Deputy PM Hồ Đức Phớc urges three provinces to boost investment, export and consumption for economic growth

Deputy PM Hồ Đức Phớc urges three provinces to boost investment, export and consumption for economic growth

Deputy PM Hồ Đức Phớc stressed that the provinces must accelerate the disbursement of public investment, attract foreign direct investment (FDI), and mobilise domestic investment to drive business production.

Deputy Prime Minister Hồ Đức Phớc speaks at the meeting with the provinces of Bình Định, Phú Yên, and Khánh Hòa on Thursday. — VNA/VNS Photo

Deputy Prime Minister Hồ Đức Phớc has urged the provinces of Bình Định, Phú Yên, and Khánh Hòa to focus on three major drivers, including investment, export and consumption, to accelerate socio-economic development.

Speaking at a meeting with the three on Thursday to promote business and production, public investment and import-export activities, he emphasised the importance of achieving and surpassing the 2025 growth target.

He stressed that the provinces must accelerate the disbursement of public investment, attract foreign direct investment (FDI), and mobilise domestic investment to facilitate business and production.

Regarding exports, he reminded the provinces to proactively improve infrastructure and streamline import-export procedures to create a more efficient trade environment. He also stressed the need for the provinces to innovate their products, tourism and commercial services, to stimulate domestic consumption.

At the meeting, Khánh Hòa Province Party Secretary Nghiêm Xuân Thành said that the province is grappling significant opportunities for growth. He stated that the provincial leadership has set a goal of achieving continuous double-digit growth over the next ten years.

To realise its full potential, Khánh Hòa proposed that the relevant authorities approve adjustments to land-use targets through 2030, as rapidly as they can.

The province also requested the inclusion of the Vân Phong 2 LNG power plant project in the National Power Development Plan VIII, aiming for completion before 2030. Additionally, it urged the approval of the Nha Trang – Đà Lạt expressway project and the inclusion of Vân Phong Airport in the national airport system planning to unlock the region’s economic and tourism potential.

The authority is currently working on transforming Khánh Hòa into a centrally governed city, with a target of achieving 10.5 per cent GRDP growth in 2025.

Bình Định Province's leaders stated that in order to meet their growth targets of 8.5 per cent GRDP in 2025, the province has conducted a thorough review of its development potential to identify strategic and sustainable solutions.

These solutions include expanding the cultivation and livestock sectors with key products such as coconuts, mangoes, green-skinned pomelos and free-range cattle, chicken and pigs, all of which will be linked to processing industries.

The province is also focused on developing its fisheries sector, particularly tuna fishing, continuing expressway construction projects, and implementing industrial development programmes.

The province also proposed several measures related to power infrastructure planning and securing funding to eliminate makeshift and dilapidated houses in order to support long-term development.

Phú Yên Province's leaders emphasised key strategies for economic development, including expanding aquaculture, boosting tourism, accelerating public investment disbursement and expediting land clearance for expressway construction.

The province is also working to attract investment in the Nam Phú Yên Economic Zone, promote social housing development, create job opportunities and eliminate makeshift and dilapidated houses.

Phú Yên also proposed several regulatory adjustments, including revisions to sand and gravel mining regulations, improvements in construction material planning and central budget support for coastal road projects. Additionally, the province requested assistance in disbursing funds for three national target programmes.

Deputy PM Phớc directed the provinces to complete the allocation of public investment capital by March.

He urged local governments to identify and resolve bottlenecks in order to accelerate the disbursement of public investment funds.

On economic growth, he emphasised that all efforts should be made to remove obstacles, particularly those related to investment procedures. He called for strong administrative reforms to create the most favourable conditions for businesses to invest and expand.

Regarding exports, he stressed the need for the provinces to enhance logistics infrastructure and simplify import-export procedures to facilitate international trade.

On consumption, he urged the provinces to revitalise domestic demand by developing innovative tourism products that leverage local advantages. He also encouraged the promotion of e-commerce alongside traditional commerce to diversify the retail sector.

The Deputy Prime Minister reiterated that the Government would continue implementing tax, fee and charge reductions to stimulate consumption and support businesses.

On social housing, he stated that the Government had assigned specific responsibilities to each province and urged them to accelerate their implementation efforts. He also revealed that the Government is currently considering the establishment of a housing fund to provide financial support for housing projects.

Regarding scientific and technological advancements, he emphasised the need for provinces to develop a highly skilled workforce capable of adopting and applying new technologies effectively.

Addressing local proposals, Deputy PM Phớc directed the Government Office to compile the requests and submit them to the national leadership for review. He assured them that the Government would work to resolve these issues within its authority to support regional development. 

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