Nha Trang is the city whose economy relatively develops and plays an important key in the South Center Coast economy. In 2011, GDP per capita of the city reached $ 3184, the average annual GDP growth rate increased from 13% to 14%. The Nha Trang economy has the positive shift towards service- industry-agriculture. In 2011, the proportion of industry and construction accounted for 32%, tourism – service was 63.77% and agriculture was 4.23%. Among them, the industry increased 7.97%, services rose 7.01% over 2010. While the proportion of agriculture continued reducing by 12.46% due to the urbanization making the agricultural land decrease. As being the economic center of Khanh Hoa province, Nha Trang has many significant contributions to the socio-economic development in Khanh Hoa.
In spite of only accounting for 4.84% of the provincial area, Nha Trang makes up more than one third of the population and over two third of Khanh Hoa GDP. In addition, the city contributes 82.5% of the tourism-service revenues and 42.9% of the industrial output value of the whole province. The city is also the mining and seafood processing center of the province. The seafood output of the city accounts for 41.7% of the provincial total output.
Trading – Tourism – Services plays the important role to boost the urban development and create the important position for Nha Trang. Especially, the tourism, cultural and recreational activities develop diversely, so Nha Trang attracts more and more domestic and international tourists coming to visit and relax.
The total retail sales in 2010 estimated at VND 9350 billion, increasing 20.54% over 2009. The private commercial activity strongly grows and creates a competitive market. The trend of modern business such as supermarkets, commercial centers… increasingly develops. The commercial areas on the main streets are built to create the urban face and attract more customers. Some streets specializing in business are initially formed as such motorcycle – refrigeration (Quang Trung Street), interior street (Thong Nhat Street), fashionable street (Phan Chu Trinh), finance-banking (Yersin, Le Thanh Phuong)…
In the tourism sector, the whole city has 455 hotels with nearly 10.000 rooms. In 2011, Nha Trang welcomed more than 2 million visitors (increasing 18.54% compared to 2010), including more than 440,000 international visitors (increasing 13.5%). The total revenues from tourism and services were estimated at VND 2.142.9 billion (up 20.28%). Nha Trang tourism also attracts about 9.000 direct employees.
Regarding exports, in 2010, the total export turnover of the city reached $ 424 million with about 50 types of products to over 50 countries and territories around the world. The mainly export products are seafood, garment, handicrafts… Among them, the seafood contributes large export value in 2010 was about $ 215 million, accounting for 50.7% of total turnover.
Industry is also an important economic sector of the city. In 2011, Nha Trang has 1,694 industry and handicrafts manufacturing units, including 12 state-owned enterprises, 6 collective units, 400 private enterprises, 1269 individual units and 9 enterprises with the foreign investment. In 2010, the industrial output value reached VND 7546 billion, up 10.6% in 2011 and 9.5% compared to 2010. Nha Trang is the city that mainly develops the tourism and services, but the city’s industrial output value is still higher than provinces in the Central Coast Delta as Thua Thien Hue, Binh Dinh, Binh Thuan. The Nha Trang economic structure is mainly food processing, tobacco, textiles, shipbuilding… Some products for consumption and export maintain the high growth rate such as frozen seafood, garments, fish sauce, and fine arts. Seafood processing industry is the strength of Nha Trang, creates many jobs and reaches the high export turnover. The city has 35 seafood processing factories for export, including 18 frozen seafood factories, 3 processing canned factories and 13 dry seafood-processing ones.
Agriculture- forestry-fishery is not the strength in the economy of Nha Trang, mostly concentrates in 6 communes in the west. The agricultural sector is shifting the structure towards focusing floriculture, ornamental plants, high- quality vegetables and food to meet the demand of locals and visitors and improving the environment and the urban landscape. The forest protection is implemented effectively. The area of natural forests and plantations is currently 2332.7 hectares; by the end of 2010 the forest cover area of the city reached 9.2%. Nha Trang forest vegetation is being restored to create the green scenery of Nha Trang.
In contrast, seafood exploration strongly develops to serve for processing industries and tourism. The total seafood output in 2010 reached 38.926 tons, of which the mining production reached 38.621 tons, an increase of 6.4% per year on average.