Local entrepreneur community constantly creates renewal to develop

After more than 20 years of renewal, entrepreneurs in Binh Duong province have reached robust growth both in quality and quantity. Many have created exploits and brought fame to the land. Not only affirming their important position, entrepreneurs in the province have coordinated with foreign enterprises for common development.

Spirit of Vietnamese entrepreneurs

In 1997, Binh Duong province had a total of around 900 entrepreneurs. The figure has so far amounted to 34,500. Since early this year, the province has also absorbed more than VND39.35trillion in domestic capital, a year-on-year increase of 16.5%. Particularly, there were 3,873 new domestic enterprises and 754 extra-ones.

Over the past nine months, the flexibility of the entrepreneur community also helped the province further gain impressive socio-economic growth. Accordingly, the province’s index of industrial production surged 9.3% compared to the same period last year. Of these, processing sector grew by 9.64% while production and distribution of power, gas and water saw a 13.61% increase. The local supply of power was also ensured.

The province’s total retail sales revenue of commodities and services was estimated at VND140.85trillion, a year-on-year increase of 17%. Meanwhile, the province’s export turnover also continued reaching high growth wit trade surplus at US$3.8billion.

Along with the common development of the province, province-based enterprises worked very effectively. The province also flexibly applied support policies for enterprises, helping them opportunely remove their obstacles in production-business for better development.

Mai Huu Tin, President of provincial Business Federation said that together with the above-mentioned advantages, entrepreneurs in the province will enjoy opportunities from the U.S-China trade war. But, the trade war will also bring great challenges to the business community of Vietnam in general and of the province in particular.

Hallmark of foreign entrepreneurs

Province-based FDI enterprises have also made great contributions to the local socio-economic development. With preferential policies in investment attraction, the province has become one of “red” addresses of FDI enterprises. The FDI enterprises community has obtained great development both in quality and quantity. Acknowledging this, provincial People’s Committee will honor 32 entrepreneurs in the FDI sector on the occasion of the Vietnamese Entrepreneurs’ Day 2018.

Since early this year, the province has attracted more than US$1.18billion in FDI capital or 84.95% of the year’s plan. Thus, the province has to date absorbed 3,430 FDI projects with a total registered capital of US$31.29billion. With this result, the province is now among the country’s top localities in FDI attraction.

Possibly seeing, leaders of the province have always created advantageous conditions for enterprises and entrepreneurs to reach sustainable development. The province has so far built a strong entrepreneurial staff and a system of enterprises with high competition.

Speaking at a recent meeting with entrepreneurs in the province, Tran Thanh Liem, Vice-Secretary of provincial Party Committee, Chairman of provincial People’s Committee said that the province will further focus on improving the local investment climate, competitive capacity and promoting support for enterprises. Leaders of the province will also continue strengthening administrative reform, creating the best conditions for enterprises to work…

Reported by Khanh Vinh-Translated by K.T