Promoting public investment

Public investment is one of the important factors promoting economic growth. Therefore, to increase GRDP, Dak Nong needs effective management and supervision policies to ensure sustainable growth.

According to Acting Director of the Department of Finance Tran Dinh Ninh, in order to increase GRDP, the public investment sector needs to be promoted. If done well, Dak Nong can reach the highest level of public investment in total GRDP.

Since the beginning of 2025, Dak Nong has focused on many solutions on site clearance and promoted the implementation of national target programs to promote capital disbursement.

Dak Nong's goal is to complete the 2025 public investment plan and the 2021-2025 medium-term plan. Major projects of the province such as: Gia Nghia City Central Square; upgrading the Provincial General Hospital; Dao Nghia - Quang Khe road; Provincial roads 2, 3... are being accelerated by the province.

"Dak Nong urgently directed relevant units to proactively coordinate with central ministries and branches, and Binh Phuoc to promptly start the Gia Nghia - Chon Thanh expressway project before April 30, 2025," Mr. Ninh informed.

In fact, slow growth in public investment will affect GRDP growth. Because in 2025, the industry and construction sector is expected to contribute 16.40% to the province's GRDP. This is the sector expected to contribute the highest among all key sectors.

According to Mr. Ninh, to speed up the disbursement of investment capital, Dak Nong will resolutely recover capital allocated to projects with disbursement volume not implemented according to the approved plan.

For projects that are not implemented according to the approved plan, the province will resolutely recover capital to adjust capital to projects with good capital disbursement volume, ensuring investment efficiency and avoiding loss and waste.

Right from the beginning of the year, the Provincial People's Council issued a resolution to adjust a number of targets. In particular, adjusting the total investment capital implemented in the whole society.

In the first quarter of 2025, the total social investment capital will reach more than 3,800 billion VND, an increase of more than 4.66% over the same period in 2024. This is an important premise contributing to the high growth rate of the industrial and construction sectors, contributing to the growth target.

In addition, the province also focuses on strengthening on-site inspection and supervision to promptly remove difficulties and problems arising during project construction.

Departments, branches and localities are required to proactively follow the progress of each project, especially key projects. In particular, coordination between related units is increasingly improved, creating favorable conditions for contractors to continuously implement construction.

With a determined and flexible spirit in direction and management, Dak Nong aims to disburse over 95% of the assigned public investment capital plan for 2025.

Unblocking capital flows

Along with public investment, credit capital is considered a “medicine” to support the economy, promoting investment, export and consumption. In the first months of the year, many banks in the area have simultaneously adjusted their deposit interest rates down, contributing to lowering lending interest rates, supporting economic recovery and development.

According to the assessment of the State Bank of Vietnam, in the first quarter, the mobilization interest rate remained stable. Some credit institutions have reduced interest rates to help people and businesses easily access credit capital to develop production and business.

By the end of the first quarter of 2025, the mobilized capital in the province will reach about VND 24,770 billion, an increase of VND 5,836 billion compared to the end of 2024. Total outstanding loans will reach about VND 52,893 billion, an increase of VND 7,423 billion compared to the end of 2024.

According to the Dak Nong Province Business Association, the reduction in interest rates by banks at the beginning of the year is good news for the business community.

However, to remove bottlenecks and help businesses quickly access capital when needed, banks should continue to improve the lending process.

Simplifying procedures, shortening approval times, and having loan regulations that are appropriate to the characteristics of small and medium-sized enterprises need to be emphasized. Only then will reducing interest rates truly be effective in supporting businesses.

To increase GRDP, Dak Nong continues to promote attracting investment projects to the area. Along with investment promotion activities, the province focuses on improving the investment and business environment and reforming administrative procedures.

In 2025, Dak Nong strives to abolish at least 30% of unnecessary business conditions and reduce business costs by at least 30%. All procedures related to businesses must be guaranteed to be performed online, smoothly, seamlessly and effectively.

Dak Nong is effectively promoting working groups to review and remove difficulties and obstacles for projects, unlock resources, and contribute to the local growth target.

In the first quarter of 2025, total social development investment capital reached VND3,818 billion, up 4.66% over the same period in 2024. Of which, state budget investment capital was VND745 billion, up 30.66%. Private and residential investment capital was VND3,072 billion. The rest was foreign direct investment.