Further improving competitiveness index

In the first nine months of 2022, Binh Duong achieved growth in most industries and fields. This result showed that in addition to the quick adaptation of the local business community, the province’s solutions to improve the local investment environment and support enterprises have upheld their effectiveness.

Vigorous recovery

With the determination to build up a government that serves, puts enterprises and people as the center, the province has always given the highest priority to  reforming administrative procedures and improving the investment climate. Trinh Hoang Tuan Anh, Deputy Director of provincial Department of Planning and Investment shared that in 2021, despite being heavily affected by the 4th Covid-19 outbreak, the Provincial Competitiveness Index (PCI) of Binh Duong continued being ranked in the group of provinces and cities with "Good" operating quality with 69.61 points, ranking 6th out of 63 provinces and cities across the country, leading the Southeastern region. In addition, according to a survey by the Vietnam Chamber of Commerce and Industry (VCCI), infrastructure facilities continue being Binh Duong's strength for many years as they continue maintaining their leading position in the country.

Binh Duong continues improving the local investment climate, creating favorable conditions for enterprises to develop. In picture: Production at Dong Hung Industry Joint Stock Company in Di An city-based Tan Dong Hiep Industrial Park

In the first 9 months of 2022, the province's economy recovered strongly in all fields. The province’s index of industrial production (IIP) increased by 8.7%. The province’s total investment for social development grew by 17.2%. The province’s total retail sales revenue of goods and services rose by 19.9%. The province’s export turnover was US$27 billion, up 11.9%. The province’s trade surplus was US$ 7.8 billion. Since early this year, the province has attracted 4,815 newly-registered projects, up 27.1% over the same period, with total registered capital of over VND 30.67 trillion. Especially, over the past nine months, Binh Duong continued being the second largest locality in terms of FDI capital, with total registered capital of over US$2.6 billion.

Improving, promoting sustainable growth

Noticeably, in 2021, among the 10 component indexes launched by the VCCI, Binh Duong received positive reviews from enterprises. The province’s indexes in terms of land access, transparency, time cost, unofficial cost, business support services were improved by 0.29 points, 0.58 points, 0.25 points, 0.08 points, 0.16 points, respectively. This was a clear demonstration of the efforts by provincial authorities at all levels.

This was also the result of the province's review and completion of the one-stop-shop mechanism for enterprise registration, settlement of investment procedures, transparent implementation of mechanisms, policies and processes. The province has also strengthened coordination between sectors and authorities at all levels in attracting and managing investment projects, supporting, creating favorable conditions, and solving problems so that projects can be quickly put into operation.  

According to Kim Won Sik, Chairman of province-based Korean Business Association, the province's position on the annual PCI rankings has shown the local aspiration on mobilizing all resources for economic development. “I am impressed with the meetings and dialogues of provincial leaders with the business community right when the Covid-19 pandemic is seriously affecting production and business. Thanks to that, many solutions on making safe production, opening the market, stimulating consumer demand, connecting supply and demand were promptly given by the province", he said.

Vo Van Minh, Chairman of provincial People's Committee said that the province’s achievements in economic growth in 2021 and 9 months of 2022 were the synergy of many factors, including administrative reform, investment climate improvement to serve the people and enterprises. However, in the context of increasingly exciting economic integration, Binh Duong needs more efforts. In order to improve the PCI index, in the coming time, departments, sectors and localities need to continue promoting administrative reform, focusing on improving the investment environment, enhancing competitiveness and creating the most favorable conditions for enterprises making investment in the province to feel assured for production and business.

Reported by Ngoc Thanh-Translated by Kim Tin