Quang Nam economic growth

QNN |

(QNO) - Quang Nam economy has been developing in spite of negative impacts of Covid-19 for a year.

Garment sector- part of Quang Nam economic growth
Garment sector- part of Quang Nam economic growth

Signs of economic recovery

Under bad impacts of the Covid-19 epidemic and natural disasters, Quang Nam economy faced a lot of challenges such as the disruption of supply chain, closure of several businesses, and unemployment.

The local Gross Regional Domestic Product (GRDP) is expected to go up by 5.1% in 2021, under its target of at least 6.5%. The number is yet a good sign of Quang Nam economic development in the current context.

The provincial sectors of agriculture, forestry and fishery achieve an increase of 3.6% over the same period of 2020. Its industry and construction are up 7.8%.

The industrial production index rises by 5.4%. The provincial total state budget revenue is VND21,154 billion, reaching 109.3% of the estimate.

The sustainability of the economy results from the fact that Quang Nam does not depend on a key product any longer.

Wood processing in Quang Nam
Logistics area of Chu Lai - Truong Hai port

By the end of 2021, there are 1,042 newly registered enterprises with a registered capital of over VND 8,960 billion. The total number of enterprises running is 8,138 with a registered capital of more than VND 87,832 billion.

The achievements Quang Nam has in 2021 are a result of the local effective implementation of the strategy for Covid-19 prevention and control, administrative reform, improvement of the investment environment and competitiveness.

Challenges

Natural disasters and Covid-19 are big problems Quang Nam has faced during 2021.

Wood processing in Quang Nam
Wood processing in Quang Nam
 

The province has spent a lot of time and resources stabilizing social life and staging economic reconstruction.

Tourism and services have been under negative impacts of the Covid-19 pandemic.

Revenue from travel services this year is estimated to be down 55.2% and 92.3% compared to 2020 and 2019 respectively...

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