The Party Central Committee has agreed to streamline Vietnam’s provincial-level administrative units, with the new total set at 34 provinces and cities.

Among the planned mergers is the unification of Phu Tho, Vinh Phuc, and Hoa Binh into a single administrative unit. But how do these three provinces compare in terms of economic size before the merger?

Vinh Phuc is one of seven provinces and cities in the Northern Key Economic Region, while Phu Tho and Hoa Binh are located in the Northern Midland and Mountainous Region.

Recently, the Phu Tho Provincial Party Committee sent invitations to the Standing Committees of the Vinh Phuc and Hoa Binh Provincial Party Committees to attend a meeting on April 14. The goal was to align on implementing the conclusions of the Politburo and Secretariat, as well as central directives on the reorganization and merger of provincial administrative units.

According to preliminary data from the General Statistics Office, Vinh Phuc’s Gross Regional Domestic Product (GRDP) at current prices in 2024 reached VND 173.140 trillion (about USD 7.04 billion)  -  nearly equal to the combined GRDP of Phu Tho (VND 107.300 trillion, or about USD 4.36 billion) and Hoa Binh (VND 72.180 trillion, or about USD 2.94 billion).

In the 2024 GRDP rankings of Vietnam’s 63 provinces and cities, Vinh Phuc ranks 13th, while Phu Tho and Hoa Binh stand at 35th and 45th respectively.

Regarding GRDP structure, 2023 data shows notable similarities between Phu Tho and Hoa Binh, particularly in the small proportion of product taxes minus subsidies (5.91% and 4.7%, respectively). The primary contributors to GRDP in these provinces were agriculture-forestry-fishery, industry-construction, and services.

In contrast, Vinh Phuc had agriculture-forestry-fishery making up just 5.36% of its GRDP. Industry and construction dominated at 47.98%, followed by services at 23.48%, and product taxes minus subsidies at 23.18%.

As for GRDP per capita in 2024, Vinh Phuc reached VND 141.3 million per person (about USD 5,740), surpassing the national average of VND 114 million (about USD 4,628) by VND 27.3 million.

Hoa Binh saw a significant rise in GRDP per capita to VND 81 million (about USD 3,289), an increase of VND 11.23 million compared to 2023. However, it still fell VND 33 million short of the national average.

Phu Tho’s GRDP per capita was VND 70.7 million (about USD 2,870), falling behind the national average by VND 43.3 million, and trailing Vinh Phuc and Hoa Binh by VND 70.6 million and VND 10.3 million respectively.

Regarding domestic budget revenue in 2023, Vinh Phuc collected more than VND 25.618 trillion (about USD 1.04 billion), over three times the amount of Phu Tho’s VND 8.113 trillion (about USD 329 million) and nearly 5.4 times Hoa Binh’s VND 4.774 trillion (about USD 193 million).

In foreign direct investment (FDI) attraction in 2023, Vinh Phuc led with 28 new projects totaling USD 275.2 million in registered capital. Phu Tho followed with 7 projects worth USD 53.1 million, while Hoa Binh drew just one project valued at USD 60 million.

In export performance, Vinh Phuc again took the lead with a 2024 export turnover of USD 16.3 billion, a sharp 63.5% increase over 2023, according to preliminary customs data.

Phu Tho’s exports also soared by 45.6% year-over-year, reaching USD 15.4 billion in 2024.

The most surprising growth came from Hoa Binh, where export turnover jumped from just USD 598 million in 2023 to more than USD 2 billion in 2024, marking a staggering 234.4% increase.

Tam An