The north-central Vietnamese province of Quang Binh is likely to be able to meet a little more than half of its GDP growth target for 2016, as the provincial economy has been severely hit by a maritime incident.
Quang Binh has targeted to see its economy expand by 8 percent this year, having reported a 7.5 percent growth in 2015, but the goal is now going beyond their reach.
The province’s GDP this year may only grow by 4.2 percent, with many industries and sectors failing to meet their respective growth targets, the provincial administration admitted at a meeting on Friday.
The most hit industries and sectors include fishing, seafood exports, aquatic production and tourism.
Quang Binh is among four central Vietnamese provinces that suffered from mass fish deaths between April and May this year, with the steel mill located in Ha Tinh Province of Taiwan’s Formosa Plastic Group later identified as the culprit of the disaster.
Formosa admitted their wrongdoing in June and pledged a US$500 million compensation, which has now been fully disbursed.
Besides the Formosa incident, Quang Binh also suffered from two major floods in October, which prevented the province from meeting eight out of 12 eco-social development targets, the provincial administration noted.
With the GDP growth target for 2016 foreseen to be missed, the province now looks forward to 2017.
Quang Binh chairman Nguyen Huu Hoai said seafood exports and fishing remain the core of the province’s economy development plan for next year.
“Once the situation remains to normal state on the sea, both off- and near-shore, fishermen should continue to sail off for catches to increase the volume of seafood exports,” he said.
“The tourism sector should also fortify its tourism promotion efforts to lure tourists back to Quang Binh.”