Khanh Hoa’s economy grows impressively

Although the implementation of the Resolution of the 18th Party Congress, term 2020 - 2025, in the context of many difficulties and methods, up to now, the economic development targets are still implemented well. Especially from 2022 to now, the province's economy has grown impressively.

The bright spots

At the beginning of the 2020 - 2025 term, Khanh Hoa was severely affected by the Covid-19 pandemic. The production and business of weight loss equipment and people's lives faced many difficulties. However, after nearly 4 years of implementing the Resolution of the 18th Provincial Party Congress, the province's economic development targets and tasks achieved feasible results.

Accordingly, the average economic growth rate (GRDP) of the province in the period of 2021 - 2023 reached 7.7%/year; of which GRDP in 2022 increased by 19.8%, the whole country and in 2023 the highest increase was 10.24%, ranking 4th in the country. In 2024, the province's economy continued to maintain its growth rate with GRDP growth reaching 12.35%; in the period of 2021 - 2024, GRDP is estimated to increase by an average of 8.9%/year.

Production activities at Khatoco Garment Factory.

Total development investment capital in the province in the period of 2021 - 2024 has been estimated at about 277,500 billion VND, an increase of 12.2%/year. Total budget revenue in the period of 2021 - 2024 is estimated at 66,800 billion VND, an average increase of 7.1%/year; promptly and fully meeting the tasks of development investment expenditure, disease prevention and control, implementation of social welfare policies, salary reform and other task designs.

Mr. Le Huu Hoang - Permanent Vice Chairman of the Provincial People's Committee said that in this period, industry still plays a key role in economic growth. GRDP of the industrial sector in the period of 2021 - 2024 is estimated to increase by an average of 12.7% per year; in the first 6 months of 2024 alone, industry increased by 46% over the same period last year. During this period, GRDP of the service sector increased by an average of about 8.2% per year; total retail sales of goods and consumer services reached a value of 397,800 billion VND, an average increase of 14.9% per year. Total export turnover of goods and services in the province in the period of 2021 - 2024 is estimated to reach nearly 6.7 billion USD with an average growth rate of 9.1% per year. For the tourism sector, revenue in the 2021 - 2024 period is estimated at VND 90,500 billion, an average growth of 67.6%/year.

Along with that, attention has been paid to investment and upgrading of socio-economic infrastructure, especially transport infrastructure. Of which, the Nha Trang - Cam Lam and Cam Lam - Vinh Hao expressways have been inaugurated, the Van Phong - Nha Trang section and the Khanh Hoa - Buon Ma Thuot expressway are under construction. The coastal urban system is focused on development. Van Phong Economic Zone attracts many large projects, both in developing coastal tourism urban areas and investing in industrial park and logistics infrastructure.

With this result, the province's socio-economic development has been quite comprehensive, completing the important goals set out in the Resolution of the 18th Party Congress. The potentials and strengths of the province have been strongly promoted; the economic base has shifted in the right direction. To achieve such results, right from the beginning of the term, the Provincial Party Committee, the Provincial People's Council and the Provincial People's Committee have led, directed, and decided and synchronized solutions for socio-economic development; many targets and tasks have been implemented quite well. The province has focused on solving difficulties for production and business activities, effectively implementing the Socio-economic Recovery and Development Program; strongly promoting the shift of industrial bases towards increasing the proportion of large variations, manufacturing and reducing the proportion of industry, fast connection. The province has also focused on solving difficulties, attracting investment to soon put large-scale industrial projects in the area into operation, enhancing production capacity.

Strive to achieve the goals and objectives of the entire mission

Mr. Nguyen Tan Tuan - Deputy Secretary of the Provincial Party Committee, Chairman of the Provincial People's Committee assessed that from now until the final task, there will be intertwined benefits and processes. Khanh Hoa continues to enjoy special mechanisms and policies according to Resolution No. 55/QH/2022 of the National Assembly on piloting a number of special mechanisms and policies for the development of Khanh Hoa Province on the basis of effectively exploiting other potentials, emerging opportunities, competitive advantages, especially in the service, tourism and marine economic sectors. However, there will also be many difficulties and challenges in the context of the world and regional situation continuing to develop rapidly, complicatedly and uneasily. The economy will be strongly affected by many unfavorable factors, causing difficulties for production, business activities and people's lives. "In that context, the Provincial Party Committee and the Provincial People's Committee will continue to promote innovation, strive, seize all opportunities and advantages, overcome all difficulties, and strive to successfully implement the targets and tasks of the entire term. In particular, focusing on developing and implementing key tasks well; proposing and presenting specific solutions to discuss targets that have not been achieved and are difficult to achieve according to the Resolution of the 18th Party Congress (such as: Targets for new rural construction, rate of working-age workers participating in social security, etc.); paying attention to the issue of proposing and developing comprehensive solutions to achieve the goal of sustainable economic development associated with green growth and environmental protection according to the orientation in Resolution No. 09 of the Politburo on building and developing Khanh Hoa Province to 2030, with a vision to 2045" - Mr. Nguyen Tan Tuan emphasized.

Production at Khanh Hoa Salanganes Nest Joint Stock Company.

Also according to Mr. Nguyen Tan Tuan, in the coming time, the province will continue to innovate thinking and working methods, strengthen research on new knowledge and good practices of ministries, branches of Central Europe and other localities in the country, proactively build and prohibit the operation of mechanisms and policies under the authority of the province to promote the development of the province. At the same time, continue to develop the implementation of the results of the Lieutenant's resolution; develop key tasks and solutions to improve the business environment and enhance national competitiveness.

On that side, the Provincial People's Committee also directed units to quickly make progress, approve general strategies, develop regional plans, zoning plans, especially analyze targets in Van Phong Economic Zone and Cam Lam new urban area; complete plan adjustment, land use plan to ensure land allocation, the most decentralized system, and regulate accurate verification rights. The Provincial People's Committee also determined to continue to accelerate the progress of resolving the investment budget plan for 2024 and 2025; during the time of handling difficulties, questions of projects, especially regarding site clearance. At the same time, accelerate the development progress of projects under the Socio-Economic Recovery and Development Program, national target programs, key projects of the country and the province such as: North-South expressway section Van Phong - Nha Trang; Khanh Hoa - Buon Ma Thuot expressway; Dam on Cai River Nha Trang; Coastal Cities Sustainable Environment Project - Nha Trang Sub-project; D30 Road Project - Connecting October 23rd Street with Vo Nguyen Giap Street; Provincial Children's Cultural Palace Project; Provincial Party Committee Office Project, National Assembly Delegation, Provincial People's Council, Provincial People's Committee... If the proposed solutions are well implemented, the province's GRDP forecast for the 2021 - 2025 period is estimated to grow at an average of 8.69%/year (target of 7.5%/year or more); Average GRDP in early 2025 will reach 131.9 million VND (target of 5,685 USD, equivalent to 131.9 million VND), 2.1 times higher than in 2021.

Economic indicators for the 2020 - 2025 term:

- Average annual economic growth rate (GRDP) reaches 7.5% or more; average GRDP in early 2025 reaches 5,685 USD.

- The economic structure has shifted towards continuing to increase the proportion of specialized services (accounting for 52.6%), industry and construction (accounting for 31.1%) and reducing the proportion of agriculture, forestry and fishery (accounting for 7.8%).

- Chemical export turnover in 2025 reaches 2 billion USD.

- Domestic budget revenue in 2025 will be 2.2 times higher than in 2020.

- Total social development investment capital for the 5 years 2021 - 2025 reaches more than 360 billion VND, with an average annual growth rate of over 12%.

- The rate of capital mobilization for social development investment/annual GRDP reaches 55 - 60%.

- The contribution rate of total factor productivity in GRDP averages 40% annually.

- Average labor energy growth rate in the period 2021 - 2025 reaches 6.8%.

DINH LAM