Economic growth and the contribution of sectors and economic components to the economic development of Phu Yen province

Abstract

Rapid and sustainable economic growth has always been a key goal for Phu Yen in particular and Vietnam in general. This study employs descriptive statistical analysis and expert evaluation methods, utilizing data collected from the General Statistics Office, Phu Yen Provincial Statistics Office, and reports from government agencies in Phu Yen to assess the economic growth trends and the contributions of various sectors and economic components to Phu Yen's economic development from 2011 to 2023. The findings reveal that Phu Yen has made significant progress in economic growth and economic scale over the past decade. The primary drivers of the province's economic growth have been the service sector, the industry-construction sector, and the private economy. However, the growth rate has not been entirely sustainable, with the economic scale still relatively small compared to other provinces in the region and nationwide. Additionally, the production capacity of various economic sectors remains limited. While the private sector has made significant contributions, its business scale remains modest. From these findings, the article suggests solutions to promote sustainable development in Phu Yen in the coming time.