5/19/2023 0 Comments Red river bank![]() He said the region should capitalise on free trade agreements to expand its commercial footprint and diversity its market reach. Priority would be given to the production of semiconductors, chips, renewable energy, and new materials. He also called for a green-oriented, high-tech manufacturing hub in the region to reduce greenhouse gas emissions and secure a higher position in the global supply chain. ![]() The measures could include infrastructure development, investment promotion, and tie strengthening.Īdditionally, he urged the region to quickly approve 'The regional masterplan for the period of 2021 to 2030, with a vision to 2050' to lay the groundwork for regional development. The ministry called for more drastic measures to overcome the obstacles and unlock the region's full potential. Fourth, economic development is uneven among sub-regional localities, and, more importantly, their economic ties remain weak. Third, there is a considerable time lag between planning and implementing. Second, its fiscal revenues are over-dependent on land sales. Its income per capita was 1.3 times as high as the national average, at 123.4 million VND per annum.ĭespite the impressive economic growth, the region still faces some major obstacles.įirst, its transition to a service-based economy is moving slowly. In 2022, its GDP hit 2.89 quadrillion VND (123 billion USD), contributing to nearly one-third of the national GDP. He said in more than 15 years, the region saw a remarkable economic advancement with an average annual growth rate of 8.93%, far higher than the country's level. The minister made the remarks at a seminar "Promoting investment, trade, and services to strengthen inter-regional ties" held on March 30 in Thai Binh province.
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