Quang Nam: Economic recovery


(QNO)-Quang Nam economy is gradually bettered; however, there are still a lot of difficulties in the process of reviving the local economic life.

A factory in Quang Nam
A factory in Quang Nam

It is thus essential to have effective solutions such as disbursement of public investment, improvement of planning, and investment promotion.

Economic recovery

The Quang Nam economy became better in the first quarter of 2021 except mining and tourism. Reportedly, the industrial index increased by 15.9% over the same period of 2020.

Approximately 70% of the businesses believed that their situation would be stable or better. The industries of garment, vehicles and furniture were forecast to be more stable and grow better.

Agriculture, forestry and fisheries also increased steadily. There were 283 entrepreneurs entering the market with an increase of 70.5% of authorized capital compared to the same period last year.

It was amazing that the total budget revenue was over VND 7,317 billion, up 38% over the same period.

Growth expectations

The increase in production and budget revenue was a good signal, showing businesses’ adaption in difficult conditions.

However, service industries have still been in troubles. One of the effective solutions for the provincial economic growth may be the increase of public investment. And it is necessary to improve disbursement performance.

Regarding travel and tourism, the Department of Culture, Sports and Tourism of Quang Nam in cooperation with Vietnam National Administration of Tourism will receive foreign tourists with vaccine passports to Quang Nam.

Moreover, there will be a lot of tourism activities, events and stimuli to attract more visitors to Quang Nam in the time to come. Hopefully, Quang Nam tourism will be better. Chairman of the Quang Nam provincial People's Committee Le Tri Thanh believed in the local economic recovery.

However, it is necessary to remove the economic bottlenecks in planning and investment attraction. More importantly, Quang Nam needs to reform administrative procedures, to improve the administrative apparatus in order to have good innovative plans and solutions to attract more investors.