Quang Ninh reports high economic growth

Quang Ninh reports high economic growth

08/01/2008 -- 7:26 PM

Quang Ninh (VNA) – The northeastern province of Quang Ninh last year gained good economic achievements in terms of quality and quantity, reported the provincial Planning and Investment Department.

The province’s gross domestic product (GDP), from 2001 to 2005, has retained an average growth rate of 12.5 percent per year.

The provincial GDP increased by 13 percent in 2006, and by 13.2 percent in 2007, said Nhu Thi Hong Lien, deputy chairwoman of the provincial People’s Committee.

Last year was considered the most successful year for attracting foreign investment. Currently, the province has 91 foreign investment projects. About 10 branches and three representative offices of foreign companies have also been installed in the province.

In 2007, Quang Ninh issued investment licenses to 19 projects with a total capital of more than 493 million USD, 20 times more than 2006.

Viet Nam ’s entry in the World Trade Organisation (WTO) and its improved, safer investment environment were the reasons for this successful attraction, Lien said.

Also, simpler administrative procedures for establishing enterprises helped the province to attract more foreign investors, Lien said.

Although tax from the coal industry, the key industry in the province, was reduced by 300 billion VND (18.7 million USD) due to changes in the State’s policy, Quang Ninh last year still received nearly 9.4 trillion VND (588 million USD) from tax paid by other industries, an increase of 42 percent compared with 2006.

Strong development in the fields of trade investment, tourism and service has helped the province achieve high results in economic development.

Tourism in the province last year developed strongly. Nearly 3.7 million visitors, including 1.5 million foreigners, came to Quang Ninh.

Many exhibitions and trade fairs have been organised to promote trade and to advertise provincial tourism.

Thanks to trade promotion activities, the provincial export turnover last year was nearly 1.3 billion USD.

The industry growth rate in 2007 stood at 17.5 percent. This number is expected to increase more over the next few years since the province has recently invested in many projects to develop industries in thermo-electronic, cement production, shipping and engineering.-Enditem
(VNAgency)