Khanh Hoa Province: Maintaining economic growth momentum

2024 is a year of special significance in successfully implementing the Resolution of the 18th Provincial Party Congress, term 2020 - 2025. Therefore, right from the beginning of the year, Khanh Hoa Provincial People's Committee issued action program to implement the socio-economic development plan and state budget estimate for 2024 with many solutions.

Keeping goals and tasks

In 2023, Khanh Hoa's economy had impressive breakthroughs. Gross regional domestic product (GRDP) of the province increased by 10.35% over that in 2022, exceeding the target by 8.7%, ranking the 4th in the country in GRDP growth rate and leading in the North Central and Central Coast. Other economic indicators also increased simultaneously, creating a premise to complete the goals of the Resolution of the 18th Provincial Party Congress.

Entering 2024, besides the advantages, the macroeconomic situation still has many challenges. Therefore, in order to maintain growth momentum like in 2023, the provincial People's Committee determined that breakthrough solutions are needed.

According to Nguyen Tan Tuan - Deputy Secretary of the Provincial Party Committee, Chairman of the Provincial People's Committee, in 2024, the provincial People's Committee will continue to closely follow the goals, tasks and key solutions according to Resolution No. 09 of the Politburo on building and developing Khanh Hoa province until 2030 and vision to 2045 and the Resolution of the 18th Provincial Party Congress. The province strives to maintain economic growth on the basis of promoting and creating more positive changes in restructuring economic sectors towards improving productivity, growth quality, efficiency and competitiveness. Besides, the province will promote the development of science, technology, innovation, and digital transformation; promote reform of administrative procedures, strongly improve the investment and business environment; attract and effectively use resources for socio-economic development.

Van Phong petroleum warehouse

Solutions to be implemented

To complete the set goals, the provincial People's Committee determined that it is necessary to continue reviewing and perfecting regulations and policies associated with improving the effectiveness and efficiency of law enforcement; reduce and simplify administrative procedures and business regulations; promote the construction and development of a synchronous and modern strategic infrastructure system. In particular, the province actively coordinates with the Central Government to speed up the construction progress and put key national transport projects in the province into operation, such as: North-South Expressway through the province including sections: Van Phong - Nha Trang, Nha Trang - Cam Lam, Cam Lam - Vinh Hao; Khanh Hoa - Buon Ma Thuot expressway... In addition, the province will focus on allocating investment capital to complete key projects of the province, such as: Road D30 connecting 23-10 road with Vo Nguyen Giap road; traffic road outside Van Phong international transshipment port.

The province also will restructure economic sectors associated with innovating growth models, improving competitiveness as well as rapid and sustainable development. The agricultural sector will develop towards large-scale concentration, increase the application of high technology and digital technology associated with processing and consumption along the value chain, improving quality, efficiency and competitiveness; drastically and effectively implement the National Target Program to build new rural areas and the One Commune One Product (OCOP) Program for the period 2021 - 2025; develop high-value aquaculture, especially high-tech marine aquaculture, associated with processing and building and promoting brands.

In the industrial sector, the province will promote industry restructuring in the direction of increasing the proportion of processing and manufacturing industries and reducing the proportion of processing and assembly; develop processing industries, manufacturing, energy, information technology and telecommunications, and supporting industries; effectively exploit opportunities from signed free trade agreements (FTAs); actively diversify and expand export markets. The province will also focus on organizing connections and supporting domestic businesses to participate in the supply chains of FDI enterprises and large global enterprises; further the removal of difficulties for large-scale industrial projects in the area to soon be put into operation and increase production capacity; create favorable conditions for investors to accelerate the completion of existing projects, such as infrastructure of Ninh Thuy Industrial Park; industrial clusters: Dien Tho, Trang E, Ninh Xuan and speed up the progress of completing investment procedures to start infrastructure investment projects in Doc Da Trang Industrial Park and Nam Cam Ranh Industrial Park...; attract businesses to invest in production and business in Trang É Industrial Cluster, Song Cau Industrial Cluster, Khatoco Industrial and Livestock Cluster, Dien Tho Industrial Cluster... partly creating jobs and new income.

At the same time, the province continues to effectively implement the Investment Promotion Program for the period 2021 - 2025. In particular, the province will focus on implementing and concretizing the contents signed in the Memorandum of Understanding between the Provincial People's Committee and investors at the Planning and Investment Promotion Conference of Khanh Hoa province in 2023; attract strategic investors to make the most of specific mechanisms and policies according to Resolution No. 55 of the National Assembly; effectively promote the role of the Provincial Investment Promotion and Enterprise Support Steering Committee; effectively deploy regulations to coordinate exchange, provide information and resolve difficulties and obstacles for businesses and investors...

In addition, the province also focuses on developing high-quality human resources associated with promoting scientific research, technology development and application, and further strongly promoting startup innovation; comprehensively develop cultural and social fields, ensuring harmonious connection with economic development; ensure social security, improve the material and spiritual life of the people; continue to innovate and improve the quality of social policies; promote the development of regional links; carry out planning and planning management well; accelerate the speed and improve the quality of urbanization and urban economy...

In 2024, Khanh Hoa aims to increase the province's economic growth rate to 8.1%; GRDP per capita to 96.25 million VND/person; total export turnover to 1,870 million USD; State budget revenue to 16,687 billion VND, including 2,087 billion VND from from import-export activities reached and 14,600 billion VND from domestic revenue. Total investment capital for social development aimed to reach 80,569 billion VND, an increase of 13% compared to 2023.

Dinh Lam

Translated by T.T