Long An Trade-Tourism Sees High Growth Rates

To boost the domestic market, resources have been mobilized to build and upgrade five market places: Bau Say (Vinh Hung), Tam Vu (Chau Thanh), Thanh Hoa (Thanh Hoa), Tho Mo (Duc Hue) and Phuong 4 (Tan An). In the first quarter of 2008, 127 local enterprises have registered with total investment capital of VND 1,070.5 billion, together with 12 foreign investment projects with registered capital of US$85 million. So far, 3,636 local enterprises have registered with total capital of VND20,180 billion and 222 foreign investment projects with capital of US$1,028 million. In 2007, 209 enterprises (101 foreign enterprises) have joined export activities, 105 more than in 2006.

 

As a result, the turnover of retail sales and service in 2007 was VND9,033 billion, 27 percent more than 2006 and the highest ever recorded. In the first quarter of 2008, turnover was VND2,882 billion, 25.9 percent above the same period last year. The market management has been reinforced, uncovering 1,416 cases of trade fraud and smuggling, and collecting VND2,799 billion for the budget.

Due to the encouragement of the government and efforts of enterprises, the import-export value in 2007 increased to US$642 million or 34 percent more than 2006, a record high. Five main export items (rice, cashew nut, garment, footwear, processed aquatic products) made up 82.36 percent of export turnover and maintained stable market share at home and abroad. Meanwhile other products continue competition and expand their markets such as feather, handicraft and wood works. Export value in the first quarter of 2008 was US$200 million, or 40.25 percent more than the same period last year. The import value was US$372.5 million, 14.5 percent more than 2006, and the first quarter of 2008 was US$90,5 million, 18.8 percent more than the same period last year.

 

Border trade has also been promoted, especially as Binh Hiep border gate was upgraded to increase import-export activities with Cambodia.

The province has encouraged all economic sectors to develop all kinds of tourism, such as the recreation centre in Khanh Hau Lake, Tan An Park and Dong Thap herbal medicine centre, increasing the number of tourists and turnover. Tourism and service turnover in 2007 was VND43 billion, 39 per cent more than 2006, with over 150,000 tourists (17 percent more than 2006) including 2,050 foreign tourists. In the first quarter of 2008, the turnover was VND13.5 billion, 37 per cent more than the same period last year.

 

However, there are certain constraints such as policy restriction, limited investment, crop and livestock diseases, unskilled labour, low competitiveness and slow technology transfer affecting production and purchasing power.

 

The objective of Long An is to become an industrial province of the Southern key economic region by 2020, with average economic growth of 13.5 – 14 per cent in 2006-2010 (15.4 percent in trade-service or 30-31 percent of the province economy, and 25 percent in export value). The province will develop trade and tourism, promote the production of high-value products meeting the demand of the world market, and at the same time build more commercial centres and call investment to Binh Hien and My Quy Tay border gates.

 

The province will accelerate the development of eco-tourism and Tan Lap floating village (Moc Hoa), Binh Thanh historical relics (Duc Hue), recreation centre in Khanh Hau Lake (Tan An), and promote high-quality tourist products and resorts.

 

Due to its achievements, Long An trade-tourism sector has been recognized by the Ministry of Industry and Commerce and will make greater contribution to socio-economic development of the province.