Bac Ninh's economy ranks 8th nationwide after 25 years of re-establishment

Illustrative photo.

With the dynamism and creativity in the direction and administration of the Party committees and authorities at all levels; With the solidarity, consensus to overcome difficulties and the will to rise up of the people of all ethnic groups in the province, Bac Ninh province has effectively exploited its potentials, brought into play its advantages, and took advantage of domestic and foreign resources to develop

In 1997, Bac Ninhs gross domestic regional product (GDRP) only reached VND 2,020 billion (equivalent to USD 182.6 million), ranked 8^th out of 11 provinces/cities belonging to the Red River Delta region.

In the period 1997-2010, the province set up integrated industrial parks, consolidated industrial clusters of craft villages, so as to attract investment capital from economic groups such as Japan, Korea, Taiwan, China, Europe, America... to build the foundation. By 2010, the scale of GRDP at current prices reached VND 38.7 trillion (equivalent to USD 1,984 million), or 10.9 times higher than in 1997, accounting for 1.8% of GDP of the country; ranked 6th out of 11 provinces and cities in the Red River Delta and in the group of more than 20 provinces and cities nationwide.

By 2021, the scale of GRDP has increased to VND 227.6 trillion (equivalent to 9,878 million USD), or nearly 5 times higher than in 2010 and 54.1 times higher in 1997 (accounting for 2.71% of the country's GDP) and ranked 8th out of 63 provinces and cities, and 4th in the Red River Delta. This is an important mark, making Bac Ninh a bright spot in the country's economic development.

In 1997, the agriculture, forestry and fishery sector accounted for the largest proportion (45%); industry and construction accounted for 23.8%; service sector accounted for 31.2%.

By 2010, the proportion of agriculture, forestry and fishery decreased to 9.7%; the industry and construction sector increased to 52.6% and the service sector accounted for 30.4%; Product tax minus subsidies accounted for 7.3%. In the 2011-2021 period, the economic structure continued to shift towards a rapid increase in the proportion of industry, while the remaining two sectors decreased.

By 2021, the proportion of the industry and construction sector accounted for the largest proportion at 77.3% and the agriculture, forestry and fishery sector accounted for the smallest proportion with 2.7%.

In 25 years, Bac Ninh's economic growth rate reached 13.9%/year. Among which, the agriculture, forestry and fishery sector increased the lowest (+2.2%/year); the industry and construction sector reached 17.9%/year, while the service sector also achieved double-digit growth rate with 12%/year.

Since 2011, Bac Ninh is the 13th province to self-balance and regulate the central budget (7%/year). In 2021, the province’s total state budget revenue was estimated at VND 33.26 trillion, or 168 times higher than in 1997; the average growth rate in the period 1997-2021 was 23.7%/year; the rate of budget revenue increased from 9.8% in 1997 to 14.6% in 2021.