High determination, great effort

The economic picture of the whole country and Binh Duong in the first quarter of 2023, besides the optimistic signals, there were still many challenges. Gross domestic product in the first quarter is estimated to increase only 3.32% over the same period last year, the lowest in many years. GRDP in the first quarter of Binh Duong also increased by only 1.15% compared to the same period in 2022, the lowest in the last two years.

The decrease in economic growth was mainly because the global economy continued to face many difficulties, unpredictable fluctuations, inflation in other countries, although cooled down, remained at a high level, orders decreased, export turnover decreased. In the first quarter of 2023, the total import and export turnover of goods nationwide was estimated at 154.27 billion USD, down 13.3% over the same period last year; in which exports decreased by 11.9% and imports decreased by 14.7%. Production of some key industries declined due to high input production costs, a decrease in the number of orders, especially in furniture, garment, footwear and leather industries... and labor reduction; business registration capital decreased.

Meanwhile, industries, such as furniture, footwear, and garment, in Binh Duong are considered the "capital" of the country. Although obstacles in public investment received attention, the progress of implementation and disbursement of public investment was low… Besides the gray colors, there were bright signals in other areas such as: travel services; CPI has been controlled to an appropriate level while global inflation has declined; The State Bank of Vietnam adjusted interest rates to solve difficulties, support the economy's recovery and maintain growth...

In order to best accomplish the set goals in the difficult context, the provincial leaders carried out many activities to remove difficulties, free up resources, gradually help the economy increase economic growth, such as: implement activities to support businesses and employees; promote e-commerce; access to export information channels to find new markets. Provincial leaders also actively meet and dialogue with associations and industries, coordinate with diplomatic missions and prestigious international organizations to seek opportunities for cooperation and investment promotion. Departments, branches, and localities also focus their efforts on administrative procedures; focus on solving difficulties and problems for businesses and investors; speeding up the approval of digital transformation projects, digitizing administrative procedures; removing bottlenecks in provincial planning, disbursing public investment projects... Great determination and drastic actions are believed to create synergy, open up resources, and soon help the province's economy prosper again.

Reported by K.Tan - Translated by Ngoc Huynh