The tea industry in Thai Nguyen is expected to soon reach a billion-dollar value

Thai Nguyen’s estimated budget revenue is expected to exceed over 840 million USD

The 23rd session of the 14th People’s Council of Thai Nguyen Province, for the 2021-2026 term, opened on the morning of December 9 and will be held over three days (from December 9 to December 11). During this session, the Provincial People’s Council will comprehensively review and discuss the outcomes, challenges and limitations encountered in the implementation of the economic and social development tasks for 2024. The council will also discuss and set the objectives for economic and social development in 2025.

Additionally, the council will review the budget allocation and public investment plans for 2025, with the aim of achieving the highest possible outcomes, working towards the goals outlined in the 20th Party Congress Resolution of the Provincial Party Committee and the 5-year economic and social development plan for the 2021-2025 period.

At the opening session of the 23rd meeting, Mr. Trinh Viet Hung, the Secretary of the Thai Nguyen Provincial Party Committee, emphasized, “Thanks to the decisive efforts of the entire political system, along with the united support and active participation of the local people and the business community, Thai Nguyen has overcome numerous difficulties and challenges, achieving significant results in the economic and social development of the province in 2024". 

Specifically, the Gross Regional Domestic Product (GRDP) of Thai Nguyen in 2024 is estimated to reach 6.9 billion USD, 1.4 times higher than in 2020. The value of exports in 2024 is expected to reach 27.6 billion USD, a 12.7% increase compared to 2020. The value of industrial production in 2024, based on constant 2010 prices, is estimated at 43.5 billion USD, marking an increase of 31.5% compared to 2020. The state budget revenue for 2024 is projected to exceed 840 million USD, which represents a 29% increase over 2020.

Accelerating the Thai Nguyen tea industry toward the billion-dollar mark

To successfully achieve the goals and tasks set for 2025, as well as the 5-year economic and social development plan for the 2021-2025 period, Mr. Trinh Viet Hung, Secretary of the Thai Nguyen Provincial Party Committee, proposed a series of solutions. These include revitalizing traditional growth drivers and fostering new growth engines to create breakthroughs in the province’s development.

"It is necceasary to enhance trade promotion efforts and boost exports. This would involve building strong brands, increasing visibility, and raising the value and quality of Thai Nguyen’s OCOP (One Commune One Product) goods, with a particular focus on tea products. The ultimate goal is for the Thai Nguyen tea industry to soon reach a revenue of 1 billion USD", he emphasized.

Moreover, Mr. Hung highlighted the need to support local businesses in meeting the new standards required by export markets, ensuring they are competitive and can meet international demand.

Additionally, Mr. Trinh Viet Hung called on local authorities at all levels to expedite the process of digital transformation in a thorough, widespread, and innovative manner. This includes not only the rapid development of modern digital infrastructure but also the establishment of a comprehensive digital economy, the cultivation of a high-quality digital workforce, and ensuring robust cybersecurity measures. These efforts are aimed at creating a competitive edge for Thai Nguyen, enabling it to stand out from other provinces and regions.

One of the key areas Mr. Hung emphasized was the need to attract more investment in emerging sectors and high-tech industries, particularly in areas such as semiconductor chips, artificial intelligence, and energy transition technologies. He stressed that these industries should be integrated with the domestic market, forming new supply chains and deepening participation in both regional and global value chains. He also underscored the importance of accelerating the development of infrastructure for industrial parks and industrial clusters, with particular attention to the southern part of the province, which should align with the broader development strategy of the capital, Hanoi.

Moreover, Mr. Hung highlighted the importance of boosting Thai Nguyen’s tourism sector, which has great potential due to the province's unique advantages in resort tourism, eco-tourism and its rich historical, cultural and spiritual heritage. In particular, he proposed focusing on key tourism areas such as the Nui Coc Lake National Tourism Area, the eastern slopes of Tam Dao, tea culture and the ATK Special National Historical Site.