Efforts to overcome obstacles, making positive economic changes

In the first six months of 2024, despite many challenges, Binh Duong's economic sectors have shown positive recovery signals. The province has further promoted administrative reforms, creating favorable conditions to attract investment capital and aggressively implementing solutions to boost production & business development.

Ensuring growth targets

Provincial People's Committee assessed that besides basic advantages, the global situation remains complex and unpredictable with many difficulties and challenges. Under the leadership of provincial Party Committee, the supervision of provincial People's Council, the united efforts of the people and the business community, the province's socio-economic status in the first half of the year achieved many positive results in all aspects.

With the province's support measures and the efforts by enterprises, production and business activities in the first six months of the year reached positive recovery. In picture: Production at Cicor Vietnam Co.Ltd.

Specifically, the province’s gross regional domestic product (GRDP) increased by 6.19% compared to the same period. The province’s industrial production saw significant improvement with an estimated increase of 5.63%. The province's main export industries gradually recovered. However, some sectors like auxiliary industry, still faced difficulties with high raw material and transportation costs. The province’s import-export activities maintained a good growth rate compared to the same period. Particularly, export turnover was estimated at $16.29 billion, up 10.3% while import turnover was estimated at $11.5 billion, up 9.9%, resulting in trade surplus of over $4.7 billion.

Ngo Van Mit, Director of provincial Statistics Department said that in the first six months of 2024, some industries like garment and leather maintained growth, but at a low level. A recent survey recorded that enterprises have sufficient orders until the end of September 2024 and are striving to secure new orders to stabilize production until the end of 2024. The policy of reducing VAT by 2% was maintained, along with the implementation of promotional and consumer stimulus programs, which helped total retail sales revenue of goods and services reach VND 166,180 billion, up 13% compared to the same period.

According to provincial People's Committee, since early this year, the province has focused on implementing various solutions to stimulate economic growth. Accordingly, the province’s total social development investment capital was estimated at more than VND 68.94 trillion. The province’s total value of public investment disbursement by June 17 was more than VND 3.76 trillion, reaching 17.1% of the plan assigned by provincial People's Council and 24.7% of the plan assigned by the Prime Minister.

As of May 15, 2024, domestic investment attracted more than VND 27.25 trillion in registered business capital, up 12.1% compared to the same period and 7 domestic investment projects were approved with total capital of VND 35,907 billion. The province’s FDI attraction as of May 30 gained nearly $589 million, or 64.4% compared to the same period. So far, the whole province has had 4,306 FDI projects with total capital of $40.7 billion. In the first six months of the year, State budget revenue was estimated at more than VND 35.16 trillion, reaching 49% of the estimate approved by provincial People's Council and 54% of the estimate assigned by the Prime Minister, up 11% compared to the same period.

Removing obstacles for production and business

Provincial Customs Department said that in the first six months of 2024, the province's import-export turnover grew by 11%, lower than the national growth rate, but the province's "economic health" showed positive changes compared to many localities in the region. Similarly, provincial Tax Department reported positive signs in domestic revenue, reaching VND 27trillion in the first half of the year, up 27% compared to the same period. The tax sector continues reviewing all fields to ensure accurate and full tax collection, contributing to completing the 2024 State budget revenue plan.

Concluding the 63rd meeting of provincial People's Committee, Vo Van Minh, Deputy Secretary of provincial Party Committee, Chairman of provincial People's Committee, spoke highly of the efforts by departments, agencies and localities in implementing socio-economic development tasks. "The socio-economic situation has achieved some positive results, with business activities recovering and orders increasing. State budget spending is economical and effective, and domestic investment attraction is rising", said Mr. Minh.

Along with results done, Mr. Minh also pointed out some existing difficulties that need to be addressed. Some key traffic projects were affected, due to site clearance issues and the lack of materials, leading to low progress and disbursement of public investment capital compared to the plan.

To further remove difficulties for production and business activities, Chairman of provincial People's Committee requested relevant departments and agencies to organize meetings and work directly with each association, business and project to promptly resolve issues; accelerate the expansion of industrial parks and compounds under the plan, develop criteria for ecological, high-tech industrial development and complete policies for relocating businesses from southern localities to industrial parks and compounds in northern localities.

Chairman of provincial People’s Committee also requested them to urgently fulfill provincial planning for the 2021-2030 period, with a vision to 2050, for submission to the Prime Minister for approval and organization of a conference to announce the plan; complete a plan on land fund exploitation to generate revenue for the locsl socio-economic development in the period of 2024-2025 and orientation to 2030; improve the quality and shorten the appraisal time of investment projects to facilitate early implementation, address obstacles in terms of real estate, social housing, production, business and commercial service projects.

Reported by Minh Duy-Translated by Kim Tin