Red river delta is a prosperous and strategic land located in the North of Vietnam. With a developed economy and a concentration of industries and services, the Red River Delta has affirmed its strong and prosperous position among the leading development land in Vietnam. However, in recent years, the shift from agriculture to industry and services has promoted the strong development of this area.
The article below Sen Vang Group will explore in depthImportant economic indicators of the Red River Delta, from GDP growth, industrial production, investment to challenges and opportunities in the economic development of this region.
The chart presents the PCI index ranking of the provinces in the Red River Delta in the three years 2020, 2021 and 2022. PCI is an index that evaluates the attractiveness for businesses and people in terms of investment environment and business of a province.
From the chart above, Quang Ninh and Hai Phong These are the two provinces that maintain the top positions with rankings 1 and 2 for all 3 years, proving the stability and good development of the business environment. Bac Ninh and Vinh Phuc also improved, holding positions in the top 5 provinces with the highest PCI in the region.
Meanwhile,hung Yen andHanoi There are fluctuations in rankings, but still maintain their position in the top 5. Other provinces such as Thai Binh, Nam Dinh, Hai Duong and Ninh Binh also scored well, maintaining a stable position in the top 10.
However, some provinces such as Ha Nam have had a regression in ranking, from the top 5 to below the top 10. This may reflect challenges in improving the business environment and attracting investment. this province.
Overall, the data table shows that the provinces in the Red River Delta have developed and made efforts to improve the business environment, creating favorable conditions for businesses and investment, thereby contributing to development. economy and society of the region and the whole country.
PCI of the Red River Delta provinces in 2022
Based on the results of the PCI 2022 Report, the overall picture of the economic development of the provinces in the Red River Delta is clear. Quang Ninh and Hai Phong provinces stand out with the highest scores and top rankings both nationally and within the Red River Delta. These achievements partly reflect the strong investment and development of these two provinces in the fields of industry and tourism.
Bac Ninh and Vinh Phuc also excelled with high scores, ranking in the top 5 of the region. The development of these two provinces is mainly thanks to attracting investment and the development of industrial parks and export processing zones, attracting foreign capital and promoting industrial production.
However, Ninh Binh has the lowest score in the region. This may reflect the difficulties and challenges in the economic and social development of this province, requiring investment and support to improve production efficiency and improve living conditions for people. . The disparity between provinces demonstrates the diversity of economic and social development in the Red River Delta region, and appropriate solutions and policies are needed to promote sustainable development of the entire region.
During the period 2005-2020, the economic growth of the Red River Delta exceeded the national average, reaching 7.94% per year (compared to 6.36% for the whole country). The region’s economic scale has increased 7.75 times compared to 2005, accounting for 29.4% of the country’s total GDP and ranking second after the Southeast Region. Notably, the average GRDP per capita reached 103.6 million VND/year, surpassing the national average (141.3 million VND/year in the Southeast Region).
In addition, the shifting structure of the regional economy is also taking place rapidly, with the proportion of industry and construction as well as services reaching 40.62% and 40.64% respectively in 2020. The spearhead is developing in the direction of modernity, large scale, less labor intensive and using high technology. In particular, the region’s marine economy also achieved significant development, with Hai Phong and Quang Ninh becoming important marine economic and seaport service centers of the country.
On November 23, 2022, the Politburo issued Resolution No. 30-NQ/TW on “SOcio-ECONOMIC DEVELOPMENT AND ENSURING DEFENSE AND SECURITY IN THE RED RIVER DELTA TO 2030, VISION UNTIL 2045” aims to continue to affirm the particularly important position and role of the Red River Delta region in all fields…
According to the goals set in the Resolution, strive to reach 2030, including a number of important targets such as: Average growth in the period 2021-2030 reaches about 9%, by 2030; Regional GRDP increased about 3 times compared to 2020 (current prices); GRDP per capita reaches about 274 million VND/year; The average labor productivity growth rate reached over 7%; The poverty rate according to multidimensional standards decreased by about 1.5%/year. Achieving 32 hospital beds and 11 doctors/10,000 people. Reduce greenhouse gas emissions by 9%.
Regional GRDP index data in 2022 (Source: Compiled by Golden Lotus)
Hanoi is the province with the highest GRDP, reaching 1,197,332 billion VND. Meanwhile, Hai Phong and Quang Ninh ranked second and third respectively with GRDP of 366,000 billion VND and 269,246 billion VND. These are provinces that contribute greatly to the economic production of the Red River Delta region.
The chart shows clear differences in economic production and income between provinces in the Red River Delta region. Provinces that are experiencing better development have the ability to attract investment, attract labor resources and create more job opportunities, while other provinces may need to make efforts to improve the business environment and promote sustainable economic development.
In the period from 2021 to 2022, the Red River Delta recorded positive growth in GRDP per capita. Most provinces have growth in this index, showing strong development of the regional economy.
The provinces with the highest GRDP per capita are Hanoi, Hai Phong and Quang Ninh. These provinces contribute greatly to the region’s economic output and achieve impressive results in enhancing economic development and attracting investment.
Some provinces such as Thai Binh, Nam Dinh and Ninh Binh have recorded strong growth in GRDP per capita. This shows strong efforts and policy support from these provinces to promote economic development and improve the quality of life of residents.
On the other hand, some provinces such as Hung Yen and Ha Nam had small fluctuations in GRDP per capita between the two years. This may reflect stability or difficulty in maintaining economic growth.
Overall, the chart shows the difference in economic development between provinces in the Red River Delta. Provinces with higher GRDP levels demonstrate strong development and attract investment, while provinces with lower GRDP may face many challenges and need to make more efforts to improve the business environment and promote strong economic development. This places emphasis on developing appropriate policies and support solutions to promote sustainable development of the entire region.
From the data table, it can be seen that Quang Ninh ranked first both compared to the Red River Delta and compared to the whole country, showing that this province has the best infrastructure in the Red River Delta region and nationwide.
Hanoi and Hai Phong ranked second and third compared to the Red River Delta, respectively ranked fourth and seventh compared to the whole country.
Bac Ninh, Vinh Phuc and Ha Nam also ranked in the top 10 compared to both the Red River Delta and the whole country, showing that the infrastructure of these provinces is also quite high.
Ninh Binh, Nam Dinh and Hung Yen ranked in the top 11 to 51 compared to both the Red River Delta and the whole country. However, it should be noted that there are still some provinces with much better infrastructure than these provinces.
The data table shows the difference in infrastructure between provinces in the Red River Delta region. Some provinces have very good infrastructure, while other provinces may need to make efforts to improve the quality of infrastructure to support sustainable economic and social development. This requires investment and effective management in infrastructure development of each province.
The Red River Delta region is one of the strongly developed economic regions and attracts many FDI (Foreign Direct Investment) projects in Vietnam. Hanoi, the country’s capital, is the financial, economic and political center of the region. In addition, Hai Phong and Bac Ninh are also two important localities in the region with developed infrastructure and attracting significant foreign investment. With development potential and opportunities, the Red River Delta region continues to be an attractive destination for domestic and foreign investors.
Source: Compiled by Golden Lotus
Hanoi is a center for attracting foreign investment: With 7,019 FDI projects and total registered investment capital of up to 38,743,150 million USD, Hanoi is the locality that attracts the most FDI projects in the Red River Delta region. Hanoi’s appeal comes from its favorable geographical location, developed infrastructure and favorable investment environment.
Hai Phong and Bac Ninh are also notable attractions: Hai Phong with 982 FDI projects and a total registered investment capital of 25,274,130 million USD, while Bac Ninh has 1,819 FDI projects and a total registered investment capital of 23,170,770 million USD. Both of these localities have geographical and infrastructure advantages, attracting many investors here.
Potential markets in smaller provinces: Provinces such as Quang Ninh, Hai Duong, Vinh Phuc, Hung Yen, Ha Nam, Nam Dinh, Thai Binh and Ninh Binh all attract a number of FDI projects, however the number of projects is limited. Their projects and total registered investment capital are not as high as those of large localities. However, these provinces still have potential and opportunities for economic development from FDI projects.
Differences between localities: The data table shows a clear difference between localities in the number of FDI projects and total registered investment capital. The attractiveness of each locality comes from unique factors such as geographical location, infrastructure, supporting policies and development potential.
Overall, analytical data shows that the Red River Delta region is still an attractive location for foreign investors and has potential for future economic development. This requires effective investment and management in attracting and maintaining FDI projects, thereby contributing to the sustainable development of the region and the whole country.
HDI is a comprehensive socio-economic indicator measuring human development in three aspects: Health, education and income of a country, territory or local area of a country, territory. soil during the observation period.
According to 2020 statistics, ranking the HDI index of provinces in the Red River Delta region, 6/11 provinces are in the top 10 nationwide. Among them, Hanoi ranked 1st on the HDI index.
Most localities in the Red River Delta have an average life expectancy of about 74.5 years and increasing over the years. There are 3/11 provinces in the top 20 provinces with the highest average life expectancy in the country: Hanoi, Thai Binh, and Hai Duong.
Among the 63 provinces and centrally run cities in the country, the Red River Delta region has 7 localities in the top 10 localities with the highest education index in the country: Hanoi ranked 1st in the country, followed by Hai Phong ranked 3rd, Hung Yen ranked 5th, Hai Duong ranked 6th, Bac Ninh ranked 7th, Quang Ninh ranked 8th and Vinh Phuc ranked 10th.
GRDP per capita accounts for 29.4% of the country’s total GDP and ranks second after the Southeast Region. Notably, the average GRDP per capita reached 103.6 million VND/year, surpassing the national average (141.3 million VND/year in the Southeast Region).
Spatial cost of living index (abbreviated in English as SCOLI) is a relative indicator (calculated in %) that reflects the difference in prices of consumer goods and services serving people’s daily lives between provinces, centrally run cities, and between socio-economic regions within a certain period of time (usually one year)
In 2022, the order of expensiveness among economic regions does not change compared to 2021. In particular, the Red River Delta region continues to hold the position of having the most expensive prices in the country. The second position is the Northern Midlands and Mountains region with a SCOLI index in 2022 equal to 99.42%, followed by the Southeast 98.62%, the North Central and Central Coast 98.33%, and the West Nguyen 97.87% and finally the Mekong Delta region with 94.85%.
Among the 63 provinces and centrally run cities, Hanoi continues to hold its position
Leading with the most expensive price in the country in 2022, Quang Ninh ranked 2nd with
SCOLI index is equal to 99.89% of Hanoi. Besides, the Red River Delta region still has Nam Dinh in the top 5 provinces with the lowest SCOLI index in the country.
In recent years, commercial infrastructure has been increasingly developed, e-commerce transaction methods have become popular, and distribution systems have accelerated the process of digital transformation in management and business activities ( non-cash payments, deploying online shopping applications, customer management…) to increase competitiveness, expand, reach customers in a multi-dimensional direction and improve business efficiency. Commodity prices are public and transparent, and goods transportation services are fast, so commodity prices between regions are becoming more and more uniform as online sales channels develop, and commodity prices between host localities are becoming more and more uniform. mainly just the difference in transportation costs.
Hanoi ranked first with 18.70 million visitors and revenue of up to 60,000 billion VND. The capital is the cultural, historical and economic center of the region, attracting many domestic and foreign tourists. Attractions such as Hoan Kiem Lake, Temple of Literature, and the Old Quarter all contribute to Hanoi’s special tourist appeal.
Quang Ninh is an attractive destination with 11.60 million visitors and revenue of 25.172 billion VND. Ha Long city is famous for Ha Long Bay, one of the most beautiful beach resorts in the world. Beautiful natural landscapes, caves, and long beaches attract millions of tourists to visit and relax.
Smaller provinces such as Nam Dinh, Bac Ninh, and Hai Duong have lower tourism figures, demonstrating the need to develop tourism products and services to attract tourists. Historical attractions, cultural relics and traditional craft villages can become attractive destinations for tourists.
Thai Binh is the province with the lowest tourism figures, only 0.71 million visitors and revenue of 3 billion VND. This is a sign that it is necessary to promote tourism promotion and development in this area. Natural attractions such as rice fields, coastal areas, and historical sites have the potential to boost tourism here.
The tourism chart shows that the Red River Delta region has great potential for tourism development. However, it is necessary to invest and develop diverse tourism products and services, fully exploiting the special tourism potential of each locality to attract tourists and increase revenue throughout the region.
Hanoi, with the highest budget revenue of 332,300 billion VND, is a master at attracting investment and generating large revenues for the country. The capital is not only a political and cultural center, but also an attractive destination for businesses and tourists.
Hai Phong, with 137,136 billion VND in budget revenue, is a busy seaport and plays an important role in promoting import-export and local economic development.
Quang Ninh, with 79,646 billion VND in budget revenue, is famous for Ha Long Bay – one of the natural wonders of the world, which has become an attractive destination for domestic and foreign tourists.
Smaller provinces such as Ha Nam, Nam Dinh and Thai Binh have lower budget revenue, but it is an opportunity for them to develop their economy and attract investment to increase future revenue.
The chart of budget revenue of the Red River Delta region in 2022 shows the diversity and development potential of the provinces in the region. It is a measure not only of the financial management ability of localities but also reflects the economic and social development of the entire region.
Currently, the Mekong Delta region has 174 urban areas including: 1 special urban area: Hanoi, 1 city is a centrally-run urban area of type I: Hai Phong, 3 cities are directly classified urban areas of type I. in the provinces: Nam Dinh, Bac Ninh, Hai Duong, 4 cities are class II urban areas: Thai Binh, Vinh Yen, Ninh Binh, Phu Ly.
On February 8, 2023, the Government issued Resolution 14/NQ-CP, orienting the development of the urban system in the Red River Delta according to the sustainable TOD model and modern socio-economic infrastructure. . The urbanization rate in the Red River Delta in 2023 is likely to continue to increase, reflecting the movement of population from rural to urban areas. Hanoi city, as the political and economic center, contributes the most to the urbanization of this region. Neighboring provinces such as Hai Phong, Quang Ninh, Bac Ninh and Vinh Phuc also recorded growth in population and urban infrastructure.
However, urbanization also brings with it a number of challenges, including pressure on infrastructure and the environment. To ensure sustainable development of the Red River Delta, strong investment in infrastructure and effective urban management is needed. Urban planning needs to be carefully considered to ensure harmony between urban and rural areas and protect cultural heritage and the environment.
Although urbanization brings many opportunities for development and economic growth, proper consideration and adjustment is also needed to ensure the sustainable and harmonious development of the Red River Delta region in the future. .
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Above is general information about “Important economic indicators of the Red River Delta region”Provided by Sen Vang Group. Hopefully the above information will help developers, investors and real estate businesses have an overview of the economic situation of the region. In addition, to see more articles about the Mekong Delta region, readers can visit the website senvangdata.com. |
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