Khanh Hoa makes efforts to restore growth in 2021

Thursday, 26/11/2020, 23:07 [GMT+7]

Khanh Hoa makes efforts to restore growth in 2021

Economic indicators of Khanh Hoa Province in 2020 are expected to see slight increase or decrease over those in 2019. However, in 2021, the province sets the target of recovering economic growth based on investment attraction and some spearhead economic sectors.
Many indicators decreased in 2020
According to the leadership of Khanh Hoa Provincial People's Committee, due to the impact of the Covid-19 epidemic, in 2020, the province’s GRDP is estimated to decrease by 9.6% over 2019. If the epidemic control in the country continues to be maintained and the epidemic situation in the world gets better, the province's GRDP in 2020 is expected to increase by 0.05%.
Among the affected industries, tourism suffered the most. Tourism revenue for the whole year 2020 is estimated to reach 5,080 billion VND, down 81.3% over 2019. The number of guests may hit 1.4 million visitors (down 80%), 430,000 of whom are international, down 87.9%. The export turnover of goods is estimated at 1,450 million USD, down 2.7%; import turnover is estimated at 850 million USD, down 0.14%.
Besides, some sectors still see slight growth. The industrial production index for the whole year 2020 is estimated to increase by 0.7%. Total fisheries production is expected to reach 110.2 thousand tons (up 1.1%), including 99.3 thousand tons of fishing production, up 1.8%. Shipbuilding industry has also brought export value of nearly 500 million USD, equal to one third of the goods export value.
This year's budget revenue is expected at 12,743 billion VND, equal to 73.8% of the estimate, as much as 66.8% compared to 2019. In which, revenue from import and export is 1,828 billion VND, equal to 140,6% of the estimate; domestic revenue is 10,915 billion VND, as 68.3% of the estimate.
According to Tran Hoa Nam - Director of the provincial Department of Planning and Investment, right from the beginning of the year, the provincial People's Committee promptly developed an action plan to implement groups of solutions to minimize the impact of the Covid-19 epidemic, remove difficulties for production and business activities, and perform the tasks of socio-economic development of the province. Despite facing many difficulties, over the past time, the province has maintained the development of a number of economic sectors such as ship building, seafood processing and solar energy;  and local industrial products still participate in export and meet domestic consumption demand such as ship building, cashew nuts, seafood, bird's nest, etc.


Ship building still keeps growth.
Ship building still keeps growth.
Expectations for 2021

Expected economic targets for 2021

-Gross Regional Domestic Product (GRDP) growth rate: 7.4%

- Average GRDP per capita: 73.3 million VND/person.

- Total export turnover: 1,530 million USD, up 5.5% compared to 2020.

- State budget revenue in the province: 12,710 billion VND, including 11,300 billion VND in domestic revenue, up 3.5% compared to 2020.

- Total social development investment capital: 56,919 billion VND, up 12% compared to 2020.

The year of 2020 is going to end. Although the province's general economy is starting to grow again, there are still many difficulties and challenges ahead. The Covid-19 epidemic in the world is still bad, affecting the fulfillment of socio-economic development goals, especially for fields of trade - tourism, agriculture, industry, import, export, budget collection and job creation. International forecasts also show that after the Covid-19 epidemic, the tourism industry still needs at least one year to recover the market and services.
Therefore, Khanh Hoa Province’s leaders have determined that industrial development, public investment and investment attraction will be the key development in the coming time. In 2020, the province has many policies in calling for investment, and has implemented many industrial promotion policies. That is creating positive results in attracting investment. By October 2020, the whole province attracted 20 investment projects with a total capital of more than 7,516 billion VND. At the end of 2020, a lot of energy production projects worth billions of USD have applied for investment in Van Phong. Along with calling for secondary investors to enter industrial clusters of Song Cau, Dien Phu - VCN, Trang É and Ninh Thuy, the provincial People's Committee continues to establish two new industrial zones namely  Doc Da Trang and Van Thang. When these two industrial zones are formed, it is expected to create a new driving force, boosting the economy in the northern area of the province.
According to Nguyen Tan Tuan - Deputy Secretary of the Provincial Party Committee, Chairman of the Provincial People's Committee, in 2021, the province determined to focus on well implementing dual goals: preventing the Covid-19 and developing economy. In particular, the province will boost economic structure in association with growth model innovation, focusing on restructuring towards improving productivity, growth quality, efficiency and competitiveness; and expand development space, seek new motivation for growth and speed up the process of economic restructuring. In addition, the province will also strengthen the management of natural resources, environment protection and actively responding to climate change. The work of ensuring social security, reducing poverty sustainably and improving life quality of the people is considered a long-term task.
Dinh Lam
Translated by T.T