A glance of the VSIP I

Despite the impacts of the global economic crisis, Binh Duong province’s economy has still maintained stable growth between 2005 and 2010. Provincial People’s Committee made the basic assessments of the results and shortcomings of the local economy during the period at its 93rd session just held.

 Maintaining stable growth

 In the 2005 and 2010 period, Binh Duong province’s economy has still maintained an annual growth of 20%. The province has also developed additional 13 industrial parks (IPs), bringing the total number of IPs herein to 28 with 8,751 ha in total, 2.7 times higher than that of 2005. Among them, there are now 24 in operation, luring more than 1,200 businesses with the ratio of land tenancy reaching 60%. The Binh Duong industry-service-urban complex has so far fulfilled site compensation and put 7 IPs into operation…

 Also during the period, the province’s total investment capital has gained an annual average growth of 14.7%. The province has absorbed additional 5,553 domestic investment projects capitalized at more than VND44.9trillion, lifting the total number of the province’s domestic investment projects so far up 9,012 totaling more than VND60trillion. Besides, there have been additional 846 FDI projects worth US$7.3bln flowing into the province. The figure has brought the total number of the province’s FDI projects so far to 1,922 capitalized at more than US$13bln.

 The province’s export turnover has achieved an annual average growth of 22.9%. In 2010, it is estimated at US$8.5bln, 2.8 times higher than that of 2005. The province’s export market has been so far expanded to 180 countries and territories. The province has also reached a 21.1% growth of import value. In terms of financial and banking field, the total State budget revenue has achieved an annual growth of 24.3% and it is estimated at VND16.5trillion in 2010, 3.34 times higher than that of 2005. Meanwhile, the province’s agricultural sector has still reached an annual average growth of 4.7%. The province’s annual GDP growth has achieved 14%...

 Some targets not yet been fulfilled as planned

 Till now, the province’s annual GDP growth has only reached 14%, 1% lower than the set target in the 2005 and 2010 period. In addition to the services sector, the proportions of industrial and agricultural sectors in the province’s economic structure have been lower than the set target. There are still many other shortcomings for change, including slow implementation of the key projects on infrastructure and urban development; limited management for urban and residential areas; environmental pollution in the industrialization and modernization process…

 For the 2011 and 2015 period, the province will bend on exploiting its advantages, making breakthroughs to promote economic growth both in quality and quantity; speed up its economic shift towards the growth of services and industry in combination with reasonable urbanization and investment to foster urban agriculture and hi-tech agriculture and build up the new countryside.

Reported by Dam Thanh-Translated by K.T