By the late 19th century and the early 20th century, Phan Thiet economy was a big economy in South Central Coast. Pho Hai, Mui Ne is the bustling seaport with boats from the Central region and the South bringing the fish sauce, dries fishes, otter oil, and frankincense to Saigon and Da Nang. Even, there were the Chinese vessels from Guangdong, Hainan from Hoi An seaport coming to here to trade.
In the early years of the 21st century, the economy in Phan Thiet grows with the fairly peace. Owards The average annual growth rate reaches 14.04%. The economic structure shifts towards the industry, tourism, agriculture, forestry and fishery. The economic potential is gradually exploited effectively; the economic sectors are encouraged to invest and develop.
Phan Thiet has a 57.4km long coastline, so the city has great potential to develop the salt processing and tourism. The marine resources are abundant and diversified with the mining capacity of 60 thousand tons per year. In addition, there is the worth aquatic resource, the mining output can reach 600-700 tons of shrimp, 3200 – 3500 tons of squid, 10.000 – 12.000 tons of scallops, oysters hair and other seafood every year.
With an area of 19.180ha, Phan Thiet has four major soil types:
- Sand dunes and sandy beach with the area of 15,300ha (accounting for 79.7% of the natural area). White sand dunes are 990ha, yellowish gray sand dunes are 1450 ha; red sand dunes constitute 8920ha and sandy beaches are 3940ha. These soil types can be exploited to grow melons, beans, cashews, coconuts.
- The area of alluvial soil is 2,840 ha (accounting for 14.8% of the natural area). Most of this land has been exploited for growing rice, vegetables, fruit trees...
- Gold soid on Macmaxit - granite stone has an area of 540ha (accounting for 2.82% of the natural area). The valley land has an area of 350ha (making up 1.82% of the natural area). These soils can be used for basic construction and the purposes of agriculture and forestry.
Minerals: There is Imenit – Zircon mine near Ham Tien – Mui Ne beach with the reserves of 523.5 thousand tons. The mico – granit mine in Lau Ong Hoang having the reserves of 200.000 tons can produce porcelain enamel. Glass sand mine along the sand dunes in the southern Phan Thiet coast has the reserves of about 18 million tons. Offshore Phan Thiet, the researchers have discovered an oil mine and are ongoing trials.
Phan Thiet industry has grown steadily; processing industry for export using local material tends to grow up fast. Some products have seen fair growth as seafood processing, garment, building materials, fine art handicraft. Industrial zones located adjacent to the Phan Thiet center develop dramatically. In addition, there are food industry factories, seafood processing and the units of handicrafts in the city.
Fishery is long industry in Phan Thiet economy. Along with La Gi and Phu Quy, Phan Thiet is the large fishing ground of Binh Thuan province. The reserves in seafood is from 220 to 240 thousand tons, this is home to various varieties with rare, precious, high valued seafood like shrimp, butterfly arca, hairy arca, etc. The coastal area may be developed with fish breeding in cages and other specialty seafood like grouper, lobster.
Moreover, Phan Thiet is endowed a suitable natural climate for manufacturing fhish sauce. The temperature variation between months is not big, less rain, more sun and wind, so this is the ideal conditions for the fish sauce processing. Thus, Phan Thiet fish sauce has typical flavor that cannot find at any other places.
Compared to other tourist destinations in Vietnam, Phan Thiet tourism is fairly young. But with the potential, the suitable policy and the attention of Binh Thuan province, the tourism of Phan Thiet is constantly growing and gradually becoming a national urban tourism. In the master plan for the tourism development by 2020, vision 2030, Binh Thuan will develop Phan Thiet to become a key tourist destination with the brand “Mui Ne national tourist area” with the typical tourist products. The number of visitors to Phan Thiet increase 12-20%/year, the revenue increases by 30%. In particular, in 2012 the number of visitors reached 3.2 million arrivals, the revenue reached more than VND 4.300 billion. Phan Thiet – Mui Ne is considered as the “resort paradise” of international visitors, a “Russian village” of Vietnam with more than 30% of Russian visitors in the total number of international visitors to Phan Thiet every year.
To promote the strengths of tourism, Phan Thiet city is focusing on improving the tourist infrastructure for the sustainable development. For example, roads linking all tourist destinations are upgraded, service stations are built. The city also calls for investment in Bus routes, building new Phan Thiet train station based on the high quality standard…