Binh Thuan Province Being Dynamic and Creative to Avoid Economic Downturn

 

Binh Thuan has many economic advantages. An easily recognizable advantage is its geographic location. Binh Thuan lies in the South Central Coast, closely connected with the Southeast and in the key economic region of the South. Being situated 200km away from Ho Chi Minh City and 250km from Nha Trang City, the national road 1A and the North – South railway run across Binh Thuan. National road 28 connects Binh Thuan with provinces in the South Central Highlands. National road 55 connects the province with Vung Tau, a centre of petroleum service and tourism. Binh Thuan also has lots of potential in its nature and natural resources to develop tourism such as: Mui Ne, Mui Ke Ga, Nui Ta Cu, Bau Trang, Ganh son.... In 2008, Binh Thuan saw its provincial competitiveness index jump seven grades, which reflects that Binh Thuan is being selected as a destination by more investors. With such strengths, Binh Thuan aims at having its industry and service sectors make up 80 percent of the province’s economic structure by 2010. In 2009, the province plans to achieve 19.6 percent of the industrial sector in the province’s economic structure, and to receive 2.2 million tourists with an increase in turnover of 155 percent.

 

In 2008, the global financial crisis and economic recession cast a significant influence on national development in general and on Binh Thuan’s development in particular. The inflation and recession of the economy as well as the monetary tightening policy, the sharp increase in the price of materials, technology, machines and equipment, and the narrowing of export markets forced enterprises in the province to face many difficulties while accelerating their production, business and exports. This placed an influence on jobs, income and life of labourers. However, with solidarity of and efforts made by the people and leaders of the province, Binh Thuan’s economy saw a sustainable and positive development in 2008. Almost all targets were achieved and even surpassd set plans. The province’s economic growth was 17.09 percent, the highest level in recent years. Binh Thuan also succeeded in mobilizing social resources for investments in development. Much progress was made in social and cultural activities, etc.

 

2009 is forecasted to be a tough year due to the on-going recession. As such, in order for the economy to develop, it is necessary that authority levels, sectors and localities in the area make endeavours, further improve gained achievements as well as overcome challenges by performing six key tasks, accelerating industrial development, and exploiting competitive advantages in tourist and agricultural sectors. It is also vital that products with competitive advantages be developed, improved, and their market expanded. Social resources for developing the province’s infrastructure system need to be mobilized, and such areas as education, healthcare, culture and sports need socializing, etc. Together with the country, Binh Thuan province will implement the socio-economic development goal in 2009 which is set by the Government. The goal is “to continue to control inflation, maintain a reasonable and sustainable growth, actively prevent recession, guarantee social welfares, accelerate global economic cooperation and integration, maintain political stability, guarantee national and social security, and create favourable conditions for the five-year socio-economic development plan (2006 – 2010) to be achieved.”