Unveiling the Runner-up in Economic Growth for H1 2024

According to statistics from the Khanh Hoa Provincial Statistics Office, in the first five months of the year, the province’s socio-economic development continued to achieve positive results, with growth compared to the same period in 2023 across various sectors. The main economic indicators maintained high growth rates compared to the previous year.

Notably, the province’s industrial production index surged by 49.11% year-on-year; total retail sales of goods and service revenue reached VND 51,088.7 billion, a 16.3% increase; export turnover stood at USD 884 million, up by 24.8% year-on-year; tourism revenue amounted to VND 19,933.8 billion, a 2.5-fold increase compared to the same period last year; and state budget revenue reached VND 7,995.5 billion, equivalent to 47.9% of the estimate and a 22.9% year-on-year rise, with domestic revenue contributing VND 6,415.9 billion, or 43.9% of the estimate, and a 12.4% increase compared to the previous year.

Moving forward, the People’s Committee of Khanh Hoa Province estimates that the province’s economic growth rate (GRDP) for the first six months of 2024 will increase by 12.73% year-on-year, placing Khanh Hoa second in the country in terms of economic growth.

Additionally, the industrial production index is expected to rise by 46%. Total retail sales of goods and service revenue in the province are estimated to reach VND 62,585.4 billion, a 15.2% increase. Tourism revenue is projected to hit VND 27,000 billion, doubling the figure from the same period last year, with approximately 3 million international visitors, a 3.3-fold increase. Export turnover is estimated to surpass USD 1 billion, a 17% increase, while import turnover is expected to reach USD 626.7 million, an 8.8% rise. State budget revenue is estimated at VND 8,851 billion, accounting for 53% of the estimate and a 16.2% year-on-year increase.

Speaking at the meeting, Mr. Nguyen Tan Tuan, Chairman of the Provincial People’s Committee, attributed these impressive results to the tremendous efforts of the tourism, industry and trade, and culture sectors, as well as other departments, agencies, and localities.

“If we can maintain this growth momentum until the end of the year, the province will achieve a double-digit growth rate in 2024. In the tourism sector, we are likely to reach the 9 million visitor mark by the end of the year. We also aim to surpass USD 2 billion in export turnover in 2024,” Mr. Tuan added.

Previous data on the province’s economic growth indicated that Khanh Hoa’s GRDP in the first quarter of 2024 increased by 12.4% year-on-year, ranking fourth in the country. The GRDP growth by economic sector was 13.65%, while tax on products less subsidies on products increased by 1.03%. The agriculture, forestry, and fisheries sector contributed a 2.11% increase to the total 12.4% growth of the province, while the industry and construction sector contributed 7.55%, and the service sector contributed 4.54%.

Looking ahead, the Provincial People’s Committee has outlined key tasks and solutions for the last six months of the year. These include effectively implementing resolutions of the Central Government; improving the business environment and enhancing national competitiveness in 2024; and efficiently executing the plan for deploying the province’s master plans.

Additionally, the committee will expedite the approval process for master plans, including urban master plans, regional plans, and subdivision plans, especially in the Van Phong Economic Zone and the new Cam Lam urban area. It will also complete adjustments to land use planning and plans at the district level to ensure synchronization and consistency in accordance with the prescribed division of responsibilities and authority.

The committee is committed to accelerating the disbursement of public investment capital for 2024 and promptly addressing difficulties and obstacles in projects, especially those related to site clearance. It will also expedite the implementation of projects under the Program for Socio-Economic Recovery and Development, the National Target Programs, and key national and provincial projects, such as the North-South Expressway project (Van Phong-Nha Trang section), the Khanh Hoa-Buon Ma Thuot Expressway, the Nha Trang River Saltwater Prevention Dam, the Sustainable Cities Project – Nha Trang Subproject, the D30 Road project connecting 23/10 Street with Vo Nguyen Giap Street, the Provincial Children’s Culture Palace project, and the Provincial Party Committee, Provincial People’s Council, and Provincial People’s Committee Headquarters project.