Phu Yen is a coastal province in the South Central region, east of the Truong Son range with 70% of the area being mountains and hills. From a locality with a low economic starting point compared to other provinces in the region, Phu Yen has had outstanding development, creating the foundation and motivation for the strong development of the province in the future.
According to the Management Board of Phu Yen Economic Zone, Phu Yen currently has two investors approaching, researching, and proposing investment in a number of large projects in Hoa Tam Industrial Park and Bai Goc port, in Nam Phu Economic Zone. Yen, that is Hoa Phat Group Joint Stock Company and PETMAL Oil Holdings Group (Malaysia).
Hoa Phat Group proposes to invest in 4 projects with a total expected investment of about 120,000 billion VND (4.96 billion USD) including: Hoa Tam Industrial Park infrastructure investment and construction project, Bai Goc Port project, Hoa Phat Iron and Steel Complex project in Hoa Tam Industrial Park, Commercial – Service Park project to serve this industrial park).
PETMAL Oil Holdings Group proposes to invest in an oil refinery project with a scale of 5 billion USD (about 120,900 billion VND)project capacity of 8 million tons of crude oil/year.
Phu Yen currently has 1 Southern Phu Yen Economic Zone and 5 operating industrial parks, attracting 118 projects; Total registered land area is 377 hectares, total registered investment capital is nearly 9,000 billion VND and more than 38 million USD. In the first 9 months of the year alone, the province approved investment policies, issued investment certificates for 12 projects with a total registered capital of 2,464.35 billion VND and adjusted investment policies for 40 off-budget projects.
GRDP growth rate ranks second in the entire Central region
In addition to encouraging signs in attracting investment, recently, a number of socio-economic indicators of Phu Yen have also achieved many positive results. In particular, GRDP growth rate is among the top in provinces and centrally run cities. Specifically, The province’s third quarter GRDP increased by 11.42% and 9 months increased by 8.87%; Ranked 8th/63 provinces and centrally run cities; Ranked 2nd/14 provinces and cities in the Central region – from Thanh Hoa to Binh Thuan. Phu Yen strives for GRDP growth for the whole year to reach about 8%.
The industrial sector alone continues to grow with the emphasis on the processing and manufacturing industry (accounting for 50.96% of the industrial sector), increasing by 16.1%.
Total state budget revenue in the province in the first 9 months of the year, about 2,568.2 billion VND, reaching 50.1% of the central estimate assigned, 32.1% of the provincial estimate, equal to 65.3% over the same period last year. Total import-export turnover in 9 months reached 188.6 million USD, reaching 78.6% of the 2023 plan.
Disbursement of public investment capital 9 months reached 31% of the central capital plan assigned, the capital plan assigned by the locality reached 24.6%. During the remainder of the year, the province focuses on removing difficulties and obstacles to speed up the implementation of projects and disburse all 2023 public investment capital plans assigned to units.
About tourism development, Total tourist arrivals to Phu Yen are estimated at 2.5 million, up 57% over the same period, of which international visitors are estimated at 14,790, 2.7 times over the same period. Total revenue from tourists is estimated at 3,741 billion VND, an increase of 87% over the same period.
Regarding traffic, the province is currently focusing on implementing compensation, site clearance, resettlement and project commencement. North-South Expressway in the East period 2021 – 2025, section through Phu Yen territory. This is a large-scale national key project, contributing to the growth of the construction industry in the province.
In addition to this project, Phu Yen currently has National Highway 1A and the North-South railway running through it, National Highway 25 connecting Gia Lai province, National Highway 29 connecting Dak Lak province, the South has Vung Ro seaport, Tuy Hoa airport. . North-South, East-West traffic routes, seaports, airports, Deo Ca road tunnels, etc. have a great impact on the socio-economic development process, creating conditions for economic cooperation and exchange. culture between Phu Yen and other provinces in the region, the country and internationally. In addition, the Provincial People’s Committee said that, with its location in the influence area of the Central key economic region, Phu Yen is the place with the most favorable conditions for building a railway to the Central Highlands.
In the coming time, this province said it will build and complete the Project on socialization of investment and exploitation of Tuy Hoa Airport; Complete and adjust a number of planning projects, including bringing Tuy Hoa City to a class 1 urban area directly under the province; Song Cau town became a provincial city; Tuy An district will become a town in 2025.