Binh Duong’s economy in the first five months of 2014 reached positive results with industrial manufacture, export and FDI attraction continuing to be on growth compared to the corresponding period last year.

Trade-services on growth

The province’s total retail sales revenue of commodities and services in the first five months of the year was estimated at more than VND42.82trillion, up 18% compared to last year’s same period.

According to provincial People’s Committee, the province’s trade and services gained a stable growth and there was no scarcity for essential commodities. Province-based supermarkets and plazas also organized many promotional programs with a wide range of products at the local people’s demand for shopping.

Provincial People’s Committee also said that the province’s price stabilization program continued to be effectively implemented. Along with selling commodities with stabilized price at supermarkets, participating enterprises further organized mobile sales trips in industrial parks, rural and densely-populated areas, contributing to bringing the local retail sales revenue of commodities and services to a high level. 

The effective operation of province-based enterprises has contributed to promoting the local industrial production value. In picture: Wooden products for export being manufactured at Kaiser Vietnam Wood Industry Co.Ltd.

Over the past five months, the province’s export turnover secured more than US$5.3bln, up 7.9% compared to last year’s same period. Most key export products obtained a high growth. For example, woodwork rose by 4.7%, garment & textile by 18.2%, footwear by 12.5%, plastic products by 19.1%...

Provincial Department of Industry and Trade said that production materials saw a stability in price and the number of province-based enterprises’ export orders increased by 10%-15% against last year’s same period. There was also a growth from some traditional export markets like EU, U.S, Japan, ASEAN…, contributing to promoting the local export industry.

The province’s trade surplus over the past five years was estimated at US$905mln. With the result, the province’s trade surplus in 2014 is likely to reach more than US$2bln. More importantly, the result showed that province-based exporters have taken full advantage of domestic supply chains in order to gradually decrease import value and increase goods value. This is also a good sign for the development of domestic auxiliary industries at enterprises’ production demand for export.

Industrial manufacture, investment attraction with positive results

The province’s industrial production value in the first five months of 2014 achieved nearly VND69.62bln, up 9.8% compared to the corresponding period last year. Some industries of garment & textile, paper, electric equipment… gained a high growth at 7.8%, 11.9%, 14.4%, respectively.

The above result was a good sign as some enterprises in the province were affected by the incidents in mid May. Provincial leaders have opportunely instructed the local functional agencies to take support measures for damaged enterprises, helping them resume operation.

In terms of investment attraction, the province absorbed additional US$896mln in FDI capital. The figure helped Binh Duong lead the whole country in FDI attraction over the past five months. In general, most FDI capital over the past five months mainly focused on high technology and highly competitive industrial production. As of now, the province has completed nearly 90% of 2014’s plan on FDI attraction.

Also during the period, the province attracted additional 875 domestic projects and 102 extra-ones with total investment capital of nearly VND4.23bln. The province has so far lured 15,950 domestic projects with total investment capital of nearly VND122trillion.

Reported by T.Minh-Translated by K.T