Khanh Hoa: In the first 6 months of 2023, why did trade and services increase sharply?

Trade and services are bright spots

According to a report from the Khanh Hoa Provincial Statistics Office, the socio -economic situation of Khanh Hoa province in the first 6 months of 2023 continued to maintain its growth rate, and social life was cared for and ensured.

Specifically, the total product in Khanh Hoa province in the first 6 months of 2023 is estimated at 28,041.5 billion VND, up 7.86% over the same period last year, ranking 9th/63 in the country in terms of GRDP growth rate and 2nd in the North Central and Central Coast regions. Contributing to the total increase of 7.86% of the whole province: the service sector increased by 11.21%, increasing by 5.31 percentage points; the industrial and construction sector increased by 8.33%, increasing by 2.51 percentage points; the agricultural, forestry and fishery sector increased by 0.77%, increasing by 0.1 percentage points, product taxes minus product subsidies decreased by 0.55%, decreasing by 0.06 percentage points.

In the economic picture of Khanh Hoa province in the first 6 months of 2023, trade and service activities in the area are a bright spot with strong growth, especially tourism services. Many activities and programs to stimulate consumption to boost the growth rate of the trade and service sector have been organized enthusiastically on holidays and Tet, especially the Nha Trang - Khanh Hoa Sea Festival 2023 - a cultural and tourism event of national and international significance, contributing to promoting the potential and strengths of the province in the field of tourism economy.

Trade and services are bright spots in Khanh Hoa's economic growth in the first 6 months of 2023. Photo: Duc Thao

In the first 6 months of 2023, total sales of consumer goods and services reached VND 88,875.2 billion, up 17.51% over the same period last year, of which total retail sales of goods and consumer service revenue reached VND 53,945.3 billion, up 17.68%.

Tourism indicators for the first 6 months of 2023 all increased compared to the same period, specifically: Tourism revenue reached 12,565.7 billion VND, 2.26 times higher than the same period last year; the number of guests staying was more than 2.78 million, 2.65 times higher, of which international visitors were 780.3 thousand, 17.58 times higher.

In the first 6 months of 2023, the export turnover of goods is estimated at 789.1 million USD, an increase of 3.12% over the same period. The import turnover of goods in the province in the first 6 months of 2023 is estimated at 570.2 million USD, a decrease of 38.14% over the same period last year. The trade balance of goods in the first 6 months of 2023, the trade surplus is 218.9 million USD, equal to 27.74% of the total export turnover of goods.

The industrial production situation in Khanh Hoa province in the past 6 months has faced difficulties in the market, especially seafood processing and garment manufacturing enterprises due to tight monetary policies in many countries and the decline in consumer demand of major trade partners, which has greatly affected the processing and manufacturing industry.

However, the trial operation of the Van Phong 1 BOT Thermal Power Plant has caused the industrial production index of the electricity production and distribution industry to grow highly, contributing to maintaining the growth rate of industrial production in the first 6 months of 2023, up 6.36% over the same period.

In the first 6 months of 2023, the industrial production index increased by 6.36% over the same period last year (the first quarter increased by 4.56%; the second quarter increased by 8.12%). Some major industrial products in the first 6 months of 2023 increased over the same period last year such as: RE sugar increased by 2.64 times; electricity production increased by 2.14 times... Some products decreased such as: Frozen tuna decreased by 41.35%; construction stone decreased by 25.33%; other frozen fish decreased by 20.17%; frozen shrimp decreased by 19.74%...

Key tasks in the coming time

In addition to the achieved results, the socio-economic situation of Khanh Hoa province still has many shortcomings and limitations such as: Industrial production index and export turnover increased low compared to the same period due to fluctuations in the world economy leading to a decline in demand from partner markets; infrastructure investment projects in industrial parks and industrial clusters were slow to be implemented due to investment procedures and site clearance; the occupancy rate of industrial parks and industrial clusters is still low, so it has not created a driving force for industrial development... Tourism has grown strongly but has not yet recovered to pre-COVID-19 pandemic levels...

Khanh Hoa tourism has grown strongly but has not yet recovered to pre-Covid-19 levels. Photo: Minh Toan

In the coming time, Khanh Hoa province will continue to promote construction investment activities in the area, actively attract domestic and foreign investment capital into key economic zones of Van Phong, Cam Ranh, Nha Trang as a solution to increase the growth rate of the industrial and construction sector, contributing to the GRDP growth of the province.

At the same time, promote the domestic market; promote structural transformation towards increasing the proportion of processing and manufacturing industries. Expand and diversify export markets; focus on restoring and developing the international tourist market, building tourism products and services towards high quality standards; promote communication, actively promote Nha Trang - Khanh Hoa tourism.

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