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Phu Quoc economy

Wed, 06 Aug 2014. Last updated Thu, 25 Jun 2015 08:46

Located in the centre of Southeast Asia, in Mekong River Delta economy, Phu Quoc economy has advantages to develop. Especially, the district has positive shifts to become the special administrative-economy zone under the central government next years.

In recent years, Kien Giang province has mobilized resources to invest in the infrastructure development with many construction projects implemented in Phu Quoc as An Thoi seaport, road routes Duong Dong-Cua Can, Duong Dong- Cua Lap, Cua Can-Ganh Dau….In 2012, the context of the world economy having complex fluctuations impacted on the Vietnam economy in general and Phu Quoc economy in particular. In this general context, Phu Quoc focused on developing its potential fields and strengths.

With the drastic measures, in 2012, the Phu Quoc economic growth rate still reached 11.81% (ranked 3/13 provinces in the Mekong Delta). A number of important economic indicators continue to achieve good results such as the food yield reached 4.287 million tons, an increase of 336 thousand tons, while the exports reached 1 million tons and the seafood production was 126.981 tons, increasing 16.485tons, the per capita income was over VND 4.6 million. The revenues of the district reached more than VND 4.400 billion, mobilizing the social capital was over VND 24.600 billion.

 

Agriculture - Fishery

Fish Sauce Factory in Phu Quoc

 

Regarding the agricultural sector, the district focuses on cultivating pepper, a special spice of Phu Quoc Island, Kien Giang province. The pepper area is about 427ha, reaching 106.75% of the plan. The poultry production is remained stable and well developed. Kinds of vegetables harvested 500tons, increasing 14.94% over the same period.  The seafood production value was VND 57.625 billion, reaching 72.77% of the plan and decreasing 0.02% over the same period last year. The total seafood output estimated at 17.700 tons, reaching 85.2% of the plan, falling 1.43% against the same period last year. The agricultural production in the first 6 months of 2014 had the relatively stable development. The pepper output harvested 990 tons, an increase of 6.45% over the same period; kinds of vegetables reached 2.070 tons, increasing 16.62%. The proportion of agriculture – forestry raised 12.23%, the fishery increased by 56.74%. The value of agricultural products increased significantly. The products increased primarily as fish sauce 3.91%, dried fish 5.67%, dried shrimp 0.48%, shipbuilding 23.08%, except for frozen squid decreased 29.4%.

 

Industry

Pepper planting in Phu Quoc

 

The Phu Quoc economic situation in the first 6 months of 2014 increased remarkably over the same period last year. The growth rate reached 26.46%, of which the industry increased by 23.4%, the construction raised 23.53%, services and other industries increased by 25%. The industrial production value reached VND 712 billion, accounting for 40.68% of the yearly plan, an increase of 23.37% over the same period. Generally, some handicraft sector increased significantly. The total revenue of the finance sector in 6 months reached VND 322.497 billion, accounting for 33.47% over the plan, increasing 119.20% over the same period. The budget expenditure estimated at VND 282.867 billion, reaching 30.51% compared to the plan and increasing 36.99% over the same period.

 

Trade – Tourism - Services

Regarding the investment, in 2012, there are 1.295 enterprises with the registered capital of VND 24.804 billion investing in Phu Quoc, increasing 5.02 times of the number of enterprises and 66.50 times of registered capital over 2004.

In 2013, the retail sales of goods estimated at about VND 850 billion, reaching 77.98% of the plan and increasing 21.25% compared to the same period of the last year. The number of tourists to Phu Quoc was approximately 25.000 tourists, an increase of 33.4% compared to the same period, of which the international tourists were 5.000 arrivals, reaching 63.4%  of the plan, decreasing 10.07% against the same period. The revenue from tourism was VND 85 billion. The value of the industry and handicraft production reached VND 99 billion, an increase of 32.91% over the same period.

 

Long Beach, Phu Quoc

 

The district budget estimated at VND 71.259 billion, reaching 76.8% of the yearly plan and decreasing 11.9% over the same period last year. The budget expenditure was VND 81.015 billion, accounting for 83.01% of the year’s estimates, increasing 58.74% over the same period. From 2005 until now, the average number of visitors to Phu Quoc increases 13%/year. In 2012, Phu Quoc welcomed more than 362.200 arrivals, an increase of 3 times over 2004, including nearly 97.000 international tourists, rising 3.37% over 2011; the revenues from tourism are VND 910 billion.

 The total revenues of trading, tourism and services estimated at about VND 9235 billion, reaching 61.575% of the yearly plan, an increase of 57.78% over the same period. In particular, the total retail sales of goods reached VND 2.008 billion, increasing 47.11% over the same period. The number of tourists to Phu Quoc was appropriately 267.996 arrivals, reaching 53.6% of the plan and increasing 25.99% over the same time. The revenue from the tourism was VND 1.014 billion, an increase of 52.48% over the same period.

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