With its great potential and advantages for developing a marine-based economy, the central coastal region of Vietnam has become an attractive destination for both local and foreign investors. After more than 25 years of national reforms, this area is now opening up towards the great sea and steadily advancing along its path of development.
Today, many young entrepreneurs invite their friends to visit their hometowns in the central region. They may drive to Quang Tri or Da Nang, and sometimes fly down to Nha Trang or Hue, occasionally taking the train to Phan Rang-Thap Cham. They usually visit major projects in the region such as tunnels, oil refineries, international shipping ports, and nuclear power plants, commenting that they can see the rapid changes that have taken place over a very short time throughout the region. They say it is also a pleasure to drive across the new modern bridges in Quang Binh and Quang Tri, or go through the Hai Van Pass and along the north-south highway to witness the miraculous resurgence of a string of coastal cities such as Hue and Da Nang. They are also very impressed by the development of Quang Nam, Quang Ngai, and Quy Nhon provinces, as well as Nha Trang, with its numerous resorts and entertainment centres.
The central coastal region has great economic opportunities from the sea, with its enormous treasure trove of aquatic resources and minerals, as well as great potential for tourism, marine services and strategic national heavy industry bases. Over the past two decades, the marine economic zones, major ports, oil refinery complexes, thermo-electricity plants, and shipyards in Thanh Hoa, Ha Tinh, Quang Binh, Khanh Hoa and Ninh Thuan provinces have played an important role in the region's socio-economic development.
Central Vietnam's distinctive advantages from the sea have also brought many opportunities for industrialisation and modernisation and the region has become the country's ‘great door to the world’. The Communist Party of Vietnam Central Committee, 10th tenure, Resolution No.4 states that the central region's marine-based economy will account for 53-55% of the country's GDP by 2020 and also help assert the nation’s sovereignty over its sea and islands.
The region has experienced waves of investment in recent years. Ten years ago, it only received a few dozen million US dollars per year, but now that figure has increased to tens of billions of dollars annually. The strategists realise its ‘balcony’ position looking out to the sea near one of the most active maritime routes in the world, linking the Pacific and Indian Oceans. The region is considered a gateway to the Pacific, not only for Vietnam, but also the Greater Mekong Subregion, as well as South Asia via the East-West economic corridor connecting with Laos, Thailand and Myanmar. It is also an ideal place to develop a global multi-modal logistics centre.
Economists say a broader perspective of a marine-based economy is required in order to open Vietnam's ‘central door’. It is not only a matter of investing in a system of industrial establishments along the coastline; attention must also be paid to fishing villages. Some fishermen in Quang Ngai, Binh Dinh and Phu Yen provinces also share a common desire to ride aboard ten thousand horse power fishing boats and reach out to the sea.
Cities and provinces in central Vietnam are promoting and enhancing regional connectivity and creating impetus to speed up its socio-economic development. This was vividly manifested by the establishment of the Central Region Key Economic Zone, including cities and provinces such as Thua Thien-Hue, Da Nang, Quang Nam, Quang Ngai, Binh Dinh, Phu Yen and Khanh Hoa. Connectivity is essential to avoid unfocused, scattered investment and fully exploit their similar advantages.
People in the central region are known for their strong wills and undaunted nature. More than anyone, they understand that many opportunities and challenges lie ahead and it's time to join efforts to build a strong and prosperous land.
Central region opens towards the sea
With its great potential and advantages, the central coastal region of Vietnam has become an attractive destination for both local and foreign investors.
Source: Nhan Dan
