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OVERVIEW ON SOCIO - ECONOMIC SITUATION IN LAO CAI IN 2019

Total State budget revenue in 2019 is estimated at 24,561.385 billion VND, up 1,855.472 billion VND (up 8.17%) compared to 2018. Total State budget expenditure in 2019 is estimated at 20,747.581 billion VND copper, increased 4.87% over 2018.

1. Economic growth

Gross regional domestic product (GRDP) in 2019 increased by 10.61% over 2018, of which agriculture, forestry and fishery increased 3.58%, contributing 0.51 percentage points to the growth rate general; Industrial and construction sector increased by 16.52%, higher than last year's increase of 13.68%, contributing 6.08 percentage points; Services sector increased 7.56%, contributing 2.97 percentage points. The growth rate in 2019 is higher than the increase of 9.69% in 2018, which is a great success in the province's socio-economic development.

The GRDP scale in 2019 at current prices reached 51,383.276 billion VND; GRDP per capita reached 70.068 million VND, equivalent to 3,039 USD (an increase of 298 USD compared to 2018). In terms of economic structure in 2019, agriculture, forestry and fisheries accounted for 12.71%; the industry and construction sector accounted for 40.33%; service sector accounts for 37.41%; product taxes less subsidies on production 9.55%.

2. State budget revenue and expenditure and insurance

Total State budget revenue in 2019 is estimated at 24,561.385 billion VND, up 1,855.472 billion VND (up 8.17%) compared to 2018. Total State budget expenditure in 2019 is estimated at 20,747.581 billion VND copper, increased 4.87% over 2018.

Total insurance revenue in 2019 reached 1,715.083 billion VND, of which 931.349 billion VND was collected from social insurance; health insurance reached 703.386 billion VND; unemployment insurance (Unemployment Insurance) reached 62.244 billion VND; Labor accident is surance occupational 18.104 billion VND. Total insurance spending in 2019 reached 1,928.2 billion VND, of which social insurance spending reached 1,278.9 billion VND; health insurance reached 633.2 billion VND; UI has reached 16.1 billion VND.

3. Investment

Total investment in the whole society in 2019 at current prices reached 21,915.676 billion VND, up 5.7% compared to 2018 and equal to 42.65% GRDP, including the state sector reached 4,984.507 billion VND, accounting for 22.75% of total capital and down 48.11%; Non-state sector reached 16,892.36 billion VND, accounting for 77.07% and increasing by 53.04%; Foreign invested sector reached 38.809 billion VND, accounting for 0.18% and decreasing 56.8%.

Regarding attracting foreign direct investment, in 2019, Lao Cai province will have 01 FDI project newly granted an investment registration certificate. Accumulated to the present, Lao Cai has 20 valid FDI projects with a total registered capital of 546.295 million USD. In 2019, the total registered investment capital of additional FDI projects reached 7.465 million USD, equivalent to about 172.1 billion VND, including: 01 newly licensed FDI project with a total investment capital of 0.865 million USD; 01 FDI projects have been adjusted to increase their investment capital with the total additional investment of 6.6 million USD (including: the project of Se Chong Ho hydropower plant of Viet Trung Electric Investment Co., Ltd; the tourist area project Sapa ecology of Topas Ecologde Co., Ltd).

 

                                                                                                                                                                 Thanh Tuan

 

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