2:40:53 PM | 25/1/2015
Ha Tinh province had rapid economic growth in recent years, with average annual growth of 14.8 percent in the 2011- 2013 period and 25.89 percent in 2014. GDP per capita was over VND34 million in 2014. The province also saw a 6.51 percent growth of agricultural sector, a 22.93 percent growth of handicraft and industry sector, and a 19.6 percent growth in retail revenue, and a 27 percent growth of export and import turnover to US$3.8 billion. Ha Tinh is currently among the localities leading the country in investment attraction and business start-ups. Especially, the province successfully built two key economic zones of the country, and Vung Ang Economic Zone is gradually becoming the largest centre of heavy industries in Southeast Asia with main products of steel, power and a deep water port.
Robust-growing industry, service
In 2014, many industrial and commercial development indicators of Ha Tinh province met and exceeded the targets. Industrial production value was estimated at VND9,004.64 billion in 2014, up 22.97 percent over 2013 and three times as high as the average growth of the country. The province ranked 6th in the country in foreign direct investment (FDI) attraction (it drew the largest FDI project in Vietnam with a registered capital of US$10 billion). Vung Ang Economic Zone, covering an area 22,781 ha, is one of five major coastal economic zones of the country, targeted to become a sizeable industrial centre of Southeast Asia. The economic zone is set to develop nationally strategic industries, driven by the steel rolling complex with an annual capacity of 22 million tonnes, a thermal power centre with a capacity of 7,000 MW, a deep water port with an annual handling capacity of 50 million tonnes of cargo in 2015 and 82 million tonnes in 2020, and a petrochemical centre with an annual capacity of 16 million tonnes. Especially, Vung Ang - Son Duong deep water port complex is capable of serving ships of 300,000 tonnes. The port is connected to international maritime routes to key ports in South Asia, North America, Europe and other centres in the world. Son Duong steel and deep water port complex project of Formosa Group with the first phase investment capital of US$10 billion, 4,800-MW Vung Ang thermal power centre, VND480 billion Saigon Ha Tinh beer factory, and VND142 billion yarn spindle plant of Vinatex Hong Linh Company are driving projects for Ha Tinh province’s industrial development. The deployment of big projects is creating favourable conditions for supporting industries and services to develop. The production of steel, manufactured products, moulds, consumer goods for offices and households, and post-petrochemical products in Vung Ang Economic Zone will be quite favourable because it has local abundant inputs, electricity, water, low shipping costs and Vung Ang - Son Duong deep water port.
Big dynamic industrial projects are also facilitating the robust development of trade and services. Ha Tinh still had good trade and service development in the face of global economic slowdown. Total retail revenue of consumer goods and services reached VND32,515.3 billion, an increase of 119.6 percent from a year earlier. Export turnover was estimated at US$138.71 million in 2014, up 10.65 percent over 2013. Import turnover was forecast at US$2.3 billion, as many as 3.7 times higher than the plan and 4.9 times higher than in 2013.
Towards a industrial centre of central region in 2020
Ha Tinh is one of two provinces of Vietnam to be allowed by the Prime Minister to hire the US-based Monitor Group to set up the overall social economic development plan to 2020, with a vision to 2050. This is a leading consulting group in the world with extensive experience and prestige in building development strategies for more than 130 countries and territories around the world.
The planning identifies eight economic pillars of the province until 2020, including (1) iron and steel; (2) agriculture; (3) trade, transportation and logistics; (4) steel-based products; (5) textile and apparel; (6) construction; (7) education and training; and (8) business process outsourcing and information technology outsourcing (BPO-ITO).
By 2020, Ha Tinh will have a developed economy and synchronous infrastructure system. Per capita income in the province is among the highest in the country. By 2050, the province will have a modern economy with a important role and position, serving as the driving force for economic development of Vietnam and the region.
Based on social and economic factors, feasibility of investment projects in the planning stage, current capacity of industrial sector and development orientations of investment projects, the province’s industrial development growth was expected at 55 percent and the production value growth was estimated to reach 52 percent and account for 47 percent of the province’s GDP in the 2014-2020 period. The province will focus on developing ground-breaking industries (metallurgy, electricity, engineering, manufacturing, shipbuilding and electronics), locally advantageous industries (agricultural product and food processing, mining, construction material, beverage) and foundation industries (chemical and other processing).
Ha Tinh will focus on four strategic breakthrough stages as follows:
One, accelerate administrative reform, improve operational efficiency of government agencies, streamline administrative procedures to reduce time, effort and costs for businesses and citizens.
Two, Perform strong economic restructuring in association with economic paradigm change, ensure growth quality, improve economic efficiency and competitiveness.
Three, invest in economic - social infrastructure, upgrade National Road 1A, National Road 8A, National Road 12, coastal roads, Vung Ang - Son Duong deep water port, build infrastructure for industrial parks and economic zones to unlock local potential.
Four, train human resources for key sectors and projects, ensure adequate labour supply in both quantity and quality.