VIETRADE - In the last years, the province's economy has been in quite good growth. Economic structure has shifted positively, increased the proportion of industry - service, reduced the proportion of agricultural sectors.

Table 1: GDP growth of Quang Ngai province in the 2006 - 2010 period

Unit: Billion dong

     Targets                                            2006           2007           2008              2009              2010

GDP(price 1994)                                4,180           4,765          5,317            6,431             8,757

Of which:

Agriculture - Forestry -  Fishery       1,437           1,525         1,547            1,615              1,683

Industry - Construction                     1,299           1,649         1,955            2,769              4,730

Services                                               1,417           1,591         1,814            2,047              2,343

Quang Ngai Provincial Statistical Yearbook 2010

TOTAL FUNDS FROM INVESTMENT ATTRACTION

In the period of 2007 - 2010, Quang Ngai province attracted a large amount of investment from inland as well as overseas. Total investment capital increased from 21,610,000 million dong in 2007 up to 24,470,000 million dong in 2008. However, in the period of 2009 - 2010, total investment capital signed to be leveled off and began to decline, particularly, investment capital decreased from 16,390,000 million dong in 2009 down to 15,482,000 million dong in 2010. The above-mentioned decrease was resulted from such inadequacies arising in investment attraction and promotion in economic zones, industrial parks as the overlap and difference between the State management documents on economy; lack of cohesion between direct management agencies and commune, district authorities, province-level departments; the interlacement of responsibility competence for management of investment, construction, land, ground clearance, environment, labor, urban etc. Besides, compensation and site clearance are slow and utility infrastructure is much limited; investment environment has not been much improved yet, etc.

Table 2: Attraction status of investment capital in Quang Ngai province in the period of 2006 – 2010

Unit: Billion dong

Target                                       2006              2007               2008              2009               2010

Total capital                           9,819              15,482             10,836           3,336               900

Capital from Stateowned

economic sector                   21,610             7,410               9,493            4,118             1,900

Non-state capital                  24,470             18,210              2,384            4,602             1,436

FDI capital                              16,390             19,234              2,500             25                 1,387

Quang Ngai Provincial Statistical Yearbook 2010

The situation of attraction and implementation of FDI projects:

In 2011, there was 01 FDI project in the province (Ricker Leather Footwear Project in Tinh Phong Industrial Park) with total registered capital of 290 billion dong. Until 2011, there have been 20 valid FDI projects with total registered capital of 60,801 billion dong. The performed capital of FDI projects in 2011 estimated to reach 9.5 million USD, equivalent to 14.5% against in 2010. Especially, in the first 6 months in 2012, Quang Ngai Provincial People's Committee granted the certificate of investment to two big-scaled projects in Quang Ngai such as Dung Quat Thermopower Plant Project under Sembcorp Utilities (Singapore) with total investment of approximately 2 billion USD and Vietnam - Singapore Industrial Park Project (VSIP) in order to develop Urban, Industrial and Service Complex in the Central Region of Vietnam.

The situation of granting the permit of investment and implementing domestic investment projects:

In 2011, 27 projects were granted with permits of investment with total registered capital of 12,695 billion dong. Until 2011, 269 investment projects have been granted with certificates of investment with total registered capital of 112,256 billion dong. The performed capital of projects reached 2,350 billion dong, up 11% against in 2010. Accelerated performed capital until now are 70,300 billion dong. In 2011, 05 projects were revoked Certificate of investment.

 IMPORT AND EXPORT TURNOVERS

 Export turnover

In spite of being impacted by the economic crisis, the socio-economic situation of Quang Ngai province achieved encouraging changes. Export is the one of the typical changes. In 2008, the export turnover only reached 59 million USD. Earlier in 2007, the same obtained only 58 million USD. The year 2009 marked a breakthrough in export of Quang Ngai province with the export turnover of 140 million USD, up over 200% in comparison with one year earlier. In 2010, export turnovers of Quang Ngai province achieved more than 270 million USD, up 48% against in 2009.

Import turnover

Together with export, import activities have shown many positive signs. If import turnovers in the period of 2007 - 2008 only reached several tens of million USD, the same in 2009 obtained 1,312 million USD. By 2010, this figure increased 3,349,602 million USD, up 127.6% compared with 2009.

Number of tourists

The tourist activities of the province in the last years have signed positively, the number of tourists visiting Quang Ngai province are always higher in later year than the previous years. Total tourists by years are 409,309 in 2009, including 19,805 foreigners; 494,665 in 2010, including 26,736 foreigners.

THE DEVELOPMENT SITUATION OF ECONOMIC ZONES, INDUSTRUAL PARKS AND GROUP OF INDUSTRIAL PARKS

At present, Quang Ngai province has 1 economic zone (Dung Quat Economic Zone) and 3 industrial parks: Quang Phu (120.41 ha), Tinh Phong (141.72ha), Pho Phong (143.7ha). Particularly, Dung Quat Economic Zone with the area of more than 10,000 ha is oriented to construct as a complex, multi-sectorial economic zone with the focus on development of oil refinery - petroleum - chemicals, large-scaled industries consist of: mechanics, ship building and repairing, steelmaking, cement production, container production and other industries of production of consumer goods, processing and export. Quang Ngai province also develop and exploit Dung Quat Deep-water Seaport, Chu Lai international airport, Van Tuong urban-industryservice complex, Doc Soi urban area effectively.

Implementing the goals of formation and development of economic-industrial-small-scaled industrial clusters, Quang Ngai province has gradually built the essential technical economic infrastructure, taken full advantages of the existing situations, additionally invested and newly constructed industrial and smallscaled industrial clusters. From 2003 - 2005, Quang Ngai province has developed a detailed planning for 13 industrial clusters and 03 industrial locations with a total area of 171.3 ha. Some invested industrial clusters with initial achievements are Sa Huynh, Tinh An Tay and Binh Nguyen Industrial Clusters. In addition, the province also scheduled to plan and develop industrial - small-scaled industrial parks, trade villages in the districts of Duc Pho, Tu Nghia, Nghia Hanh, Mo Duc, Binh Son, Son Tinh, Ly Son , etc.