Investments boom in the stable economy

The economic and social situation in the first two months of the year continues to achieve many positive results, showing better developments compared to the same period in 2023 across most sectors, setting the stage for growth and development throughout 2024.

In the first months of the year, businesses in the province's key sectors have seen orders return. Pictured: Production at Elecsun Company in Tan Uyen city

Production recovery

The industrial sector is experiencing a resurgence, particularly in import and export activities showing strong signs of recovery. The industrial production index increased by 3.33% compared to the same period, with exports reaching USD 5.3 billion in two months, a 28.1% increase year-on-year, indicating a recovery in global market demand.

In the early months of the year, businesses have received numerous orders, and production areas have also increased production to meet domestic and export demand. Mr. Nguyen Minh Nhat, Director of Nhat Nam Construction Mechanical Plywood Co., Ltd., Binh Duong Branch (Ben Cat Town), stated that at the beginning of 2024, the company received orders from existing partners as well as new partners. The production situation of the business shows positive signs.

According to Mr. Nhat, despite having orders for production, customers now demand shorter delivery times. In previous years, customers typically allowed about one month to complete orders, but now only two to three weeks are required to deliver to partners, while product quality also demands higher standards than before.

The resurgence is also evidenced by the fact that businesses are no longer in crisis, the export market or in some sectors such as textiles and furniture. Particularly this year, there is no post-Tet unemployment situation, on the contrary, businesses have a very high demand for recruitment. Mr. Nguyen Thanh Toan, Director of the Department of Industry and Trade, affirmed that he will continue to support businesses in the province in effectively utilizing the signed trade agreements, negotiating new contracts, promoting the products and image of Binh Duong enterprises to the global market. In addition, the domestic market also needs to be strongly promoted.

Strong investments into infrastructure

The provincial economy in the first 2 months of the year has shown some positive signals, with an increase in budget revenues and expenditures. Public investment in the first 2 months of the year has disbursed 1.146 trillion dong, and the estimated new budget revenue is expected to reach 13.170 trillion VND, a 14% increase compared to the same period, contributing to overall growth.

In an interview with us, Mr. Nguyen Trung Tin, Head of the Industrial Park Management Board of the province, stated that in the first 2 months of 2024, the province's industrial parks have attracted over 144 million USD. In the upcoming plan, Binh Duong will accelerate the expansion of industrial park areas according to the approved government planning. After the Provincial People's Council approved the planning project for VSIP III Industrial Park (phase 2), over 800 hectares and Cay Truong Industrial Park 700 hectares, the investors of these industrial parks are completing the infrastructure and preparing clean land to attract new capital inflows. Along with other industrial parks in the province, these two new industrial parks are expected to continue to be a new growth driver for Binh Duong after completion.

The Provincial People's Committee of Binh Duong quickly coordinated with localities to implement projects related to the Ho Chi Minh City Ring Road 3, Ho Chi Minh City Ring Road 4, Ho Chi Minh City - Chon Thanh Expressway, and An Tay Port from the beginning of the year. In addition, they reviewed the plan for allocating public investment capital in 2024 from local budgets. They focused on resolving difficulties and obstacles for businesses, investors, and implementing major and important projects and key transportation works.

Recently, the Provincial People's Committee has considered adjusting the operating period of some projects at Dong An I Industrial Park (Phase 2), approving the investment policy for the Bac An Tay Urban Area project, adjusting the investment policy for the An Son Inland Water Port project, approving the investment policy and additional funding for the preparation of the general construction planning (scale of 1/5,000) for the specialized mechanical industrial zone (Bac Tan Uyen Industrial Zone).

Reported by Tieu My – Translated by Vi Bao