Effect of resource factors to economic growth in Vinh Phuc province, Vietnam

Abstract

This study evaluates the effect of capital stock, labor and total factor productivity on economic growth in Vinh Phuc province based on the growth accounting approach. The results showed that the total factor productivity factor was the greatest contribution to the economic growth of Vinh Phuc province during 2001-2018 with 74.38%. Despite the unstable level of growth, the employed workers have also made small contributions to the economic growth of Vinh Phuc province. The capital stock factor has also retained its contribution to the province's economic growth with a general average of 20.35% for the 2001-2018 period. However, the efficiency of using resource factors for economic growth still needs to be improved in the future.

Keywords

• economic growth
• total factor productivity
• capital stock
• labor
• vinh phuc