Many households with high income

Developing household economy is considered an important chain to solve the issue of creating jobs for rural workers, contributing to hunger eradication and poverty reduction as well as build new style rural areas.

Several households in Ngoc Chau commune (Tan Yen district) develop the craft of making noodles.

Ngoc Chau commune in Tan Yen district has nearly 2,000 households, more than 340 of which develop handicrafts, commerce and services while 100 of which raise livestock and poultry on a farm scale.

The family of Dao Tien Sang in Khanh Ninh village is one of the households with high income. His pig farm raises more than 12,000 pigs per year (the largest scale in the province).

To raise the pigs healthily and protect the environment, he focuses on applying proper techniques to take care of them, prevent diseases, construct biogas tank for waste treatment. On average, each year, the family earns 5-7 billion VND (212,884 – 298,038 USD).

The statistics from the Provincial Farmers' Association proved that in 2023, the whole province had more than 103,000 good production and business households at all levels, accounting for about 40 percent of the total number of farming households in the province.

Typically, family of Nguyen Thi Chiem in Tan Moc commune (Luc Ngan district) earns 2.2 billion VND per year from the fruit tree growing model; household of Hoang Dinh Que in Quynh Son commune (Yen Dung district) earns 1.2 billion VND per year from pig farming; family of Nguyen Huu Quy in Dong Ky commune (Yen The district) raises chickens and earns about 2 billion VND per year...

Due support from the government

To support the farm economy in particular and economic development in general, in recent years, Bac Giang province has issued many policies to develop transport infrastructure; support loan; expand raw material areas; apply science and technology and train human resource among others.

Many households in Dinh Tri commune (Bac Giang city) develop their economy from producing and trading fine wooden furniture.

The Provincial People's Council has issued many resolutions to support agricultural development, aiming to build a comprehensive and sustainable agricultural sector.

The departments, branches and localities have accelerated trade promotion and attracted investors to agricultural product processing; promoted, introduced and put products on e-commerce platforms; consulted on design and packaging, supported printing costs and trained high quality human resources.

Household economies are often individual and scattered so an important solution that has been implemented by all levels, branches and associations is to guide and mobilize households to participate in cooperative groups and alliances.

Since the Provincial People's Committee issued the Project "Building cooperative groups, creating a premise for turning them into cooperatives in agriculture in the province during 2021-2025 period", the Farmers’ Association at all levels have guided to establish 33 cooperatives, 62 cooperative groups with effective operation.

Deputy Director of Son Dong Organic Honey Bee Cooperative Nong Van Tan said: "In mid-2023, the Bong Am traditional incense production group in Tuan Dao commune was merged into Son Dong Organic Honey Bee Cooperative so as to link and support each other in production and consumption of products. Thanks to that, all incense products have a new market in Nghe An province. The unit is also completing procedures to register the title of 3 star product under One Commune One Product programme (OCOP) for the candle incense”.

Capital is a must for economic development. Thus, the province and central government pay due attention to further expanding capital lending programs through support funds, policy banks, economic development schemes and projects.

When they have capital, households develop plans to use it appropriately so as to have the highest efficiency. In fact, many households receiving timely assistance for handling difficulties had stable production and contributed to local socio-economic development.

PM orders quantitative, qualitative development of collective economy

Prime Minister Pham Minh Chinh requested developing the collective economy in terms of both quantity and quality while chairing a forum on the cooperative economy and cooperatives in Hanoi on February 2.

Vietnam’s economy remains a bright spot in 2023

The trend towards economic recovery continued in Vietnam, with each successive month revealing further improvements over the previous month and each subsequent quarter surpassing the prior quarter. The country essentially achieved its overall goals and posted significant results in various sectors. It remained a bright spot amid a rather challenging global economic landscape.

China supports Vietnam’s development of green economy, people-to-people diplomacy: Ambassador

China supports Vietnam's efforts toward industrialisation and modernisation, particularly in key areas such as green economy, digital economy, and energy transition, Chinese Ambassador to Vietnam Xiong Bo has affirmed.

Opportunity for breakthrough in Vietnamese economy

Forecasts from international organisations indicate the possibility that global economic recovery will remain dim in 2024. In Vietnam, opportunities and challenges are intertwined, so the domestic economy is predicted to still face many challenges.

ADB Country Director points to three main growth drivers of Vietnam's economy in 2024

Public investment, domestic consumption, and export recovery will be the three main growth drivers of Vietnam's economy in 2024, the Asian Development Bank (ADB)’s Country Director for Vietnam Shantanu Chakraborty has told the Vietnam News Agency.