Expectations of local industrial manufacture in lunar New Year

As one of the province’s key industries, industrial manufacture last year reached memorable milestones. Hence, entering the lunar New Year 2016, the province is expected to gain successes in this field.

Efforts

In 2015, the province’s industrial production value gained more than VND217trillion, a year-on-year increase of 15.8%. This was a considerable figure amids the world’s economy facing fluctuations.

The value saw a constant growth at 11.2% in 3 months, 13% in 9 months and 15.8% in the whole year. In addition, traditional markets like the U.S, EU, Japan, ASEAN…were maintained and developed.

Noticeably, from April 1, 2015, Vietnam officially cut import tariffs to 0% for more than 3,000 Japanese products. This is of great significance for Binh Duong’s industrial manufacture as Japan is now the biggest investor in the province with more than US$5.2bln.  The free trade agreement between Vietnam and South Korea was also signed last year, opening great opportunities for province-based businesses to export their products to South Korea.

The province’s industrial manufacture sector is expected to reap successes in 2016. In picture: Production at Kaiser Woodwork Co. in Ben Cat town-based My Phuoc Industrial Park

Possibly speaking, there are a lot of positive impacts from the negotiation for signing of bilateral and multilateral trade agreements between Vietnam and other countries. Vietnam has basically fulfilled negotiation rounds for many agreements, namely the Viet Nam-Customs Union of Russia, Belarus, and Kazakhstan Free Trade Agreement (VCUFTA), the Vietnam-EU Free Trade Agreement, the Trans-Pacific Strategic Economic Partnership Agreement (TPP)… This also contributed to helping Binh Duong’s industrial manufacture sector increase its production value last year.

During the development process, Binh Duong has gradually become a “red” address on industrial development of the whole country with the birth of thousands of firms, generating jobs for tens of thousand of local laborers and immigrant ones. The province is now home to 29 industrial parks with thousands of factories invested by great groups from Japan, the U.S, France, Germany…

Firmly believing on lunar New Year

The success of Binh Duong’s industrial manufacture sector in recent years contributed to helping the local index of industrial production (IIP) in 2015 climb up 10.3% compared to 2014. More impressively, 24 out of 27 of the province’s key industrial product groups gained growth against 2014. Among them, there were 13 groups with 10% growth, including garment up 14%; leather and related products, 15.2%; electronics, 20.1%; beds, tables, chairs, 9.4%...

At the 10^th provincial Party Congress, Tran Van Nam, Member of the Party Central Committee, Secretary of provincial Party Committee said that the objectives of the province were to reach a gross domestic product (GDP) growth rate of 8.3% a year; become a great hub with national and region production scale. The province would also give priority to developing auxiliary industries; further call for investors, create advantageous conditions for businesses operating in the province to expand production-business; generate jobs for 45,000 laborers…

In the period of 2015-2020, Binh Duong will restructure the local processing industry for export towards developed countries; promote spearheading industries like electricity-electronics, telecommunications, mechanism, chemicals, processing for export…The province will also strengthen industrial development in the southern region towards the growth of hi-tech and environmentally friendly industries in line with the local urban and service development plan; impulse industrial development in the northern region associated with new-style rural construction, give priority to fostering processing industry linked with material area development.

Binh Duong’s current success in industrial development has also come from the great efforts by provincial leaders over periods. Upholding achievements done together with the local administration’s new orientations for 2015-2020 period, it is believed that Binh Duong’s industrial development will continue obtaining more successes.

Reported by Khanh Vinh-Translated by K.T