Not only ensuring food and shifting to rice export, Tien Giang's economy began to develop in many sectors and fields towards industrial development, attracting many domestic and foreign investors, becoming a new driving force for development.
Rapidly growing economy
After 50 years of complete liberation of the South, thanks to continuous efforts, Tien Giang province has made strong progress in all fields. Thanks to proactive innovation in all fields, the socio-economic picture of the province has achieved many positive results. The most prominent evidence in the process of the province's development is through GRDP economic growth.
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| The D7 Road Project and the residential areas on both sides of the road contribute to changing the face of My Tho. Photo: TRUNG HAU |
According to analysis by the Department of Finance of Tien Giang province, during the period 2010 - 2019, the GRDP of Tien Giang province regularly maintained positive growth, ranging from 4.8% - 10.6%. Under the impact of the Covid-19 pandemic, the province's GRDP increased by only 0.3% in 2020 and decreased by -0.9% in 2021. After the pandemic, from 2022 to 2024, Tien Giang's GRDP recovered and grew rapidly, reaching 7.1% in 2022; 5.7% in 2023 and 7.02% in 2024.
Thus, despite being heavily affected by the Covid-19 pandemic, Tien Giang's economy in general and economic sectors in particular have shown significant recovery in the past 3 years (2022 - 2024). In recent years, Tien Giang's GRDP economic growth has recovered strongly, especially in sectors 2 and 3.
These areas play an important role and have a faster recovery rate than area 1, contributing greatly to the overall growth of the province. With this growth rate, compared to the Mekong Delta region in 2024, the GRDP scale of Tien Giang province ranks 3rd, only after Long An and Kien Giang provinces.
In the period of economic model transformation, although agriculture still plays an important role in the economy of Tien Giang province, the decreasing trend in its proportion is a sign of the industrialization and modernization process. Tien Giang is shifting from an economy that is mainly based on agriculture to a more diversified economy with strong contributions from the Industry and Trade - Service sectors.
The strong growth of the industrial sector is a positive signal for the development of Tien Giang’s economy, especially in the context of integration and globalization. The province is also promoting development, focusing on attracting investment in the processing industry, producing high value-added goods, helping to improve the competitiveness of the economy and create many job opportunities. Meanwhile, trade and services continue to play an important role in the economy, especially in the fields of trade, transportation, logistics and finance.
One of the province's notable highlights in socio-economic development is the good implementation of public investment. In recent years, Tien Giang has always been in the group of provinces and cities leading the country in disbursing public investment capital. Many projects and works have been implemented, creating a spillover effect, an important driving force to promote socio-economic development of the province.
According to the leaders of the Department of Finance, in the period of 2011 - 2015, the efficiency of capital use (ICOR) of the province was relatively good with ICOR of 2.89. This shows that Tien Giang province was able to use capital quite effectively in the early stages of economic development.
In the period 2016 - 2020, ICOR increased sharply to 4.62, reflecting a decrease in efficiency in capital use. The main reason is due to investment in large projects, extending the payback period and not creating corresponding GDP growth in the short term.
In the period 2021 - 2025, although ICOR decreased to 4.43, capital use efficiency is still not optimal. This also poses significant challenges in implementing future implementation solutions.
STRONG TRANSFORMATION
Looking at it from another perspective, one of the impressive results in Tien Giang’s innovation journey lies in the export sector. Accordingly, in the period 2010 - 2019, Tien Giang had impressive export growth, with export turnover increasing 5 times over the past 10 years.
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This reflects the province’s strong transformation from an economy based mainly on agriculture to an industrial and export-oriented one. Industries such as food processing, seafood, rice and fruit exports play an important role in the province’s economy.
The period 2020 - 2021 was a challenging time for Tien Giang's exports, as the pandemic disrupted global supply chains, limiting production and transportation. However, Tien Giang province overcame these difficulties and recovered strongly in the period 2022 - 2024. After the pandemic was controlled, Tien Giang witnessed a strong recovery, with export turnover growing strongly from more than 3.1 billion USD in 2021 to 6.5 billion USD in 2024.
In addition, Tien Giang is focusing on key export products with high added value such as: Processed foods, rice, fruits, seafood. At the same time, Tien Giang focuses on expanding export markets, especially to demanding markets such as: Europe, America, Japan, Korea. Compared to the Mekong Delta region, in 2024, Tien Giang province's export turnover will rank second, just after Long An province.
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| Bao Dinh River Road and Embankment Project is under construction. Photo: MINH THANH |
Tien Giang's growing economy has helped increase the province's budget revenue. According to further analysis by the Department of Finance, in the period 2010 - 2019, Tien Giang province's budget revenue maintained a stable and sustainable growth rate, thanks to the strong development of the Industry, Construction and Service sectors, contributing significantly to helping the province maintain its budget revenue.
The Covid-19 pandemic has caused a significant decline in budget revenue in 2020 and 2021. However, the Government's support measures and the gradual recovery of the economy have helped the province overcome this difficult period. From 2022, budget revenue began to recover strongly, showing that the economy of Tien Giang province has begun to recover.
In addition, the province also has strategies to attract investment, develop industry and services to increase budget revenue in the long term. In 2024, the province's budget revenue will reach 11,384 billion VND, ranking 4th in the Mekong Delta region, only behind Long An province, Kien Giang province and Can Tho city.
Once the economic foundation is built on a fairly solid foundation, Tien Giang calculates the goal of industrialization and modernization according to the general process of the country through promoting internal resources and making the most of external resources.
THE ANH - ANH THU
Source: https://baoapbac.vn/kinh-te/202506/tien-giang-sau-50-nam-giai-phong-vung-tin-buoc-vao-ky-nguyen-moi-doi-moi-dong-luc-phat-trien-1045192/
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