The estimated economic growth rate for Lao Cai is 5.11%.

DNHN - Lao Cai's service sector emerges as a prominent driver of economic growth, attaining 11.07% in the fourth quarter and 9.27% for the entire year. This exemplifies the strength and diversity of service-oriented endeavours in the area.

The Provincial Department of Statistics of Lao Cai has recently released data regarding the Provincial Gross Domestic Product (GRDP) for the entire year 2023 and the fourth quarter. As a consequence, the economy of the province has experienced favourable expansion, underscoring stability and recuperation after recent adversities.

During the fourth quarter of 2023, the GRDP of Lao Cai experienced a growth of 6.81%, culminating in an annual increase of 5.11%. The consistency and positivity of the province's economic activities are reflected in these figures, which lay the groundwork for future growth.

Prominent industries including forestry, agriculture, and fisheries experienced noteworthy expansion, exhibiting a 4.67% surge in the fourth quarter and a 3.22% increase for the entire year. Concurrently, the construction and industrial sectors expanded, albeit at a slower rate, by 1.55 per cent and 3.93 per cent, respectively.

Lao Cai's service sector emerges as a prominent driver of economic growth, attaining 11.07% in the fourth quarter and 9.27% for the entire year. This exemplifies the strength and diversity of service-oriented endeavours in the area.

In contrast, product taxes excluding product subsidies increased consistently throughout the year, by 5.54% in the fourth quarter and 5.18% for the entire year. This significantly contributes to the revenue of the province's budget.

In 2023, Lao Cai province will maintain its industry and services-oriented economic structure while concentrating on the development and expansion of agricultural production, by the plan outlined in Resolution 10 of the Provincial Standing Committee. This exemplifies the province's dedication to fostering production linkages and expanding cultivated landmass.

In general, the GRDP report demonstrates optimism and advancement in Lao Cai's economy through the diversification and innovation of economic sectors, while labour, employment, transportation, construction, trade, finance, and banking remain stable.

P.V (t/h)