Manpower and Financial resources

It is believed that Khanh Hoa province will further develop their achievements gained in the past and enter the 21st century with fresh enthusiasm and promising prospects.

Recently, to the province's infrastructure has got rather comprehensive investments in terms of electricity and water supply, transportation and communications, as well as banking, treasury and insurance services. During the last years, Khanh Hoa recorded a relatively steady and stable growth with its annual GDP growth rate mounting to 8.2% (in the period of 1998-2000). The province's per capita GDP reached 401 USD in 2001, and estimated to 460 USD in 2002. The economic structure has been shifted in the direction of increasing the proportion of industry, services and tourism in GDP. In 2001, the province's GDP was shared by the industry-construction sector with 38.5%, services and tourism sector with 37.1%, and the agriculture sector (including forestry and fisheries) with 24.3%. Its export turnover reached 240 million USD in 2001, increased by 42% compared to the 2000 level. The major export articles marketed in 44 countries and territories are frozen seafood, white sand, salt, swallows' nest, rattan and bamboo-made products, granite, coffee and manioc cuts.

By May 2002, there are in the province 42 foreign-invested enterprises with total licensed investment capital of 356 million USD. The realized capital has been so far recorded at 73.7% of the capital registered by licenses. The enterprises with foreign participation have generated employment for over 12,000 local workers. It is evident that during the last time the foreign direct investments brought their important contribution in shifting the province's economic structure towards industrialization and modernization.

Also, in the province several industrial zones have been set up and developed, such as industrial zone in Suoi Dau, industrial complex in Binh Tan, Nha Trang. Another industrial zone is now under construction in Ninh Thuy, Ninh Phuoc with Hundai-Vinashin joint-venture being as its center.

Particularly, the Government has just approved the master plan of developing Van Phong region till 2020. It will deal with a multi-sector integrated economic zone including tourism and services, seaport facilities, industrial production, aqua-culture, of which the sector of tourism-services will hold a leading role. The airport of Cam Ranh will be partially utilized for civil purposes, while the Ba Ngoi harbor will be expanded and upgraded. According to the plan, Cam Ranh itself will be further developed to become a large economic center (with various activities related to seaport, airport, tourism and services).

Khanh Hoa province has abundant human resources that have been developed with great attention provided. According to the population census, conducted on April 1, 1999, in the province there are 107 doctors, 232 masters, 14,444 university graduates and 6,082 college graduates. Besides, the fact that 46.6% of its total population are at working age has meant a considerable contribution in service of the province's socio-economic development and its process of economic structure transformation.

The authorities of Khanh Hoa province are conducting a complex of open and flexible economic policies in order to facilitate both domestic and foreign enterprises and organizations in establishing their economic relations on the basis of equality and mutual benefits. In 1999, special regulations on foreign direct investments poured into the province were issued. These regulations are aimed to rapidly settle formalities for investors, reduce as much as possible costs related to investment projects, apply reasonable land renting prices; as well as to support and encourage investors in matter of land area assignment, production license granting. In addition, the province has allocated annually adequate amounts from its budget and mobilized additional resources to invest into infrastructure facilities and various services in its industrial zones, thus facilitating an establishment of new enterprises and an expansion of existing ones. The local government also tries to help enterprises in getting loans from the National investment support fund and provincial reserve fund.

Another form of investment support, adopted by the provincial authorities, consists of trade promotion and information provision activities. These activities strongly help entrepreneurs in selecting technologies suitable to their needs and smoothly undertaking the process of technology transfer, as well as in facilitating investors to elaborate their efficient investment options.

It is believed that Khanh Hoa province will further develop their achievements gained in the past and enter the 21st century with fresh enthusiasm and promising prospects.