**Industrial Production Index Maintains Steady Growth**
According to the Quang Binh Provincial Statistics Office, the industrial production index in August 2024 increased by 0.3% compared to the previous month and 11.6% over the same period last year. Notably, the mining industry grew by 2.7%, while the manufacturing industry witnessed a significant increase of 12.4%. The electricity production and distribution sector also saw a rise of 11.9%, and the water supply, waste management, and wastewater treatment industry increased by 4.0% compared to the previous year.
**Steady Growth in Industrial Production Continues**
Cumulative data for the first eight months of 2024 showed a 7.6% increase in the provincial industrial production index compared to the same period last year. While the mining industry experienced a decline of 4.7%, the manufacturing industry grew by 9.2%. Additionally, the electricity production and distribution sector increased by 5.0%, and the water supply, waste management, and wastewater treatment industry saw a rise of 6.2% over the previous year.
**Key Industrial Products Show Varied Performance**
A closer look at the province’s key industrial products as of the end of August 2024 reveals a mixed picture. Titanium ore production reached 29,428 tons, a decrease of 11.5%. Construction stone production totaled 1.7 million m3, a 6.4% drop. Kaolin production reached 49,896 tons, reflecting a significant decline of 16.6%. However, there were also positive trends, with processed seafood products reaching 19,702 tons, an increase of 10.6%. Cassava starch production witnessed a substantial increase of 100.9%, totaling 6,897 tons. Furthermore, bottled beer production rose to 4,383 thousand liters, representing a notable increase of 49.7%.
**Retail Sales Show Slight Dip in August but Remain Strong Year-on-Year**
Quang Binh’s total retail sales of goods in August 2024 were estimated at VND 4,290.6 billion, a decrease of 0.2% compared to the previous month but an increase of 10.3% over the same period last year. The sales of different commodity groups fluctuated compared to the previous month. The group of food and foodstuffs reached an estimated VND 1,589.3 billion, a 0.6% increase compared to the previous month and a 9.9% increase compared to the same period last year. The group of cultural and educational items reached VND 32.3 billion, a 5.2% increase compared to the previous month due to the upcoming new school year and a 19.4% increase compared to the same period last year.
**Strong Performance in Key Sectors Drives Retail Sales Growth**
Looking at the cumulative data for the first eight months of 2024, Quang Binh’s total retail sales of goods reached VND 34,161.7 billion, an increase of 10.2% over the same period last year, with all sectors showing significant growth. The highest increase was in the food and foodstuffs group, which reached VND 12,879.1 billion, an 11.6% increase over the same period last year, contributing 4.4 percentage points to the overall growth. The clothing group also performed well, with an 11.5% increase, contributing 1.5 percentage points to the total retail sales growth.
**Tourism Boosts Growth in Multiple Service Sectors**
As August marked the end of the peak tourism season, there was a decrease in demand for tourism-related services in Quang Binh Province. However, compared to the previous year, the province attracted a significantly larger number of tourists during the first eight months of 2024. This boost in tourism had a positive impact on other service sectors in the province. For instance, accommodation service revenue in Quang Binh during the first eight months of 2024 reached VND 463.0 billion, an increase of 18.3% over the same period last year.
**Strong Tourism Performance Continues to Drive Service Sector Growth**
The number of staying visitors in August 2024 was estimated at 203,332, a decrease of 11.7% compared to the previous month but an increase of 27.1% over the same period last year. Cumulatively, from January to August 2024, the number of staying visitors reached nearly 1.4 million, an increase of 16.8% over the same period last year. The number of visitor days in August 2024 was estimated at 229,407, a decrease of 10.2% compared to the previous month but an increase of 30.0% over the same period last year. For the first eight months of 2024, the number of visitor days reached 1,513,752, an increase of 17.1% over the same period.
**Dining Services Show Year-on-Year Growth Despite Monthly Dip**
The revenue from dining services in Quang Binh in August 2024 was estimated at VND 401.2 billion, a decrease of 9.0% compared to the previous month but an increase of 14.7% over the same period last year. Cumulatively, for the first eight months of 2024, the revenue from dining services reached VND 3,048.3 billion, an increase of 11.2% over the same period last year.
**Other Service Sectors Show Resilience with Year-on-Year Growth**
The revenue from other business services in Quang Binh in August 2024 was estimated at VND 229.6 billion, a decrease of 0.7% compared to the previous month but an increase of 9.9% over the same period last year. Cumulatively, for the first eight months of 2024, the revenue from other business services reached VND 1,806.7 billion, an increase of 10.1% over the same period last year.
**Strong Performance Across Various Service Groups**
A breakdown of the service groups in the province showed significant growth across the board. The real estate business services group increased by 8.8%, contributing 2.5 percentage points to the overall growth. The administrative and support services group rose by 9.7%, contributing 1.8 percentage points. The arts, entertainment, and recreation services group increased by 12.1%, contributing 1.7 percentage points. Lastly, the “other services” group also increased by 12.1%, contributing 2.2 percentage points to the total growth of the business services groups.
**Budget Revenue Increases by Nearly 30%**
Budget revenue in Quang Binh Province for the first eight months of 2024 is estimated to have reached more than VND 4,450 billion, fulfilling 73.3% of the central and local budget estimates. This figure represents an increase of 29.6% over the same period last year, with the estimated balanced budget revenue reaching VND 3,353.2 billion, or 62.4% of the local budget estimate, and an increase of 8.2% over the same period last year.
**Strong Performance in Key Revenue Streams**
Compared to the annual estimate, Quang Binh has achieved and exceeded the progress of the annual estimate in 10/17 revenue items (66.7%). These include revenue from local state-owned enterprises, non-state enterprises, personal income tax, fees and charges, mineral exploitation rights, lottery tickets, and other revenue in the balanced budget. Additionally, there has been revenue from the sale of land-use rights and the sale of land-use rights in the sea, as well as dividends and profits after tax enjoyed by the local budget at a rate of 100%. However, the remaining 7 items have not yet met the annual estimate progress.
**Comparative Analysis Shows Significant Growth in Key Revenue Streams**
Compared to the same period last year, Quang Binh has achieved growth in 15/17 revenue items. These include revenue from central state-owned enterprises, local state-owned enterprises, foreign-invested enterprises, non-state enterprises, personal income tax, registration fees, fees and charges, land use fees, lottery tickets, mineral exploitation rights, land-use rights in the sea, other revenues in the budget, and dividends and profits after tax. Only two revenue items showed a decrease compared to the same period.
**Budget Revenue from Import-Export Activities Shows Impressive Growth**
Budget revenue from import-export activities in Quang Binh Province for the first eight months of 2024 is estimated at VND 1,099 billion, exceeding 57% of the annual target and a remarkable three-fold increase compared to the same period last year.
**Local Budget Expenditure Shows a Slight Dip**
Local budget expenditure in Quang Binh Province for the first eight months of 2024 is estimated at VND 10,070 billion, a decrease of 1% compared to the same period last year. This includes development investment expenditure of VND 4,680 billion, a decrease of 17.2%, and regular expenditure of VND 5,390 billion, an increase of 19.4% over the same period.
The Ultimate Vacation Destination: Province Aims to Generate $15 Billion in Tourism Revenue Over Five Years
This province recognizes tourism as a key economic driver.
The Industrial Production Index in August 2024 Surges: A Robust 2.0% Month-Over-Month Increase.
Industrial production in August continued its positive growth trend, with an estimated increase of 2.0% compared to the previous month and a 9.5% rise from the same period last year. This marks a consistent upward trajectory, as the eight-month estimate for 2024 shows a solid 8.6% industrial production index growth year-on-year.
The Ocean and Historic Sites Bring in Big Bucks: Province Earns 635 Billion VND from Tourism in Just 4 Days
The land of “Lao wind and white sand” boasts a picturesque landscape of mountains, rivers, forests, and seas, creating a breathtaking vista.
“A Vietnamese Province Collects Over 750 Billion VND in Just 4 Days During the 2/9 Holiday Weekend”
Over the four-day National Day holiday (from August 31st to September 3rd), this province of Vietnam welcomed over 175,000 tourists, generating a remarkable revenue of more than VND 750 billion.
The Big Win: Over 50,000 Attend Regal Group’s Victory Festival
This National Day, 2nd September, witnessed a spectacular celebration at the Regal Legend project site in Dong Hoi. Regal Group, the developer, hosted a ‘Victory Festival’, a musical extravaganza with a stunning fireworks display. The event attracted over 50,000 local residents and international visitors, a true testament to its appeal.
