Despite the overall economic challenges, Binh Thuan's economy in 2023 also showed some "bright spots" thanks to the efforts of the entire political system, businesses, and people in the province.
Another difficult year…
Recently, the Provincial People's Committee held a meeting to hear reports on the socio- economic situation and national defense and security in 2023 and the direction and tasks for 2024. The meeting acknowledged that, in addition to the unpredictable global situation, Binh Thuan's economy this year has also been affected domestically, as businesses and individuals have faced numerous difficulties in production and business activities. Particularly negative impacts include disruptions to the supply chain, soaring input material prices, and a decline in export orders.
Given this situation, the number of newly registered businesses in the province is expected to decrease by 10.69% this year, and the number of businesses resuming operations is projected to decrease by more than 15% compared to last year. Meanwhile, the number of businesses announcing temporary suspension of business operations has increased by nearly 27% compared to the same period, while the number of businesses completing dissolution procedures has increased by 10%. The difficulties in production and business have also led to an estimated total export value of goods for the year reaching only 714.4 million USD, a decrease of 8.59% compared to 2022. Notably, the two main export product groups that contribute the most to the province's export value both decreased compared to the same period: the seafood group is estimated to reach 210 million USD, a decrease of more than 16%, and the other goods group brought in about 490 million USD, a decrease of 5.49%.
In reality, in 2023, the linkage between production, processing, and consumption of agricultural products in the locality still faced difficulties, as did the process of determining specific land prices for fulfilling financial obligations. Although the collection of state budget revenue in the province was actively implemented, the estimated domestic revenue reached approximately 8,606 billion VND, a decrease of 14.71% compared to 2022...
…There are still some "bright spots"
At the meeting organized by the Provincial People's Committee, leaders of relevant departments and agencies also participated in discussions and analyses to clarify the results of implementing several economic indicators. Among them, the "bright spots" achieved in 2023 thanks to the efforts of the entire political system, businesses, and people in the province were noted, such as: The value of industrial production (at 2010 constant prices) in Binh Thuan is estimated at VND 39,102.4 billion, an increase of 5.51% compared to last year. Specifically, the electricity, gas, hot water, steam, and air conditioning production and distribution sector reached VND 17,737.8 billion, an increase of approximately 14% compared to the same period.
Recently, the locality also received approval from the Prime Minister for the investment in the construction and operation of the Son My 2 Industrial Park infrastructure with a total land area of 468.35 hectares, while the Provincial People's Committee approved the Son My LNG Terminal project with a total capital of up to VND 31,434 billion. As of the end of October 2023, the entire province had 30 projects granted investment approval decisions with a total registered capital of nearly VND 33,620 billion. The total social investment implemented this year is estimated at VND 45,410 billion (an increase of over 9% compared to last year), of which non-state capital and foreign direct investment both increased by 11.2% compared to the same period. Alongside this, agricultural production in the province remained stable with the following results: Annual food production is estimated at 856,898 tons (an increase of 2.97% compared to last year), dragon fruit production is approximately 605,000 tons (an increase of nearly 2%), and seafood production reached nearly 235,280 tons (an increase of 1.71%). In addition to focusing on developing, consolidating, and improving the efficiency of agricultural cooperatives, this year the locality also promoted the One Commune One Product (OCOP) program and has now increased the number of OCOP-certified products in the province to 93…
In the economic landscape of Binh Thuan, tourism can be said to be the brightest sector, thanks to the utilization of several favorable factors such as the Vinh Hao - Phan Thiet and Phan Thiet - Dau Giay expressways officially put into operation, and hosting the 2023 National Tourism Year "Binh Thuan - Green Convergence". Therefore, it is estimated that the province will welcome approximately 8.35 million visitors for the whole year, an increase of approximately 46% compared to last year, including an estimated 230,000 international visitors (an increase of 162.35%) and about 8.12 million domestic visitors (an increase of over 44%). Tourism revenue alone is estimated at 22,300 billion VND (an increase of 63% compared to 2022)... This year, the total retail sales of goods and service revenue in the province are estimated to reach 95,480 billion VND, an increase of 28.57% compared to the previous year. This includes total retail sales of goods estimated at approximately VND 61,490 billion (an increase of 18.25%), service revenue estimated at VND 12,050 billion (an increase of 48.4%), and revenue from accommodation, food and beverage, and travel services reaching VND 21,940 billion (an increase of 55.15%).
Aiming to maintain the predominantly positive outlook for Binh Thuan's economy, the province will continue its efforts to achieve the highest possible results compared to the set targets by the end of 2023. This will create momentum for the implementation of the province's 2024 economic development plan, aiming for even more "bright spots," especially in the three main pillars: industry, tourism, and agriculture.
According to projections, Binh Thuan's Gross Regional Domestic Product (GRDP) growth rate in 2023 reached 7.3% (exceeding the planned target of 7.0-7.2%), with agriculture, forestry, and fisheries estimated to grow by 2.85%, industry and construction by 7.85%, and services by 11.64%. In 2024, the province plans to achieve a GRDP growth rate of 7.2-7.4%, with industry and construction growing by 9.5-10%, and services by 9-9.5%.
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