Expectations from development indicators

According to a report by pprovincial People's Committee, despite facing numerous obstackles, the province’s economy has achieved positive growth in all aspects. Encouraging results from the first nine months of 2024 raise expectations that Binh Duong will gain or even exceed its development targets by the end of the year.

Specifically, the province's gross regional domestic product (GRDP) in the first nine months of the year increased by 7.05% compared to the same period in 2023. The province’s industrial-construction sector grew by 7.12%, services by 7.42%, product taxes minus subsidies by 6.95%, and agriculture, forestry and fisheries by 3.11%. Enterprises’bbusiness-operation operations have shown positive improvement, with key export sectors gradually recovering and receiving new orders. Also during the period, the province’s industrial production index (IIP) was estimated at increasing by 6.31%. The province’s total retail sales revenue of goods and services reached approximately VND 255,099 billion, up a year-on-year increase of 12.7%

The province’s export and import activities gained many advantages, with exports maintaining positive growth compared to the previous year. The province’s export turnover was estimated at US$ 25.6 billion, up 13.7% while import turnover reached US$ 18.2 billion, up 13.4%. The province’s domestic investment attraction was nearly VND 58,998 billion, or 85.7% of the level of the same period last year while foreign direct investment (FDI) reached US$ 1.56 billion, equivalent to 86.86% of the plan and 94.1% of the level of the same period last year.

The fact that many of the province's key economic targets have achieved growth under extremely difficult conditions demonstrates that solutions for business-production development and recovery, support for enterprises, along with efforts to drive economic growth have been effective. Additionally, Binh Duong, with its spirit of creative effort, breakthrough thinking, creating an open and favorable environment for investment and business, has attracted domestic and foreign investors. The growth in the industrial development index, investment attraction, import-export turnover, total social investment capital...has indicated positive signals from the economy that are very clear and worthy of expectation.

However, with only a few months left in 2024, challenges remain. To achieve the highest level of development targets for the whole year, all-level authorities, sectors, agencies and the business community in the province must continue their relentless efforts, proactively and creatively pushing forward to successfully "cross the finish line", laying the foundation for development in the coming years.

Reported by Trieu Phong-Translated by Kim Tin