VINACHEM

The Prime Minister approved a master plan for socio-economic development in the central key economic region by 2020 with a view to becoming a dynamic region with rapid, sustainable growth, thus creating momentum for development in the northern and coastal central regions.

The central key economic region comprises Danang city and the provinces of Thua Thien-Hue, Quang Nam, Quang Ngai and Binh Dinh.

The plan sets the regional economic growth rate target at 8% by 2015 and around 9% for 2016-2020. Per capita gross domestic product is to reach VND80 million (US$3,600) by 2020.

According to the plan, the localities will develop their marine industries, such as mechanics, shipbuilding and maintenance. Notably, the petro-chemical industry will become an economic pillar, making the region one of Vietnam’s biggest petro-chemical hubs.

More investments will be made in electronics and information technologies, which are expected to boost the development of other industries.

At the same time, major industrial centres will be set up in Quang Nam, Quang Ngai and Binh Dinh, while industrial clusters will be built along the inter-provincial roads to facilitate the neighbouring Central Highlands’ access to consumer goods and transport agricultural products to processing facilities.

Meanwhile, small- and medium-sized industries, such as construction materials, food processing and traditional crafts will also be encouraged.

Under the master plan, the central key economic region will tap into its tourism potential and become part of the domestic and Southeast Asian tourism network, which will also include Thailand, Malaysia and Indonesia.

The target localities will focus their tourism industry on cultural heritage and historical sites, such as Hue imperial city, Hoi An ancient town, and My Son relic site, along with the region’s coastal landscapes.