Binh Duong's economy still gains impressive growth amid difficulties

Update: 19-11-2021 | 13:05:01

On the afternoon of November 18, provincial People's Committee held its 5^th online meeting, which was chaired by Vo Van Minh, Vice-Secretary of provincial Party Committee, Chairman of provincial People's Committee. The event was attended by Mai Hung Dung, member of provincial Party Standing Committee, Permanent Vice-Chairman of provincial People's Committee and leaders of departments, sectors and localities.

Many targets fulfilled and exceeded plan

Speaking at the meeting, Mr. Minh emphasized that despite suffering great impacts from Covid-19 pandemic, so far, Binh Duong has well controlled the pandemic. The province’s socio-economic situation has achieved stability with remarkable results. The province’s industrial production value, State budget collection…have still continued growing.The province has made great efforts in the face of challenges posed in the "new normal" period. “In the difficult context, Binh Duong has flexibly directed all-level authorities, sectors and localities to drastically control the Covid-19 pandemic while implementing central resolutions and conclusions, focusing on solving difficulties, overcoming challenges", said Mr. Minh.

Province-based enterprises are making efforts to adapt to the new context to maintain production and business. In picture: Production activities at GS Company in the VSIP 1 in Thuan An city

According to a report by provincial People's Committee, most social life, production and business activities have been recovered in the direction of safe, flexible adaptation to and effective control of the pandemic. The local socio-economic situation in 2021 has achieved some positive results, with many positive highlights in the context of Covid-19 prevention-control and economic development. The province has achieved and exceeded 22/23 targets set out in 2021. Particularly, the province's gross domestic product (GRDP) was estimated at increasing by 2.79%. The province’s economy was developed with 68.12% - 21.42% - 3.1% - 7.36% in industry - service - agriculture - product taxes less subsidies, respectively. The province’s industrial production index was estimated at increasing by 4.5% over the previous year while total retail sales revenue of goods and services was estimated at growing by 3.4%.

Also according to the report, the local State budget revenue reached VND 61.2trillion, or 96% compared to 2020, 104% of the estimate approved by provincial People's Council. The province’s export turnover was estimated at US$ 31.5 billion, up 13.5% or 1.5% higher than the plan. The province's trade surplus in 2021 reached US$6.8 billion. As of November 15, the province’s FDI attraction gained more than US$ 2 billion, exceeding 14.9% of the year’s plan. The local State budget expenditure was estimated at more than VND 32.2trillion, or 124% of the estimate, basically ensuring resources for Covid-19 prevention-control and other urgent tasks.

According to the assessment of provincial leaders, although the local economy could not achieve as many results as expected in the pivotal year of the new term, the people and business community expressed their belief in the proactiveness and flexibility of the province after the pandemic. Binh Duong is one of the localities with many Covid-19 infections, but the province has mobilized all resources to effectively fight the pandemic, ensuring the supply-distribution of goods, and gradually controlling the pandemic.

Promoting investment

Concluding the meeting, Mr. Minh directed departments and sectors to focus all resources on Covid-19 prevention and control, maintaining the "new normal" state to ensure safety and effectiveness in 2022. He suggested departments to further propose plans to recover economic growth and continue promoting the shift of economic structure towards the growth of services; focus on improving the quality of growth on the basis of digital transformation and digital economy; further invest in perfecting the local socio-economic infrastructure system, promoting urban- service development as a premise for the locality to build up a smart city; develop education and training, improving the quality of human resources; step up administrative reform, improving transparency and competitiveness, creating a favorable environment to attract investment, develop production and business; strengthen national defense - security, political stability, social order and safety; enhance the efficiency of foreign affairs and proactively integrate into the world.

The good news is that now, after the pandemic, the local business community has raised the spirit of overcoming difficulties, making efforts to adapt to the new situation to maintain production, business activities, jobs and income for laborers. The province will make efforts to support investors to speed up investment in building infrastructure of industrial parks and compounds...; continue implementing a roadmap on functional transformation of industrial parks and compounds in the Southern region towards developing high-tech industries that are less intensive labor and in line with urban and service development planning; strive to attract US$ 1.8 billion in FDI capital by the end of 2022.

Mr. Minh affirmed that in the new period, the province will prioritize capital for traffic sector, especially traffic with regional connectivity, creating a clean land fund to take the initiative in public investment; well implement traffic planning, urban planning, creating a motivation for investment attraction. Accordingly, the province will prioritize capital for 445 urgent works; allocate VND9.5 trillion in State budget capital to 9 districts, towns and cities.

*Mai Ba Truoc, Director of provincial Department of Planning and Investment: Through reviewing capital sources in the period of 2021-2025, it is expected that the province will mobilize capital for important traffic projects in the province, namely the belt road 3, the belt road 4, Ho Chi Minh - Thu Dau Mot - Chon Thanh expressway, My Phuoc - Tan Van expressway... after they ensure investment procedures and are qualified for capital allocation as stipulated.

*Nguyen Thanh Ha, Vice-Director of provincial Department of Industry and Trade: The Department has strived to complete the assigned targets under the year’s plan. The province’s index of industrial production (IIP) increased by 8.9% over the same period. The province’s total retail sales revenue of goods and services increased by 16% over the same period. The province’s export turnover increased by 14.5% while import value saw a growth of 17% over the same period.

Reported by Tieu My-Translated by Kim Tin

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Binh Duong's economy still gains impressive growth amid difficulties

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