It is reported that among the 14 projects that were granted investment decisions, most of them are in the commercial services and tourism sectors. At the same time, the province also signed 5 Memoranda of Understanding on investment cooperation with a total expected capital of 128,800 billion Vietnamese dong. It is worth noting that,
At the conference, the People’s Committee of Phu Yen province also signed 5 Memoranda of Understanding on investment research with a total registered capital of 128,800 billion Vietnamese dong. In which, Hoa Phat Group Joint Stock Company explores opportunities to invest in 3 projects with a total expected capital of 123,300 billion Vietnamese dong.
Sharing at the conference, Mr. Tran Dinh Long – Chairman of the Board of Directors of Hoa Phat Corporation said that the company has decided to invest in 3 projects in Nam Phu Yen Economic Zone. Specifically, Bai Goc Port project with an expected investment capital of about 24,000 billion Vietnamese dong; Hoa Tam Industrial Park infrastructure business project with an expected investment capital of about 13,300 billion Vietnamese dong; and Hoa Phat Steel Complex in Hoa Tam Industrial Park with an expected investment capital of about 86,000 billion Vietnamese dong. The total investment scale of the 3 projects is over 120 trillion Vietnamese dong.
Mr. Long expressed his expectation that these projects, when put into operation, will create employment for 20,000 workers in Phu Yen and contribute about 10,000 billion Vietnamese dong to the budget each year.
How has the economy of Phu Yen province developed in recent years?
According to Deputy Prime Minister Tran Hong Ha, Phu Yen is known as a land of “prosperous” and “serene” potential. Nature has given the province unique advantages in terms of economic geography; it is a bridge connecting the coastal provinces in the South Central Coast and Central Highlands.
With a coastline of 189 km and numerous beautiful landscapes (Ganh Da Dia, Dam Cu Mong, Xuan Dai Bay, O Loan Lagoon, Vung Ro Bay, Dai Lanh Cape), energy resources, and deep-water ports connecting the most convenient routes of the Central Highlands, Southern Laos, and Northeastern Cambodia through National Highway 25 and 29 connected to Gia Lai and Dak Lak.
After 35 years of re-establishment, Phu Yen’s economy has made strong strides. The economic growth rate has always maintained a relatively high level, averaging about 9% per year in the period from 1990 to 2018. The economic structure has positively shifted towards increasing the proportion of industrial-construction and services sectors; the agricultural sector has been developed in large scale, promoting the application of advanced science and technology to production…
In 2023, Phu Yen has grown strongly, with economic growth exceeding expectations, ranking in the top 10 provinces and cities with the highest economic growth in the country. The scale of the province’s Gross Regional Domestic Product (GRDP) in 2023 is more than double that of 2010. The GRDP growth rate in 2023 reached 9.16%, ranking 10th out of 63 provinces and cities nationwide.
Source: People’s Committee of Phu Yen Province
The per capita GRDP in 2023 reached 65 million Vietnamese dong, an increase of 13.4%; total investment capital in the province reached over 24,000 billion Vietnamese dong, an increase of nearly 26%; tourist arrivals to Phu Yen reached 3.2 million, an increase of 44% compared to 2022.
In terms of investment attraction, according to the provincial People’s Committee, in 2023, the province approved investment decisions and issued investment certificates for 17 investment projects with a total registered capital of 2,769.55 billion Vietnamese dong, and adjusted investment decisions for 46 non-budget projects. In 2024, the province approved investment decisions for 2 investment projects with a total registered capital of 26,852 billion Vietnamese dong and adjusted investment decision for 1 non-budget project.
In terms of budget revenue and expenditure, in 2023, the total state budget revenue in the province (as of December 31, 2023) reached 4,198.051 billion Vietnamese dong, equal to 81.9% of the central government’s estimate, equal to 52.5% of the provincial government’s estimate, a decrease of 17.9% compared to the same period.
Specifically, domestic revenue reached 4,133.159 billion Vietnamese dong, equal to 81.5% of the central government’s estimate, equal to 52% of the provincial government’s estimate, a decrease of 18.6% compared to the same period; domestic revenue excluding land use fees, lottery reached 3,041.946 billion Vietnamese dong, equal to 110.4% of the central and provincial government’s estimate, a decrease of 0.54% compared to the same period; total land use fees reached 945.629 billion Vietnamese dong, equal to 43% of the central government’s estimate, equal to 18.6% of the provincial government’s estimate, a decrease of 49.95% compared to the same period (the provincial bloc reached 67.877 billion Vietnamese dong, equal to 2.4% of the provincial government’s estimate; the district bloc reached 877.753 billion Vietnamese dong, equal to 39.2% of the provincial government’s estimate).
The total local budget expenditure (as of December 31, 2023) is 10,647.278 billion Vietnamese dong, equal to 97.3% of the central government’s estimate, equal to 77.03% of the provincial government’s estimate; of which, regular expenditure is 5,797.525 billion Vietnamese dong. The basic local budget expenditures are guaranteed according to the allocated schedule, meeting the tasks of ensuring the implementation of social security policies.
According to the Provincial Planning of Phu Yen for the period 2021-2030, vision to 2050, Phu Yen aims to achieve an average annual growth rate of 8.5-9% for the Gross Regional Domestic Product (GRDP) in the period 2021-2030; and an average per capita GRDP of about 150-156 million Vietnamese dong by 2030.
The economic structure by 2030: Industry-construction accounts for about 34%; services account for 46%; agriculture, forestry, and fisheries account for 15%; and product taxes (excluding product subsidies) account for about 5.0%.
