Binh Thuan economy

Being a coastal province of the South Central region, with abundant and various natural resources, economy in Binh Thuan has advantages and potential to develop economic activities related to sea, agriculture, forestry, fishery, especially tourism.

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Belonging to the South Central Coast economy, next to the southern key economic zone, since the re-establishment in 1992 until now, Binh Thuan economy always reaches the high growth rate. The provincial gross domestic product (GDP) increases 12.3%/year, of which the agriculture-forestry-fishery increases by 7.3%, industry – construction accounts for 19.1% and the service makes up 14.3%. The GDP per capita in 2011 reached VND 26.8 million, equivalent to $ 1288, an increase of 10 times compared to 1991. The accumulation rate of internal economy increased from 9.5% in 1991 to 20% in 2011. The economic structure is shifting in the right direction. Until 2011, the proportion of agriculture-forestry-fishery decreased to 20.1%, industry-construction increased by 34.2% and the service sector increased by 45.7%.

In 2012, the economy in Binh Thuan continued to grow. The provincial gross domestic product increased by 9.51%, including agriculture – forestry – fishery rose 4.92%, industry – construction increased 10.2% and the services increased 11.92%. The economic structure in each sector has the positive shift.

Industry

Binh Thuan industry is developing towards the diversification. The province is priority development of industrial products having the high technology and the great value added, pays attention to sectors having potentials and advantages of geography such as energy industry, mining, construction materials and food processing, biotechnology, mechanical industry, manufacturing to serve the economic sea and develop agriculture along with ancillary industries for the southern key economic region. 

The industrial production value increases 16.7%/year on average, especially thanks to the hydropower plants and wind power put into operation, the industrial output value fairly increases (from 2010 until now, the average increase reaches  20.9%/year). The processing industry for export using local materials tends to grow up fast. Some products have seen fair growth as construction material, seafood processing, garment, mineral water, fine art handicraft.

From the strengths and development orientation of Binh Thuan economy, industrial zones and clusters in the province prioritize in key sectors such as processing industry of agriculture, forestry, mineral, food processing; production of consumer goods and building materials for domestic market and export such as garment, household goods, electrical metals, electronics, furniture, chemicals - cosmetics, building materials and senior decorations…

Agriculture - forestry - fishery

Binh Thuan agriculture – forestry – fishery is diversified. The province is looking forward to developing agriculture – forestry – fishery production towards the ecological sustainability, commodity production with the high efficiency associated with the market and industry development, new rural construction. In particular, the fishery will focus on developing offshore fishing and aquaculture, seafood. Main traffic routes like Highway 1A, Highway 55, Highway 28 are under construction; fishery infrastructure in ports Phan Thiet, Phu Quy, La Gi, Phan Ri Cua and the anchorage to avoid storms in Lien Huong, Chi Cong, Phan Ri, Mui Ne, Phu Hai, Ba Dang, La Gi and Phu Quy are under construction - investment. The province strives to reach the growth rate during the period 2011-2020 from 7.0 to 8.0 %/year. By 2020, the mining production reaches 190,000 tons and aquaculture reaches 30,000 tons.

In the agricultural sector, the province will diversify the kinds of plants and animals that are appropriate to the requirements of the market. The agricultural structure is shifted towards improving the agricultural proportion value, promoting the product potential of the province. Based on the advantages, the province forms some area specializing in perennial industrial crops and fruit trees (rubber, coffee, dragon fruit…) and raising the big cattle (cows, goats…).

Tourism

Until 2012, Binh Thuan has 411 tourism projects approved investments, with a total registered capital investment of 54.719 billion, of which 150 projects have gone into business operations. In 2012, Binh Thuan has 411 tourist projects approved investment with a total registered capital of VND 54.719 billion, of which 150 projects have put into operation. The growth rate of Binh Thuan tourism is relatively high and stable. The average revenue from tourism increases 36/9%/year. The number of tourists to Binh Thuan was 2,800,000 arrivals in 2011 (in 2010 was 513,000 tourists), increasing 16.7%/year on average. Among them, international tourists were 260,000 arrivals, accounting for 9.3%. In 2012, the number of visitors reached about 3.14 million arrivals, an increase of12% over in 2011, of which international visitors (coming from 80 countries around the world) reached 340,000 arrivals, up 13.3%. The total revenue from tourism in 2012 reached VND 4.350 billion, up 126% over 2011.

Trade –services

Along with attracting investment activity, in recent years, Binh Thuan enhances export activity. The export turnover in 2011 reached US$ 290 million, an average increase of 18.4%/year. In 2012, the export turnover was estimated US$ 318 million, reaching 104.1% of the plan and increasing 7.2% over the last year, of which export of goods reached $ 229 million. The aquatic product reached US$ 81.9 million, accounting for 95.3% of the plan (reducing 5.7% over 2011). The agricultural products achieved US$ 37.6 million, making up 81.8% of the plan (decreasing by 6.1% over 2011). Other goods mounted US$ 109.5 million, reaching 124.5% of the plan (an increase of 26.3% compared to 2011) with some major items such as 11,289 tons of frozen seafood, 937 tons of dried seafood, 759 tons of cashew nuts, 2018 tons of rubber, 37585 tons of dragon fruit. The export turnover of textile and garment reached $ 78.4% million, accounting for 140% of the plan and increasing 168.5% over the last year. The export products of the province as seafood, cashew nuts, dragon fruit, garment has steady growth and positive development trend. The export market has been gradually expanded; the export communities of the provinces are directly exported to 45 countries and territories around the world.

In addition to the industry, tourism, agriculture – forestry – fishery, Binh Thuan also focuses on the service sector to create the important prerequisite for the development of other economic sectors. The development of other sectors such as finance, banking, insurance, consulting services, information technology and software… meets the needs and the economic development level of the province in each development period.