Production, business recovered, making economy change positively

In the first 3 months of 2024, the production and business situation in the province remained difficult, with industrial production in some industries recovering slowly. Focusing closely on the Government's directions, Binh Duong province basically completed all set targets and plans. The province also implemented solutions to maintain growth, remove difficulties in production and business activities, increase trade promotion and seek new markets to support enterprises.

Social investment capital increased

On the afternoon of March 21, Vo Van Minh, Vice-Secretary of provincial Party Committee, Chairman of provincial People's Committee chaired the 57th session of provincial People's Committee to sum up the work of the first quarter and deploy the work of the second quarter of 2024, in attendance of leaders of provincial departments and sectors.

Vo Van Minh, Vice-Secretary of provincial Party Committee, Chairman of provincial People's Committee speaks at the session

The report at the session said that in the first 3 months of the year, the global economic situation was still unstable, due to prolonged geopolitical conflicts, high inflation, oil prices, food prices, and exchange rates on the world’s market with strong change, further affecting most industries and fields. The production and business situation of some enterprises in the province was still difficult, with industrial production in some sectors recovering slowly.

In the situation of having certain difficulties, the province's social investment capital is considered as a "stimulant" for the economy to maintain development. Over the past 3 months, the province’s total social development investment capital was estimated at more than VND 31.42 trillion, an increase of 5.9% over the same period in 2023, with disbursement reaching more than VND 1.54 trillion or 7% of the plan assigned by provincial People's Council and 11 % of the plan assigned by the Prime Minister. The province also attracted more than VND 14.06 trillion in business registration capital, approved the investment policy of 3 domestic projects with total investment capital of more than VND 21.39 trillion while luring US$158.3 million in FDI capital. Province-based industrial parks and compounds absorbed US$ 132 million in FDI capital and leased 12.8 hectares of land. Enterprises in the local industrial parks disbursed investment capital of US$965 million with total revenue of US$10.3 billion and export turnover reaching US$ 5.9 billion.

Representatives of departments and sectors discuss at the session

The province’s FDI attraction decreased, only 36% over the same period. This was because there was no land fund left to meet new investors, especially those who need to use big land. Besides, accessing investors' needs, supporting procedures and removing infrastructure problems for secondary investors have not yet brought positive results. The work of land price appraisal, compensation, site clearance and authorization for localities to build, appraise and approve specific land prices still had some obstacles for change. The implementation of resettlement projects, key projects and disbursement of public investment capital was still slow.

To create more motivation for the local development in the coming time, provincial People's Committee is urgently completing legal procedures to keep up with the investment progress of industrial parks, namely VSIP III for the phase 2, expanded Rach Bap, Tan Binh, expanded Dat Cuoc. The province is also researching to invest in a specialized mechanical industrial park of about 800 hectares, attracting the automobile mechanical industry and creating a premise for developing high-tech industry, automation, investing in science and technology industrial parks...

Supporting access to capital for production and business

In the first 3 months of the year, provincial People's Committee focused on directing and effectively implementing the local socio-economic development plan, so most economic indicators grew and investment capital for social development increased quite well; bent on removing difficulties in land price appraisal to implement investment projects, ensuring State budget revenue and expenditure under the estimates. Along with that, provincial People's Committee promptly monitored, inspected, urged and removed obstacles in investment procedures and effectively implemented key traffic projects.

Province-based enterprises were proactive in developing raw materials, signed many orders, boosting production to serve domestic and export needs. Signing new orders helped enterprises get positive signs in import and export activities have. The number of new orders in key industries such as wood processing, machinery and equipment, footwear, garment-textile... increased.

Specifically, the province’s export turnover in the first quarter of 2024 was estimated at nearly US$8 billion, an increase of 16.2%. Meanwhile, provincial Statistics Department said that through a survey of 400 businesses, 42% of businesses believe that there will be more positive possibilities and 21.3% of businesses forecast that the production and business situation will have certain difficulties in the second quarter of 2024.

The province's industrial production index in the first quarter continues maintaining positive growth

Deploying key tasks in the second quarter of 2024, Vo Van Minh, Chairman of provincial People's Committee requested departments, sectors and localities to further focus on implementing the directions of the Government, the National Assembly, provincial Party Committee, People's Council, People's Committee's plan on the local socio-economic development; continue effectively deploying tasks and solutions under the socio-economic recovery and development program and national target programs in the province; focus on removing obstacles in production and business of people and enterprises.

Mr. Minh also requested departments, sectors and localities to focus on removing obstacles for real estate projects, regularly inspect, remove difficulties and speed up the progress of projects, focusing on key traffic projects and disbursement of public investment capital; effectively deploy financial and State budget tasks in 2024. For State budget collection, it is necessary to organize correct, sufficient and timely collection, effectively tap revenue sources, review and handle corporate’ tax debts, strictly control backup expenses, focus on deploying the use of electronic invoices.

To remove difficulties in production and business activities, Mr. Minh requested relevant units to effectively implement the State Bank's solutions, creating conditions for people and enterprises to access credit capital... He also noted departments, sectors to promote trade promotion activities and connect to find new markets to promote enterprises ‘export activities.

Reported by Minh Duy-Translated by Kim Tin