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Economy in North Central Coast Vietnam

Tue, 15 Jul 2014. Last updated Thu, 18 Jun 2015 14:16

In recent years, the economy in North Central Coast Vietnam has reached relatively high growth rate, approximately 10%. With this positive sign in economic development, the land has attracted investments from both domestic and foreign investors.

North Central Coast Vietnam includes six provinces, which are Thanh Hoa, Nghe An, Ha Tinh, Quang Binh , Quang Tri and Thua Thien Hue. Along with the South Central Coast, North Central Coast Vietnam is one of two regions which have the richest mineral resources in Vietnam.

 

Advantages - Disadvantages

 

A busy market in Cua Lo Beach

 

North Central Coast has diverse mineral resources accounting for 60% irons, 80% tins, 100% chromites, and 40% limestone of the whole country. Some valuable mineral deposits in the region are Thach Khe iron mine (Ha Tinh), Co Dinh chromite mine (Than Hoa), and Quy Hop tin mine (Nghe An). Besides, the North Central Coast is a provider of billion tons of granite and limestone reserves. This favorable factor allows the region to develop mining industry, metallurgy and produce materials for construction. In terms of forestry, the North Central Coast has been managing 3,435 hectares of land, which consists of 1,633 hectares forest land creating the great potential for forestry development.

In terms of marine resources, the land has 670 kilometers coastline with many estuaries, wide continental shell and many resources including 620,000 tons of fishes, 2,750 tons of shrimps, and 5000 tons of squids. In addition, the North Central Coast also has great conditions to develop tourism with many beautiful beaches (Sam Son, Cua Lo, Nhat Le), wonderful natural sceneries and valuable architectures. Except from the favor of nature, the region also has the advantages in labor force. As predicted, in 2015, the population in the working age of the North Central Coast will reach 12.5 million people accounting for 12% the labor force in the whole country.

In general, the topography of the North Central Coast is complex. Seaward mountains and hills account for the majority of the total area with the strong flow of water, which often cause sudden floods restricting production and people’s lives. In addition, the economy in North Central Vietnam also has to suffer the harshest climate in the country. Natural disasters such as floods, hurricanes, drought often occur every year. These features cause difficulties in production, especially in the field of agriculture.

 

Economic sectors

 

Agriculture

 

A harvest in Nghe An

 

The strength of the North Central Coast Vietnam agriculture is the developments of annual crops such as peanuts, rush, cane, mulberry, pineapple and so on. In details, there are more than 40, 000 hectares of peanuts (in Nghe An, Thanh Hoa, Ha Tinh), over 35, 000 hectares of cane and 3, 000 hectares of rush (in coastal provinces). Perennial crops which are popular in the land consist of peppers (Quang Binh, Quang Tri), coffee, rubber and tea (Nghe An, Quang Tri, Thanh Hoa) and fruit trees (Nghe An, Thanh Hoa). The main livestock in the region are buffalos, cows, pigs, goats, deer, and ducks. Specifically, there are about 700, 000 buffalos which accounts for one fourth of the whole country and 1.1 million cows also accounting for the same number.

 

Forestry

There are about 34% of production forest, 50% of protection forest and 16% of special use forests in the North Central Coast with timber and valuable forest products, birds, and animals. The region has been focusing on mining, processing, and reforestation. Many large forestry zones has formed to specialize in exploiting, processing forest such as Xua Nghia, Nghia Dan, Huong Son, Huong Khe, Ba Run …

 

Industry

 

Thach Khe Iron Ore Mine in Ha Tinh Province

 

The North Central Coast has many precious minerals, especially limestone; therefore, mining industry and building material industry are the most important ones in the region. In addition, there are other industries including wood processing, engineering, textiles and food processing. Thanh Hoa and Thua Thien Hue are two provinces which have a lot of small and medium enterprises. Some large factories in the regions are Bim Son Cement Plant, Nghi Son Cement Plant, Formosa Ha Tinh Steel Corporation, and so forth.

 

Economic development orientation

 

City center of Nghe An Province

 

In harmony with the development of Vietnam economy, the economy of North Central Coast will be developed in the direction of accelerating economic sectors towards industrialization and modernization, and upgrading infrastructure. Besides, developing economy will be combined with developing social justice, reducing disparities in living standards and protecting the ecological environment.

In addition, industrial sectors are considered as the focus to develop the economy of North Central Coast Vietnam. Besides, the region will pay attention to develop key industries including oil refinery and mining; develop processing industry for agriculture, forestry and fishery; and promote textile industry and shipbuilding industry. The region will continue to take advantage of its own strength to reach sustainable development combining with the protection of environment.

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