Growth targets revised to advance new breakthroughs

(VOVWORLD) - The COVID-19 pandemic is affecting Vietnam’s 5-year socio-economic development plan until 2025. Each locality must find ways to overcome difficulties and turn challenges into opportunities. Khanh Hoa, Quang Nam, Quang Ngai, and Da Nang used to be bright spots of economic development, but since early this year, they all have had to adjust their economic development targets.
Growth targets revised to advance new breakthroughs - ảnh 1Khanh Hoa provincial Party’s Committee identifies economic restructuring as a way to develop sustainably.

The COVID-19 pandemic has stagnated service and tourism activities in Khanh Hoa province. Industry has become a pillar of Khanh Hoa’s budget, created jobs, ensured social security while the locality steers to become a center of marine tourism.

Nguyen Tan Tuan, Chairman of the provincial People's Committee, said, “Khanh Hoa province set a goal of building a sustainable economy while controlling the epidemic We’ll grasp any opportunity, turn all difficulties into opportunities, and invite investors to move their capital from COVID-19 hit countries.”

Growth targets revised to advance new breakthroughs - ảnh 2Dung Quat Oil Refinery (Photo:

For years, as much as 45% of Quang Ngai’s revenues have come from the Dung Quat Oil Refinery.

Last year’s drop in crude oil prices, the COVID-19 epidemic, and the plant’s maintenance expenses have caused a deficit of more than 130 million USD in the provincial budget.

Dang Van Minh, Chairman of the provincial People's Committee, said that many solutions have been proposed, such as attracting other large-scale industrial projects, to cure the over-dependence on the Dung Quat Oil Refinery.

Quang Ngai’s target for the next five years is to double its current per capita income of 2,200 USD, said Minh.

To reduce the dependence on revenue from the Dung Quat Oil Refinery, Minh underscored the need “to attract big businesses in developing industries, complete administrative reforms, creating a transparent investment environment, and reserve of land to lure qualified investors."

The coronavirus pandemic and multiple severe, natural disasters have hurt many Quang Nam’s economic sectors.

Le Van Dung, Deputy Secretary of the Quang Nam provincial Party Committee, said the locality is finding alternative ways to ensure its economy grows sustainably during the epidemic.

“We are targeting high-tech agriculture to hold the line against the pandemic. We’ll develop industry and implement a number of big projects to minimize the damage caused by the pandemic,” said Dung.

Growth targets revised to advance new breakthroughs - ảnh 3The way leading to Da Nang High-Tech Park (Photo:

Da Nang city, which was an epidemic hot spot, has outlined a plan for quickly recovering its economic momentum.

It will revamp its growth model, develop high-tech and IT-based industries, build a smart, innovative startup city as a foundation for a digital economy, a digital society, and a digital government.

Nguyen Dinh Vinh, head of the municipal Party Committee’s Communications and Education Department, said, “COVID-19 has badly hurt high-end services. Even now the service sector is seeing no growth, but it is starting to adapt. Areas related to IT or digital technology will be boosted more than traditional tourism, trade and service areas."