Bac Ninh achieves economic growth of about 13%/year in period of 1997-2022
(BNP) - After 27 years of re-establishment, the province's economic scale has increased rapidly, the economic structure has shifted towards industrialization and modernization, making Bac Ninh one of the four growth poles of the Red River Delta.
Bac Ninh becomes the growth pole of the Red River Delta and the Capital region.
Bac Ninh was a purely agricultural province when it was re-established in 1997, with a gross regional domestic product (GRDP) of only VND 2,020 billion. In 2023, the province's GRDP reached VND 220,222 billion, ranking 4th out of 11 provinces and cities in the Red River Delta (up 4 ranks compared to 1997) and 9th in the country. In the first 9 months of 2024, the GRDP was estimated at 5.52%; the estimated GRDP of 2024 increased from 5 to 6.5% compared to 2023.
Bac Ninh has been the growth pole of the Red River Delta and the Capital region by maintaining economic growth momentum over the years (particularly between 1997 and 2022, with a growth rate of approximately 13% per year), contributing significantly to the country's overall growth.
In 1997, the economic structure of the agricultural, forestry and fishery sector accounted for 45%; industry and construction accounted for 23.8%; services accounted for 31.2%. The participation of FDI enterprises belonging to large corporations investing in industrial sectors has contributed to the rapid increase in scale of the industrial - construction sector as well as its great contribution to the province’s economic structure.
By 2024, the industry and construction sector played a key role, accounting for the highest proportion of the province's economic structure; the service sector continued to develop, accounting for an increasingly high proportion: industry and construction accounted for 70.7%; services accounted for 22.4%; agriculture, forestry and fishery accounted for 2.9%; product taxes minus product subsidies accounted for 4%.
