Phu Yen (VNA)🉐 – The south-central province of Phu Yen is targeting an average annual gross regional domestic product (GRDP) growth of 8.5% in the period 2021-2025.

In 2023, the province strives for a GRDP growth rate of 8% and in the period 2024-2025, it eyes a growth rate of over 11.5%. Ta Anh Tuan, Chairman of the provincial People's Committee said that those ambitious goals require great determination and efforts to be made. The report on socio-economic development of the provincial People's Committee shows that, over the past two years, the locality well performed the duo tasks of preventing and combating COVID-19, while boosting socioeconomic development. Its year-on-year GRDP growth in the period of 2021 - 2023 reached 5.43% on average. In the first six months of 2023, its GRDP expanded by 6.9%, higher than the national average of 3.72%, ranking 20th out of 63 provinces and cities. It is expected that this year, the province will achieve a growth rate of 8.02%. Tourism activities have gradually recovered after the COVID-19 pandemic. In 2022, the locality welcomed about 2.2 million visitors. It expects to attract about 2.4 million visitors in 2023. The province’s economic restructuring has made positive changes as the private sector contributes nearly one quarter of the province's GRDP and is gradually becoming an important economic sector. The provincial Department of Planning and Investment has granted new business registrations to 786 enterprises, with a total registered capital of 8.34 trillion VND (351.2 million USD).

It is expected that in 2023, new business registration certificates will be granted to about 510 enterprises, with a total registered capital of 4.6 trillion VND. 

ꦚ As of the end of 2022, a total of 3,521 enterprises were operating in the province. The figure rose to 3,630 at the end of June 2023 and is estimated to reach about 4,200 by the end of 2023.

According to the provincial official, the provincial People's Committee met and accompanied more than 20 investors who came to survey locations and investment opportunities in the province. The competent authority has approved the investment policy and granted investment certificates to 43 projects with a total registered capital of over 11.94 trillion VND. In the period 2021-2022, the province created new jobs for more than 47,000 labourers and is expected to create about 25,000 jobs in 2023. The unemployment rate of workers at working ages dropped to about 3.29% in 2021; 2.95% in 2022 and about 2.6% in 2023. GRDP per capita as of the end of 2023 was estimated at 62.7 million VND per person per year. The province targets that by the end of 2025, the GRDP per capita will be about 88 million USD.  To achieve such goals, Phu Yen is finalising its planning between 2021 and 2030, with a vision to 2050 and the adjustment plan of the southern Phu Yen Economic Zone until 2040. Agencies will complete specialised planning to ensure consistency as a basis for implementation. The province is calling for investors in Hoa Tam industrial park and Bai Goc port, which are hoped to help create a breakthrough in socio-economic development. It will continue to review, promptly remove difficulties and obstacles, speed up the disbursement of public investment capital, the programme of socio-economic recovery and development, three national target programmes, and other non-State projects. The provincial People's Committee said the local economy maintains stable development but its size is small, ranking 11th out of 14 localities in the south-central region and 49th in the country. This year, the province is likely to fulfil or overfulfil 10 out of 14 targets set for the year./.