Continuous support for development of enterprises

According to investors, Binh Duong is still a promising land to bring development opportunities to both domestic and foreign enterprises. With many determined solutions right from the beginning of the year, Binh Duong strives to become a leading destination for investment attraction, innovation, scientific and technological development, and creating an equal and safe business environment.

In 2024, Binh Duong continues to implement key tasks and solutions to improve the business environment and support sustainable development of enterprises. In the photo: Production is on-going at Ton Dong A Joint Stock Company

Encouraging signals

According to the Ministry of Planning and Investment, the number of newly established enterprises increased by 62.3% and the capital increased by 238.3% in the first month of 2024, compared to the same period. In which, there are 327 newly established enterprises with a total registered capital of over 1,845 billion VND (increasing by 57.2% in the number of enterprises and by 15.5% in capital compared to the same period); 43 enterprises adjusted to increase capital with 4,821 billion VND (increasing by 16.2% in the number of enterprises and by 519.6% in capital compared to the same period). Up to now, the whole province has 66,399 registered businesses, with a total registered capital of over 733,355 billion VND. According to the plan until the end of 2025, Binh Duong will accommodate 80,000 enterprises, which is over 83% of the plan.

In the first half of 2024, foreign direct investment (FDI) inflows into Binh Duong reached 61.3 million US dollars to have included 3 newly registered projects with a total registered capital of 40.6 million US dollars, 5 projects with increased capital adjustment of 14 million US dollars, and 5 projects contributing capital or purchasing shares with a total increased registered capital of 4.1 million US dollars. Cumulatively, the province has attracted 4,227 FDI projects with a total capital of 40.4 billion US dollars.

The results mentioned above are considered a positive signal for investment capital inflows into the province in 2024. Along with that, the area with FDI capital continues to invest in new, more modern machinery production lines, expand production workshops, and business to increase productivity. A typical example is the food processing and milk project from beans, seeds of various types of Dan On Food Joint Stock Company (Canada) with an investment of nearly 40 million US dollars, at My Phuoc 3 Industrial Park.

In the assessment of the prospects for the first quarter of 2024, many enterprises also believe that production and business conditions are more stable. A survey of 409 enterprises in the processing and manufacturing industry showed that 65.34% of them evaluated the production and business situation in the first quarter of 2024 as stable and better than the fourth quarter of 2023.

According to the provincial Industrial Park Management Board, businesses in general and businesses in the province's Industrial Parks in particular with many positive and effective solutions in accompanying the province's businesses over the past time have still maintained their production rhythm, creating added value products, and contributing to the overall growth of the province. In the coming time, industrial parks will prepare conditions in terms of land, infrastructure, and human resources to receive more and more quality foreign investment flows. Along with that, industrial parks continue to synchronously deploy solutions to restore, develop, and support businesses, turning industrial production into a growth engine, and contributing to completing the targets set for the year 2024.

To unleash growth momentum

Forecasts for 2024 show that difficulties for the province in implementing growth goals and targets persist. In addition to old growth drivers, the province is trying to unlock new medium and long-term growth drivers, which is the strong development trend of digital economy, green economy, circular economy, innovation, promoting regional connectivity.

To realize this goal in 2024, the province will continue key tasks and solutions to improve the business environment and enhance competitiveness to adapt to the development trend of the 4^th industrial revolution and increase the resilience of the economy. In particular, it strives for the number of newly registered businesses to reach 6,744 businesses in 2024; to reduce the rate of enterprises dissolving and ceasing operations; to reduce input costs, opportunity costs and unofficial costs for businesses and people. Along with that, the province actively promotes removing difficulties and obstacles, promptly supporting people and businesses to restore production and business, improving the province's position in the PCI index rankings and other indicators like PAPI, PAR, and SIPAS.

Mr. Trinh Hoang Tuan Anh, Deputy Director of the Department of Planning and Investment, said that when world market signals are still unclear, one of the most expected factors to revive growth targets is to accelerate progress of public investment, especially traffic projects connecting the region such as Vanh Dai 3 of Ho Chi Minh city, Vanh Dai 4 of Ho Chi Minh city, Ho Chi Minh City - Chon Thanh Expressway, DT746, Bach Dang Bridge 2 etc. Currently, capital flow into these projects is being prioritized, so ensuring the progress of these projects along with other projects will contribute to promoting the province's growth, in accordance with the provincial under construction planning, and will contribute to stimulating investment demand, directly maintaining and expanding the production and business capacity of enterprises when these projects reach completion schedule.

Reported by Ngoc Thanh – Translated by Vi Bao