Locomotive economic sectors show encouraging signals

Half of 2024 has passed with a mix of favorable conditions and challenges, with promising initial results in many economic sectors. However, to achieve success in all annual targets, the remaining time requires even greater efforts from all levels, sectors, localities, and the business community in the province.

With the efforts of businesses and the determined solutions of the province, production and business activities have strongly recovered. In the picture: Production activities at Kim Sang Electrical Equipment Manufacturing and Trading Company

Growth maintained

2024 is a year of acceleration, breakthroughs, and special significance in the successful implementation of the 5-year socio-economic development plan, 2021-2025. Alongside the fundamental advantages, the process of achieving the economic and social targets of Binh Duong also faces difficulties such as the complex and unpredictable global situation, the exchange rate of the US dollar and the price of gold, crude oil prices, basic commodities, and volatile transportation services, as well as high production costs. With the efforts of the political system, the collective strength, and the unity of the people, the business community in the area, the socio-economic situation of the province has achieved many positive results in almost all fields.

The results for the first 6 months of the year show that the Gross Regional Domestic Product (GRDP) increased by 6.19% compared to the same period in 2023 (an increase of 3.55% in the same period); of which, the industry and construction sector increased by 5.81%; the service sector increased by 7.36%; the tax on products excluding product subsidies increased by 7.2%; and agriculture, forestry, and fisheries increased by 3.29%. The industrial production index is estimated to increase by 5.63% compared to the same period in 2023 (an increase of 2.65% in the same period); of which, the processing industry increased by 6.0%; water supply and wastewater treatment increased by 19.81%; and the mining industry decreased by 0.88%.

For industrial clusters, secondary investors have implemented infrastructure construction and factory investment with a total capital of 608.9 billion VND (reaching 51% of the plan). Industrial zones have leased 79.22 hectares of land, and up to now, industrial zones in the area have leased nearly 7,100 hectares of land, with an occupancy rate of 93.7%.

Binh Duong continues to be an attractive destination for investors to put capital into production and business. In the first 6 months of the year, it has attracted 29,762 billion VND of domestic investment capital (an increase of 7.5% compared to the same period), including 2,971 newly registered enterprises and 543 enterprises increasing capital. The total number of domestic investment projects in Binh Duong currently exceeds 68,800 with a total capital of 757,000 billion VND. Attracted foreign investment reached 633 million USD, including 87 new investment projects (316 million USD) and 57 capital increase projects (273 million USD). Up to now, Binh Duong has a total of 4,313 foreign investment projects with a total capital of 40.8 billion USD.

In the field of trade and services, in the first 6 months of 2024, Binh Duong achieved a total retail sales of goods and service revenue of nearly 166,200 trillion Vietnamese dong, an increase of 13% compared to the same period, export turnover reached nearly 16.3 billion USD, an increase of 10% compared to the same period, and the trade surplus reached nearly 4.8 billion USD. This is a very important result that very few localities in the country have achieved.

Efforts made for the targets

Mr. Nguyen Dinh Thi, General Director of Kim Sang Electrical Equipment Manufacturing and Trading Company (Tan Uyen City), believes that Binh Duong is always a reliable destination for domestic and foreign investors. Binh Duong not only has advantages in terms of geographical location and land conditions, but also the government and departments always accompany businesses in the process of project implementation, promptly resolving difficulties and supporting businesses to achieve high efficiency in production and business.

According to Mr. Trinh Thanh Nhon, Chairman of the Board of Directors of ICC International Cosmetics Company (Dong An 1 Industrial Park), the company has been investing in Binh Duong for over 20 years and has always received enthusiastic support from local authorities and departments. In a fiercely competitive market, the province's accompanying support has helped the company ensure stable production and consumption of goods.

In the last 6 months of 2024, the Provincial People's Committee has identified 10 key tasks related to various fields that need to be focused on to achieve the highest targets and plans of the whole year. The province will continue to effectively implement the orientations and policies of the Central Government to promote sustainable economic development to grasp the situation, analyze, forecast, and develop scenarios for economic growth in the third quarter and the whole year 2024 to have appropriate solutions, strongly promote economic growth drivers such as industrial production, consumption, investment, and exports.

The province will also enhance cooperation with central ministries and agencies, proposing timely solutions to remove difficulties and obstacles of localities. Continue to organize contacts and direct work with each industry association, business, and project to promptly resolve difficulties and find solutions to promote development. The progress of expanding industrial parks and investing in new industrial clusters according to the plan is accelerated to establish criteria for developing eco-industry and high technology with focus on resolving obstacles, vigorously promote the disbursement of public investment capital along with emphasis on the implementation and investment in inter-regional and intra-regional transportation infrastructure projects, as well as education, healthcare, science and technology infrastructure.

Reported by Tuan Anh – Translated by Vi Bao