There are still “bright spots”

In the context of general difficulties, Binh Thuan's economy in 2023 also shows "bright spots" thanks to the efforts of the entire political system, businesses and people in the province.

Another difficult year…

Recently, the Provincial People's Committee held a meeting to listen to a report on the socio-economic situation, national defense and security in 2023 and the direction and tasks for 2024. Thereby, it is recognized that besides the unpredictable fluctuations in the world situation, this year Binh Thuan's economy is also affected domestically, because the production and business activities of enterprises and people face many difficulties. Especially the negative impacts due to broken supply chains, high prices of input materials, and decreased demand for export orders...

This year, total retail sales of goods and service revenue are estimated to increase significantly compared to the same period (Illustration photo).

Faced with that situation, this year the number of newly registered enterprises in the province is expected to decrease by 10.69% and the number of enterprises returning to operation will decrease by more than 15% compared to last year. Meanwhile, the number of enterprises announcing temporary suspension of business operations increased by nearly 27% over the same period, while the number of enterprises completing dissolution and termination procedures increased by 10%... The difficult production and business situation also led to the local export turnover of goods for the whole year estimated at only 714.4 million USD, down 8.59% compared to 2022. Notably, the two main export groups with the highest turnover contribution to the province both decreased compared to the same period: The group of aquatic products is estimated to make 210 million USD, down more than 16% and the group of other goods brought in about 490 million USD, down 5.49%.

Reality shows that in 2023, the linkage of production, processing and consumption of agricultural products in the locality is still not without difficulties, or the determination of specific land prices to fulfill financial obligations is still slow. Although the state budget collection work in the province has been actively implemented, the estimated domestic revenue is about 8,606 billion VND, down 14.71% compared to 2022...

…There are still “bright spots”

At the meeting organized by the Provincial People's Committee, leaders of relevant departments and branches also participated in discussing and analyzing the results of implementing a number of economic indicators. It noted the "bright spots" achieved in 2023 thanks to the efforts of the entire political system, businesses and people in the province, such as: The industrial production value (at 2010 comparative prices) of Binh Thuan is estimated at 39,102.4 billion VND, an increase of 5.51% over last year. The production and distribution of electricity, gas, hot water, steam and air conditioning alone reached 17,737.8 billion VND, an increase of approximately 14% over the same period.

Recently, the locality was also approved by the Prime Minister in principle for investment in construction and business of infrastructure of Son My 2 Industrial Park with a total land use scale of 468.35 hectares, while the Provincial People's Committee approved the Son My LNG Port Warehouse project with a total capital of up to 31,434 billion VND. As of the end of October 2023, the whole province had 30 projects granted investment approval decisions with a total registered capital of nearly 33,620 billion VND. The total investment capital implemented by the whole society this year is estimated at 45,410 billion VND (an increase of more than 9% over last year), of which non-state capital and foreign direct investment both increased by 11.2% over the same period. Along with that, agricultural production in the province remains stable with the following results: The total annual food output is estimated at 856,898 tons (up 2.97% over last year), dragon fruit output is about 605,000 tons (up nearly 2%), seafood output is nearly 235,280 tons (up 1.71%)... In addition to focusing on developing, consolidating and improving the operational efficiency of agricultural cooperatives, this year the locality also promoted the implementation of the One Commune One Product (OCOP) program and has now increased the number of products meeting the province's standards to 93 OCOP products...

In the economic picture of Binh Thuan, it can be said that tourism is the sector that shows the brightest color thanks to taking advantage of some favorable factors such as the Vinh Hao - Phan Thiet and Phan Thiet - Dau Giay expressways officially put into use, hosting the National Tourism Year 2023 "Binh Thuan - Green Convergence". Therefore, it is estimated that the whole year, the whole province will welcome about 8.35 million visitors, an increase of approximately 46% over last year, of which international visitors are estimated at 230,000 (up 162.35%) and domestic visitors are about 8.12 million (up more than 44%), tourism revenue alone is estimated at 22,300 billion VND (up 63% compared to 2022)... This year, the total retail sales of goods and service revenue in the province is estimated to reach 95,480 billion VND, an increase of 28.57% over the previous year. Including total retail sales of goods estimated at VND 61,490 billion (up 18.25%), service revenue estimated at VND 12,050 billion (up 48.4%) and revenue from accommodation, food and beverage, and travel services reaching VND 21,940 billion (up 55.15%)...

Aiming to maintain the main bright color in Binh Thuan's economic picture, from now until the end of 2023, the locality will continue to strive to achieve the highest results compared to the set targets. Thereby creating motivation to strive to implement the province's economic development plan in 2024, recording many more "bright spots", especially in the fields of the 3 main pillars: Industry - Tourism - Agriculture.

According to estimates, Binh Thuan's gross domestic product (GRDP) growth rate in 2023 will reach 7.3% (exceeding the set plan of 7.0 - 7.2%), of which the agriculture - forestry - fishery sector is estimated to increase by 2.85%, industry - construction is estimated to increase by 7.85% and services are estimated to increase by 11.64%. In 2024, the locality plans to set a gross domestic product growth rate of 7.2 - 7.4%, of which industry - construction will increase by 9.5 - 10%, and services will increase by 9 - 9.5%...

Q. TIN

Source