Nine months of 2024: Industry and trade have positive changes, key export sectors recover

The socio-economic situation during the first 9 months of 2024 was affected by conflicts in several countries and regions, natural disasters, climate change; the USD exchange rate and gold price increased; prices of crude oil, basic goods, transportation services, etc. fluctuated.

To help businesses overcome difficulties, Binh Duong province directed all competent levels and sectors to synchronously implement many solutions to remove obstacles, especially in tax policies; increase access to credit capital, focus credit capital on production and business sectors; enhance the effectiveness of administrative procedure reform; organize many trade promotion activities, expand markets...

In addition, the province has also resolutely directed the promotion of public investment disbursement to create more momentum for economic growth; at the same time, it has created markets for industries such as mechanics, steel, construction materials, etc., and implemented effective solutions to find markets for processed and manufactured industrial products.

Under the leadership of the Provincial Party Committee, supervision of the Provincial People's Council, close coordination of sectors and localities, and efforts of the business community, the industry and trade sector achieved many positive results. The production and business situation of enterprises has shown good signs, key export industries gradually recovered and had export orders again (by the first quarter of 2025); the labor situation of enterprises ensures stable jobs for workers, some enterprises are planning to recruit more workers to prepare for the production plan for the last three months of the year and before the Lunar New Year 2025.

Workers at a factory in VSIP 1, Binh Duong. 

The province has invested in new-generation industrial parks, aiming at smart and green production; completed the dossier of a project to establish a concentrated Information Technology Park; built up a set of criteria for relocating enterprises located outside industrial parks and clusters in the South to industrial parks and clusters in the North.

People shop at Aeon supermarket, Thuan An city. 

Trade and service activities were relatively stable, purchasing power in the market tended to increase compared to the same period last year. Rising prices and economic fluctuations changed people's spending habits, people tightened their spending, and switched to online shopping channels.

To meet people's shopping needs, the province has effectively implemented solutions to ensure supply and demand balance, stabilize the market, maintain supply and circulation of goods, and monitor the stockpiling of essential goods of enterprises participating in market stabilization.

In order to better serve people's shopping demands and at the same time stimulate sales, supermarkets and shopping centers have launched many attractive incentives and promotions for customers, especially on fresh food, clothing, household appliances, etc.

Import and export activities in the province have some advantages. Merchandise exports still maintained a positive growth rate compared to the same period last year. Production and business activities have been gradually restored, the environment to attract domestic and foreign investors has improved, and import and export activities have increased.

Exports in the first 9 months of 2024 are estimated at US$26,002.6 million, up 15.4% over the same period in 2023, reaching 76.5% of the 2024 plan. Namely, domestic economic sector US$4,894.8 million, up 15.8%; foreign-invested economic sector US$21,107.8 million, up 15.3%. September 2024 alone is estimated at US$3,401.0 million, up 3.2% over the previous month and up 45.7% over the same period last year.

Key export items still achieved good growth such as: wood and wood products estimated at US$4,896.2 million, up 27.7% year-on-year, accounting for 18.8% of the province's export turnover; textiles and garments estimated at US$2,341.9 million, up 12.8%, accounting for 9.1% of the province's export turnover; leather shoes estimated at US$1,380.8 million, up 18.7%, accounting for 5.6% of the province's export turnover...

Imports of goods in the first 9 months of 2024 mainly included machinery, equipment, electronic components and some raw materials for production. Import turnover in 9 months is estimated at US$18,379.1 million, up 14.5% over the same period last year, reaching 65.2% of the 2024 plan...

Entering the last 3 months of 2024, the peak quarter for completing the targets and plans for 2024, the situation is predicted to still have many complicated developments. All levels, sectors in general and the Binh Duong industry and trade sector are actively implementing many solutions to continue to maintain and keep the growth momentum for industrial, trade and service activities.

Reported by Kim Cuc - Provincial Department of Industry and Trade