Potential Development of Phu Yen
Phu Yen is a coastal province in the South Central Coast region, known as a land with great potential. Nature has bestowed upon the province unique economic advantages; it is the bridge connecting the coastal areas of the South Central Coast and the Central Highlands.
The province has a coastline of 189 km along with many beautiful landscapes (Ganh Da Dia, Dam Cu Mong, Xuan Dai Bay, O Loan Lagoon, Vung Ro Bay, Dai Lanh Cape). Its energy resources and deep-water ports are the most convenient connections of the Central Highlands, Southern Laos, and Northeast Cambodia through National Highway 25 and 29 which connect with Gia Lai and Dak Lak. Phu Yen has all the conditions to pioneer in the transition to a green and sustainable growth model in line with global trends. It is turning into a center for blue economy with service, tourism, and dynamic industry sectors linked to the green energy ecosystem.
Hung Vuong Bridge, an important connection from Vung Ro to Tuy Hoa City. Photo by Son Hai
In 2023, Phu Yen has emerged strongly with remarkable economic growth, ranking among the top 10 provinces and cities with the highest economic growth rate nationwide. The scale of GRDP economic system 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.
The per capita GRDP in 2023 reached 65 million dong, an increase of 13.4%; the total investment capital in the province exceeded 24,000 billion dong, an increase of nearly 26%; the number of tourists to Phu Yen reached 3.2 million, an increase of 44% compared to 2022.
In 2023, the total actual investment capital in the province reached 24,018.4 billion dong, an increase of 25.8% compared to the same period, creating new energy for 2023 and the following years. The province focuses on investing in infrastructure, with many connecting points; actively coordinating with ministries and sectors to implement projects of central investment in the province, including the North-South expressway project in the eastern region, which has transferred about 97.5% of the area.
Phu Yen will become a major tourism center in the country and the region
Phu Yen aims to achieve an average GRDP growth rate of about 8.5-9% per year in the period 2021-2030; the per capita GRDP by 2030 will reach about 150-156 million dong. The economic structure by 2030 will be about 34% industry-construction; 46% services; 15% agriculture, forestry, and fisheries; 5% product taxes (excluding product subsidies).
In terms of industry, the province needs to identify this as one of its main and key driving forces for growth and continue to call for strategic investors.
Green energy infrastructure and digital infrastructure will determine the competitiveness of the investment environment alongside transport advantages. With great potential for renewable energy (wind power, solar power, new energy forms such as hydro, green ammonia…) combined with a potential hydroelectric model, Phu Yen needs breakthrough thinking and solutions to attract investment to take a step ahead in leading green energy infrastructure, promoting investment in metallurgy, petrochemistry, and maritime transport.
In addition, the province focuses on developing the logistics service system associated with Tuy Hoa airport, Vung Ro seaport, Bai Goc deep-water port, Dong Hoa ICD dry port, connecting with major urban areas and industrial parks in the area.
Tuy Hoa paddy field. Photo by Tran Quy
Agriculture needs to focus on high-tech agriculture, comply with environmental standards. As a coastal province, Phu Yen needs to effectively manage fisheries exploitation, prevent illegal fishing, and contribute to early removing the IUU “yellow card” in the coming time.
Sustainable development of the marine economy based on green growth, efficient exploitation of aquatic resources, prevention and control of illegal exploitation; strengthening investment in the conservation, restoration, and protection of the integrity of the marine and inland ecosystems.
“Switching from coastal flat aquaculture to high-tech offshore aquaculture combined with offshore wind power centers is a strategic breakthrough idea for Phu Yen”, Deputy Prime Minister Tran Hong Ha said at the Announcement Conference on Planning and Investment Promotion in 2024.
Phu Yen tourism is oriented to become a key economic sector, a driving force for socio-economic development. Phu Yen has the potential to become one of the major tourism centers in the country and the region, the province needs to further exploit cultural factors in tourism development.
Striving to become a modern and sustainable development province by 2030; by 2050, become a province with a diverse and prosperous economy; the marine economic center of the South Central Coast as the province’s name – Phu Yen a land of “peace” and “prosperity”.
