Binh Duong’s economy recovers strongly, average income continues to rise

Over the first 6 months of 2022, with the effort to recover from the Covid-19 pandemic, all socio-economic sectors of Binh Duong were stable and developing, many important indicators showed high growth compared to the whole country. Binh Duong has also led the country in per capita income for two consecutive years (2020-2021). The flow of foreign direct investment (FDI) capital continues to increase, the economic prospect of Binh Duong province is really promising.

Economic recovery, stable jobs, Binh Duong people’s lives are improving. In photo: Customers do shopping at Co.opmart Binh Duong Supermarket.

Investors place their trust in the province

The General Statistics Office recently announced that among 63 provinces and cities nationwide, Binh Duong had the highest per capita income in 2021, with VND7.12 million/person/month, 1.8 times higher than the national average, an increase of 1.71% compared to 2020. In second place was Ho Chi Minh City with VND 6.01 million/person/month; Hanoi was in third place with 6 million VND/person/month. Per capita income of Binh Duong in 2020 reached more than VND7 million per month, was also the highest locality in the country, higher than Ho Chi Minh City (VND 6.54 million) and Hanoi (VND 5.98 million).

At the Intelligent Community Forum (ICF) Summit recently held in Binh Duong, scholars also assessed that with the development rate of Binh Duong, its per capita income would continue to increase in the coming time, first of all, the determination of the province to recover from the Covid-19 pandemic. Vo Van Minh, Deputy Secretary of the Provincial Party Committee, Chairman of the Provincial People's Committee, said that with the efforts to recover socio-economic development after the pandemic, from the beginning of 2022, the Provincial Party Committee, People's Council and People's Committee issued plans and documents to implement socio-economic recovery and development resolutions of the Government and ministries. In the first 6 months of 2022, the province's economy attained many good results, many targets had quite high growth compared to the same period in 2021, activities of social life returned to a normal state.

Ngo Van Mit, Director of the Provincial Statistics Branch Office, said that the province's industrial production index over the first 6 months of 2022 increased by 8.35% compared to the same period in 2021. A business trend survey of 417 enterprises in the processing industry, showed that 38.1% of enterprises rated the production business situation in the second quarter of 2022 was better than in the previous quarter; 37.9% of enterprises said that the production business situation was stable. From the beginning of the year to June 15, the number of domestic enterprises registering for new business was 3,309, an increase of 3.4% over the same period in 2021, with a total registered capital of VND 21,257 billion; 777 enterprises increased, adjusted investment capital, with total capital increase of VND 18,533 billion; 102 enterprises registered to resume operations, an increase of 17.2% over the same period in 2021.

In terms of FDI attraction, over the first 6 months, the province had 124 enterprises made new business registration, capital increase, with a total capital of more than $2.52 billion. Of these, 30 new investment certificates were issued, with a total registered capital of nearly US$1.8 billion, quadrupling compared to the same period last year, and 12 projects increases investment capital. The province's export activities also recovered quite well, the value of exports was estimated at nearly $19 billion (trade surplus reached more than $6.1 billion). The total retail sales of goods and consumer service revenue of the province was estimated at VND 133,300 billion, an increase of 12.3% over the same period in 2021. These are optimistic signals that brighten the economic prospect of the province in 2022, in which businesses and investors have high expectations of a strong production and business recovery in the coming time.

Motivation for development

Signals of rapid economic recovery in the province after the Covid-19 pandemic not only show investor’s confidence to continue "pumping capital" into the province, but the investment capital to develop the whole society also increased. Over the first 6 months of 2022, the investment capital of the province was estimated to be VND 60,723 billion, an increase of 9.6% over the same period in 2021. The investment capital of the whole society is considered as one of the important factors to maintain and increase production capacity and a resource to improve the material and spiritual living standards of the whole society.

In order to effectively utilize socio-economic recovery resources, the province issued many regular, drastic guiding documents, established solutions to improve the roles and responsibilities of heads of agencies, units and investors. The province established working groups to monitor and direct the implementation of a number of key transport projects, holds periodic meetings with investors to promptly solve their difficulties and obstacles in the implementation and disbursement of public investment capital in 2022. Accelerating the progress of public investment, timely putting works and projects into operation is also the driving force for socio-economic development.

According to the Provincial Department of Labor, War Invalids and Social Affairs, the labor and employment situation has improved, some key manufacturing industries of the province have the demand for recruiting workers in large quantities. The province has actively contacted and worked with many provinces and cities throughout the country to sign cooperation agreements in supplying and recruiting workers for enterprises, created additional jobs for 18,723 workers. Stable business, production expansion has contributed to creating stable jobs, creating more income for workers. In addition, the investment capital for the whole society has increased sharply, which has also helped to speeding up the process of rapid recovery in all fields and social life in the province.

Reported by Minh Duy – Translated by Ngoc Huynh