Quang Nam’s economic recovery
(QNO) - Investment, production, and trading tend to develop in Quang Nam, especially in industry, which is a good sign for the provincial economy.
Identification of advantages and disadvantages
According to the Quang Nam Department of Statistics, provincial industrial production in April 2024 showed a sign of improvement, especially in apparel and textiles, with more new orders.
It was estimated that the industrial production index increased by 4% over the previous month and 15.8% over the same period last year. Among them were textiles and garments (up 47.3%), apparel production (up 26.7%), and manufactured and assembled automobile products (up 12.3%).
The number of labourers working in industries increased by 32.3% compared to the same period in 2023.
Provincial economic growth is forecast to be better when the number of visitors increases sharply. Agricultural, forestry, and fishery production is stable, actively supporting economic growth.
However, there are still many difficulties and challenges. Some industries recovered slowly. Export enterprises face market uncertainty and instability. The number and registered capital of new enterprises entering the market are declining. The state budget does not meet expectations.
Promotion of growth
It may not be easy to achieve the growth target of 7.5 - 8%, but Quang Nam is determined to make efforts to achieve its goals based on its economic fulcrums and opportunities.
Reportedly, the provincial total domestic budget revenue by the end of April 2024 increased by over 10% over the same period last year. THACO accounted for 35.5%, up 14.8%.
When the policies on special consumption tax and reducing registration fees for domestically produced and assembled cars were introduced in July 2023, the number of THACO car sales increased, contributing to local economic growth in the second half of 2023.
Reportedly, these policies will be extended in 2024. Hopefully, THACO will increase production and a large number of THACO vehicles will be consumed, contributing to the local domestic budget, stimulating and creating motivation for local economic growth.
Regarding Quang Nam Province, the provincial government would do everything within their power to assist companies and investors in sustaining and expanding their investment and output.