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Binh Dinh economy

Fri, 25 Jul 2014. Last updated Thu, 25 Jun 2015 08:46

Thanks to promoting the favorable geographical conditions, in past years, economy in Binh Dinh has strongly developed and become one of the important economies in the South Central Coast.

Belonging to the South Central Coast economy and being one of five provinces of the central key economic region, Binh Dinh plays an important role as an economic port connecting the region and other regions. The average GDP growth rate is always over 10% in recent years, the number of visitors and investors to Binh Dinh increases nearly 30% every year. The volume of cargo through Quy Nhon port reaches 4 million tones, ranking the third in the country’s port system. The security, political stability and insured society are the basic conditions to attract investment and tourism to the province. From 2009 to now, due to the impact of world economic recession, Binh Dinh also faced difficulties, but the province tried its best to stabilize the economy and society.

The average GDP growth rate of Binh Dinh province rose 10.7% /year, of which the industry – construction increases by 15.2%, the agriculture - forestry - fishery increased by 7.1% and services raised 11.2%. The average GDP per capita increased from US$219.7 in 2000 to US$401 in 2005 and US$901 in 2010. The economic structure has shifted toward the positive trend. In 2000, the structure of agriculture, forestry and fishery- industry, construction and services was 42.2% - 22.8% - 35% respectively and in 2005, the corresponding proportion was 38.4% - 26.7% - 34.9% and in 2010 was 35% - 27.4% - 37.6%. In 9 months of 2011, the total local products were estimated at VND 7954.4 billion, an increase of 10.2% over the same period last year. In particular, agriculture - forestry - fishery increased by 4.13%; industry and construction increased by 14.2%; services raised 13.91%.

 

Trade and investment

 

Signing ceremony of an investment in Binh Dinh

 

In the years 2006 - 2010, the province mobilized the invested capital of VND 37.8 trillion, accounting for 40.2% of GDP. Currently, the province has about 38 FDI projects with total registered capital of $ 636 million. Particularly in the first 9 months of 2011, the Binh Dinh provincial People's Committee granted investment certificates to two projects with a total registered capital of over US$3.2 million. In general, due to the world economic situation had difficulties, so the FDI projects in the province decrease significantly. In the first 9 months of 2011, the province granted investment certificates to 28 projects with a total capital of over VND 2685.7 billion.

 

Exports and imports

 

Seafood export in Binh Dinh

 

The total average export turnover increases by 10.2%/year. In the first 9 months of 2011, the export turnover was estimated at US$304.6 million, 2% over the same period of the previous year. A number of export commodities increased such as coffee (298.7%), rice (8.5%), textiles (38.7%), mineral products (9.8%), seafood (3.7%)... However, there is reduction some other goods compared as: wooden products (6.8%), footwear (2.9%), and medicine types (5.2%). The import value was estimated at $ 93.8 million, 17.1% over the same period of the previous year. In 9 months, the factories focused on importing raw materials for production as raw timber accounting for 35.4%; fertilizer accounting for 19.8% and food processing accounting for 11.5%.

 

Tourism and services

 

Beach in Quy Nhon

 

The Binh Dinh tourism is focused on investing development. In past years, in addition to the mechanism and policies to encourage investment in tourism development, Binh Dinh also pays special attention to planning and investment in the infrastructure construction, techniques for the tourism, including the portfolio and direct investment. The tourist infrastructure system has been gradually perfected and created favorable conditions to attract more and more tourists.

The province’s average growth rate of tourists in the period from 2006-2012 reached 23%/year. The revenue from tourism reached 24%/year. The goal of the provincial tourist sector in 2020 is rapid and sustainable development to truly become an important economic sector in the provincial economic structure and contribute to the development and restructuring of Binh Dinh economy towards the industrialization and modernization.

In term of the service sector, the province promotes the export commodities having the competitive advantage and develops positively the potential items into the new export products. The city also focuses on boosting the commercial activities and managing well the market, valuing the development of the domestic and local market and encouraging the domestic consumption, strengthening cooperation with provinces for commercial development and improving the quality of services to attract tourists.

 

Agriculture - forestry - fishery

The development of agriculture, forestry and fishery in the direction associated with the production of goods for the export and improving productivity and quality of agricultural products. The province accelerates the application of technical advances in the production, enhances the training of staff and managers having the qualifications to meet requirements of the industrialization and modernization of agriculture and rural areas. 

 

Industry

 

A wooden factory in Qui Nhon, Binh Dinh

 

Currently, Binh Dinh focuses on building and developing the Nhon Hoi Economic Zone to become an economic center and motivation to boost the Binh Dinh economic development. Coming to this economic zone, enterprises can invest in the large scale in the key economic sectors and high technology such as deep-water port construction, shipbuilding, oil refinery petrochemicals, financial, banking, postal-telecommunication…

As planned, in the following years, the province will promote the industrialization and modernization, primarily in agricultural sector and rapidly shifts its economic structure as well as enhances the competitiveness of the economy. The province strives to achieve 16.5% of the GDP average growth rate per year. By 2020, the GDP per capita is estimated at US$4000. The economic structure shifts towards increasing gradually the proportion of services, industry – construction and reducing the proportion of agriculture.

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