Economy
Quy Nhon is one of the main industrial centres of the South Central Coast, behind only Da Nang and Nha Trang. It is also the major industrial and service centre of Binh Dinh province, including its largest industrial facilities at Phu Tai Industrial Park and Nhon Hoi Economic Zone.
Cereals are cultivated on 2548ha of Quy Nhon's land with an output of 13,021 tons as of 2009, just 2% of the province's total. Other crops included 10,891 tons of vegetables, 2795 tons of sugar-cane, as well as smaller amounts of coconuts, peanuts, and cashew nuts.
Much of the city's industry is concentrated in and around Phu Tai Industrial Park in the west of the city along National Route 1A. Quy Nhon is a major centre of garden furniture manufacturing. It has traditionally been relying on access to wood from Binh Dinh's forests as well as the Central Highlands provinces of Gia Lai and Kon Tum and even as far as Cambodia's Ratanakiri and Laos' Attapeu Province. Most of the furniture factories are located in Phu Tai Industrial Park. Several chemical enterprises that supply the furniture and wood processing industry have been set up in the vicinity of the industrial park.
Other industries in Quy Nhon process agricultural and aquatic products, or produce construction materials and paper products. Bidiphar is a pharmaceutical company headquartered in Quy Nhon that is an exception to the city's general focus on basic and wood processing industries. Nhon Hoi Economic Zone is central to the city's and province's industrial development plans. However, as of late 2010 it was still in the early stages of development, with few factories completed.
Quy Nhon has seen only limited foreign investment. As of 2008, 13 foreign companies employed 1119 people in the city.
Currently the economic structure of Quy Nhon is a shift towards increasing the proportion of service industries, reducing the rate of agriculture, forestry and fisheries in GDP. The shares of agriculture, forestry and fisheries - industrial and construction - services in GDP in 2006 reached: 36.7% - 28% - 35.3% (planned: 35% - 30% - 35% in 2005 : 38.4% - 26.7% - 34.9%).
- Income per capita in 2010 was 1625 USD / person
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