2024 is the 5th consecutive year that Hai Phong has a high trade surplus, up to 8.2 billion USD, most notably the Korean market with total two-way import and export turnover, accounting for 40%.
This is the content presented at the recent 2024 summary conference of the Hai Phong Department of Industry and Trade.
According to the report of the Hai Phong Department of Industry and Trade, the city's industrial production situation has recovered quite strongly. The city's industrial development index in 2024 is estimated to grow by 15.43%, exceeding the set plan, creating a great driving force for economic growth. In particular, the processing and manufacturing industry has become the growth engine of the entire industry and the entire economy with a high growth rate. The processing and manufacturing industry continued to grow quite well, reaching 16.28%.
Some industriesKey level IV industries will increase compared to 2023, such as electronic components manufacturing, household electrical appliances manufacturing, computers and computer peripherals manufacturing, agricultural and forestry machinery manufacturing, toy and game manufacturing, etc.
The industrial structure has also shifted in a positive direction, modernizing, increasing added value and high technology content, and effectively using natural resources. In 2024, the proportion of processing and manufacturing industry in GRDP is estimated at 43.86%. The proportion of high-tech industrial product value in the processing and manufacturing industry is estimated at 66%. Industrial production focuses on developing key industries such as electronics - information technology, manufacturing of metal products, manufacturing of machinery and equipment, manufacturing of motor vehicles, etc., creating an important foundation for growth, as well as promoting industrialization and modernization.
Hai Phong's commercial activities also continued to grow, with goods always guaranteed to meet people's essential needs. Total retail sales of goods and consumer service revenue in 2024 is estimated to reach VND 225,784 billion, up 13.6% compared to 2023, exceeding the set plan.
In particular, import and export is a bright spot and one of the main drivers of economic growth with total export turnover for the year estimated at 36.3 billion USD, up 19.5% over the previous year and exceeding the assigned plan by 10%. Export promotion activities have been strongly innovated with many series of events. The import and export market continues to increase and reaches 142 countries and territories. Notably, exports to FTAs partner markets increased sharply compared to the previous year, such as the EVFTA Agreement increased by 29.48%; the RCEP Agreement increased by 24.06%; the CPTPP Agreement increased by 16.05%; the UKVFTA Agreement increased by 12.14%.
The group of processed and manufactured industrial products continues to be the driving force for overall export growth, accounting for nearly 80% of the city's total export turnover. The production and export capacity of domestic enterprises is increasingly improved, with the proportion of export turnover of the domestic economic sector in 2024 reaching 8.7% of the city's total export turnover, up 2.2% compared to 2024.
The trade balance recorded a high trade surplus for the fifth consecutive year, reaching 8.2 billion USD. The Korean market continues to hold a strategic position with total two-way import-export turnover, accounting for 40% of Hai Phong's total import-export turnover with the world.
At the 2024 year-end conference, Mr. Nguyen Van Thanh, Director of the Hai Phong Department of Industry and Trade, emphasized that 2025 is a breakthrough year for the 2021-2025 period plan. In order for Hai Phong to achieve the expected GRDP growth target of 12.5%, the Hai Phong Department of Industry and Trade has determined to affirm its role as the main driving force for economic growth through comprehensive strategies. Specifically, the Department of Industry and Trade has set a number of targets in the industry's key areas in 2025 such as: Industrial development index increased by 17%; Total retail sales of goods and service revenue reached 250,200 billion VND; Export turnover reached 37 billion USD; Import turnover reached 32 billion USD. This will be the foundation for the city's economy to continue to make breakthroughs in 2025.
“We will synchronously organize the development of domestic and export markets. In particular, we will continue to coordinate with sectors and localities to attract investors to invest in industrial clusters in the future. Coordinate with the Ministry of Industry and Trade and Vietnam Electricity Group to ensure the supply of safe and quality electricity to meet socio-economic needs and ensure people's living needs. Coordinate with ministries and sectors, especially the Ministry of Industry and Trade, to develop renewable energy, striving for Hai Phong to become an energy center in the future. Continue to coordinate with Vietnamese counselors in countries, especially countries participating in signed agreements with Vietnam to expand export markets, ensure the interests of enterprises, meet the growth of export turnover, ensure the value of goods, and the interests of enterprises when participating in new export markets,” Mr. Thanh shared.