 2023, reaching 80.5% of the annual plan.
Both exports and imports maintained positive growth momentum; this is the result of the city's efforts in promoting trade and expanding export markets. At the same time, the city's policies and programs to support businesses in 2024 also contribute to maintaining and expanding export markets, promoting import and export activities of the city's economy.
In 2024, total social investment capital in Hai Phong will continue to recover and grow. It is estimated to reach VND 210,000 billion, an increase of 9.4% over the same period in 2023, of which investment from the non-state sector recorded strong growth, estimated at VND 72,775 billion, an increase of 20.3%. This recovery reflects the efforts of the city government in improving the investment environment and creating favorable conditions for businesses. In particular, domestic revenue exceeded the plan by more than VND 3,000 billion.
Attracting FDI is also a bright spot in Hai Phong's economic picture. Total foreign direct investment (FDI) in 2024 is estimated at about 4.2 billion USD, more than double the plan. The growth of FDI capital in Hai Phong not only reflects the locality's capacity to absorb and disburse investment capital but also contributes significantly to the city's economic growth. The quality of FDI capital flows has also been improved thanks to the attraction of high-quality projects...
Focus on green economic development
In 2024, the city will complete many important tasks ahead of schedule. At the end of the year, the city will complete 10/30 key and urgent tasks, and 15 tasks will continue to follow the assigned schedule. The national defense and security situation will be maintained, stabilized and strengthened.
At the 18th City Party Committee Conference, term XVI, organized by the Hai Phong City Party Committee Executive Committee in early December 2024, City Party Committee Secretary Le Tien Chau commented: The city's position, prestige and role in the country and internationally are increasingly strengthened and enhanced. This proves the strength of solidarity, unanimity and unity, not only within the Party Committee and the government from leadership and direction but also the solidarity, mutual love and affection between the armed forces and the people; affirming the nature and tradition of Hai Phong people.
The city has identified the key task for 2025: The entire political system focuses on streamlining the organization and staffing. Hai Phong must take the lead, must act more strongly than the Central Government, and be determined to meet the Central Government's schedule set for the first quarter of 2025.
In particular, the Secretary of the Hai Phong City Party Committee requested that the city's economic growth rate in the 2021-2030 period must reach 13.5% in accordance with Plan 1516.
In order to achieve the agreed high growth targets, in 2025, the city needs to complete a number of important tasks: Establishing the Southern Hai Phong Coastal Economic Zone, speeding up the establishment of industrial zones that are stuck in procedures and have not been completed for many years; Researching and planning the underground traffic network, reserving land funds, ready for future investment; Planning locations that can reclaim the sea to create new development space; planning suitable locations for Hai Phong to become an energy center; Establishing a new generation Free Trade Zone, to be completed in 2025; Urgently carrying out procedures to soon start construction of projects: Tan Vu - Lach Huyen 2 Bridge; Nam Do Son Port; Passenger Terminal and aircraft parking lot of Cat Bi Airport.
The city also focuses on removing difficulties and obstacles to complete the progress of the Coastal Expressway project to open up growth momentum for the city's Southern Economic Zone; develop a Green Transformation Project for Hai Phong City, first of all, build Cat Ba into a green island; develop the Southern Hai Phong coastal economic zone in a green and ecological direction; convert the city's public transport system to electric vehicles...
