Northern central and coastal region: The focus of economic development

09:59 | 30/09/2016 Society

(VEN) - Developing modern industry and trade to make the northern central and coastal region an important pillar for production, trade and international cooperation is the target of the Industry and Trade Development Plan for the Northern Central and Coastal Region until 2025, with a Vision to 2035, which was recently adopted by the Ministry of Industry and Trade.

Northern central and coastal region:  The focus of economic development

Illustrative image (Source: Internet)

Boosting advantageous industries

According to the Ministry of Industry and Trade, to strongly develop industries in the region by 2025, it is necessary to focus on advantageous areas such as seafood and food processing chemistry, petro-chemistry and seagoing ship building and overhauling.

Specifically, the region will build several oil refineries which will together form an oil refinery and petrochemical complex. The existing Dung Quat Oil Refinery will continue bringing into play its strength, while the Nghi Son Oil Refinery project will be put into operation, turning the Nghi Son Economic Zone into an oil refinery and petrochemical center with a deep-water seaport. The projects will provide a basis for the development of other oil refinery and petrochemical projects in Vung Ro and the Hoa Tam Oil Refinery Industrial Park in Phu Yen Province.

In addition, it is important to focus on the textile, garment and leather footwear sectors, sharply shift from processing to producing semi-finished products in persifying exports, develop the coastal economic corridor in close connection with seaports, boost seafood processing, petro-chemistry, super-length, super-weight engineering, seagoing building and overhauling, plus economic development on islands to achieve high economic growth.

In particular, there is a need to boost high-technology, clean and highly-competitive industries in order to meet the standards of developed countries and join several phases of the global industrial production chain. It is expected that the industry and construction sector will account for 40-41 percent of the regional gross domestic product (GDP) by 2020, 41-42 percent by 2025 and 36-37 percent by 2035.

Trade focuses on exports and services

The Ministry of Industry and Trade showed the need to enhance exports and imports in the direction of expanding the market and develop services into a key segment of regional exports, particularly tourism, transit of goods, seaport services and logistics.

Specifically, the regional export growth rate is expected to reach 18-20 percent annually from 2016-2020 and more than 18 percent from 2021-2035. For this to happen, priorities will be given to the development of modern trade via supermarkets and plazas, which will together form commercial urban areas. It is expected that the region will have 472 supermarkets, 120 first-grade shopping centers and 15 second-grade shopping centers by 2020 and 657 supermarkets and 182 shopping centers by 2025.

Industrial production value increased by an average of 16-17 percent per year from 2016-2020, 17-18 percent from 2021-2025 and 15-16 percent from 2025-2035. Retail sales and service revenues are expected to grow by an average of 16-18 percent per year from 2016-2020 and 16-17 percent after 2020. Exports are expected to increase by 18-20 percent annually from 2016-2020 and more than 18 percent from 2021-2035.


Anh Lan