Quang Nam: Economic restructuring

QNN |

(QNO) - Quang Nam provinvce has been making every effort to foster economic innovation, creating a breakthrough in its economic structure to become a well-developed province in the region.

Ky Ha sea port
Ky Ha sea port
 

The size of Quang nam provincial economy was VND 102.6 trillion in 2021, ranking 2nd in the Central key economic region and 4th out of 14 north Central and Central coastal provinces.

The average growth of GRDP (gross regional domestic product) reached 9.2% a year in the 1997-2021 period.

The provincial economic structure changed in a positive direction; namely, the proportion of the non-agricultural sector increased from 52.3% in 1997 to 85.92% in 2021.

GRDP per capita was VND 68 million in 2021, 31 times higher than that in 1997. The province has attracted more and more investment projects.

The achievements mentioned above show a result from the provincial economic restructuring proper to local current situation and common national development trend.

Infrastructure development

The agricultural economy played an important role and was given priority for socio-economic stabilisation during the early years of re-establishment of Quang Nam.

At the same time, provincial authorities and people paid much attention to local potential and strengths to promote internal resources, step up the economic restructuring towards industrialisation and modernisation.

There was a positive change in Quang Nam economic structure in the period of 2001-2010. The province focused on developing industry and services instead of agriculture.

As a result, the proportion of industry and services in GRDP increased from 58.47% in 2000 to 81.82% in 2010 and agriculture showed a decrease from 41.53% to 18.18%.

This period also saw the rapid economic growth in Quang Nam. The average GRDP increased by 11.6% a year with a breakthrough in industrial and tourism development. Quang Nam has become a key tourism area of Vietnam since then.

By 2010, Quang Nam industrial production ranked 25th nationwide. Its export turnover ranked 28th. Quang Nam was one of 20 provinces and cities with budget revenue of more than VND 3,000 billion.

Breakthroughs

Quang Nam identified three strategic breakthroughs in the period of 2011-2020, including infrastructure construction, human resource development, and investment attraction; economic restructuring and sustainable development; and reaching a well-developed province of Vietnam and soon becoming a modern industrial province.

Infrastructure development in mountainous areas
Infrastructure development in mountainous areas
 

The provincial economy developed comprehensively, getting a lot of significant results in this period. The economic structure shifted positively.

The agricultural- forestry- fishery sector accounted for 12.7% of GRDP by the end of 2019 but 14.45% in 2020 due to negative impacts of Covid-19.

Industry and construction played an important role and became the main driving force in the local socio-economic development.

The size of the provincial economy is currently over VND 102 trillion. Agricultural sector accounts for 13.8%; industry and construction make up 34.8%; 32.9% goes into trade and services.

The per capita GRDP reached VND 67.5 million in 2021, up 6.3% over the same period. Total social investment capital was estimated at VND 30,258 billion, up 5.2%.

In short, Quang Nam has made a lot of significant achievements since its reestablishment in 1997 thanks to its economic restructuring.

Quang Nam’s targets are to become a nationwide well-developed province and a modern industrial province by 2030.

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