With the ideal climate and 42km of coastal line, Quy Nhon has become a centre for vacations and visits, attracting hundred thousands of visits every year. The City has achieved strong and sustainable growth thanks to the focal position of the tourism industry.

Quy Nhon’s GDP in 2007 increased by 14.83 percent; its industrial - handicraft production value: up by 27.65 percent; the added value of its services: 13 percent; the value of its agro-sylvan-aquatic production: 3.2 percent and its export turnover: 24.8 percent... The city’s economic structure has converted in the industrialisation direction with the increased proportion of industry - construction and decreased proportion of agro-sylvan-aquatic production, namely: the industry-construction accounts for 49.52 percent, services: 43.31 percent and agro-sylvan-aquatic production: 7.17 percent. The City achieved rather satisfactory economic growth in the first half of 2008 with VND1,623 billion of GDP, up by 13.85 percent. The industrial and handicraft production obtained further development with the estimated value of VND1,892.6 billion, 15 percent over the last same period. The value of trade, services, tourism and export of the city was estimated US$198.5 million, 19.89 over the last same period. The import turnover was around US$87.3 million, up by 60.18 percent. Development has also been achieved in Binh Dinh’s tourism industry, the number of tourists visiting Quy Nhon is getting bigger and bigger; in the first half of 2008, Quy Nhon received 362,199 visits, up by 29.6 percent compared with the last same period; the average staying time was 1.75 day/person; the tourism industry achieved about VND84.604 billion of revenue, up by 38 percent. 

To achieve the aforesaid good results in socio-economic development, Quy Nhon has intensified the activities of urban renewal in combination with the proper arrangement of park and plant system in the inner city; the beach has been regularly cleaned to make the city a green, fresh and beautiful landscape. Thanks to the attention and investment of the provincial and central authorities, the city has carried out the construction of tourism routes: Quy Nhon – Song Cau (The National Highway No. 1D), Nhon Hoi – Tam Quan, the road along Xuan Dieu beach. Especially, Thi Nai bridge, a 2.5 km bridge linking the heart of Quy Nhon and Nhon Hoi Economic Zone was started and put into operation in 2006, the Tay Son - Binh Dinh Festival - a cultural event was successfully held in 2008 with most of its activities taking place within the city. These two events act as an important motive for the city’s development. 

Investment has been put in upgrading and building material facilities serving the tourism industry of Quy Nhon in diversified forms and higher and higher quality. Among 60 hotels located in Quy Nhon, there are 6 international standard hotels and 54 other accommodation facilities with 2,181 rooms. Quy Nhon is planning to promote the urban upgrading and make use of the advantage of coastal tourism routes: Xuan Dieu, Nhon Hoi – Tam Quan and Quy Nhon – Song Cau and other strengths of the city’s tourism.  

Having rather satisfactory industrial development and fast urbanisation speed, in order to ensure the industrialisation and urbanisation process within the city and create stable jobs for laborers, Quy Nhon is expanding and upgrading Long My, Phu Tai industrial parks, Nhon Binh and Quang Trung Industrial complexes and calling for investment into Nhon Hoi Economic Zone. Under this planning, the industrialisation and urbanisation process in the city have been quickly performed.  

In particular, the authorities of the province and city have paid much attention to, given priorities and created jobs for local people in areas affected by the planning, construction and development of industrial zones and industrial complexes. The city organises or coordinates to organise two or three employment fairs every year to create thousands of jobs for the locals. Additionally, the city lays the policy on providing loans for new job creating with the total amount of VND 3 billion from the "National Fund for Job". Besides, thanks to the care taken by the provincial and central authorities, investment has been made in construction, enhancement and improvement of material facilities of universities, colleges and professional high-schools in Quy Nhon such as Quy Nhon University, Quy Nhon Vocational College; Quang Trung University and Vinashin Vocational were newly built to perform the vocational training and provide basic knowledge to give the youth opportunity for a suitable job; as well as provide labour force for enterprises coming to do investment, cooperation or business in Quy Nhon. 

The City is striving to achieve an economic structure which industry and construction accounts for 49-50 percent of the city’s GDP, service: 45 - 46 percent and agriculture: 4-5 percent; and VND28 million of income per capita per annum. To reach the aforesaid target, the city is planning to develop the industry in the way of promoting products having advantages in terms of material, labour force and market such as foodstuff, sylvan-aquatic processing, pharmaceutical, ship mechanic, clothing, leather shoe, packing, construction materials, mechanics, etc… developing the processing industry from 81.5 percent in 2005 to 86.2 percent in 2010. Under this plan, Nhon Binh and Nhon Phu industrial complexes shall be built and completed; industrial groups concentrated in Tran Quang Dieu, Nhon Phu, Nhon Binh districts and Nhon Hoi Economic Zone shall be established; the city shall coordinate with the province to speed up the site clearance, invest in completing current industrial zones and complexes such as Phu Tai, Long My Industrial Zones and building new industrial zone within the city especially Nhon Hoi Economic Zone. 

In addition, the city is determined to perform effectively the policies on investment attraction and industrial encouragement such as the policies on land using, tax and administrative reform... to create a clear legal framework for investors to approach to projects; renovate with advanced equipments; improve quality of competitive products in domestic and world market. Regarding trade and tourism development, the city shall intensify the advertising and trade promotion activities, improve quality of export products, strive to raise the city’s export turnover to US$1.3 billion in the period of 2005-2010. 

Source: Vietnam Business Forum