Promoting achievements to motivate development

Beside successfully controlling the pandemic and despite the global geopolitical impact and the sharp increase in gasoline prices, Binh Duong's economy is impressively recovering and accelerating. Along with that, many projects motivate and open new space for Binh Duong to keep on developing.

Panko Vina Company in Ben Cat town strives for purchase orders in 2022

Efforts made to rise

According to Mr. Yeh Ming Yuh, General Director of Polytex Far Eastern Vietnam Co. Ltd. in Bau Bang district, in 2021, despite being affected by the COVID-19 epidemic, the revenue of Polytex Far Eastern Vietnam compared to the previous year of 2020 still grew at 34.3%, reaching USD 630 million. It is expected that revenue in 2022 would be about USD 755 million. In the following years, the company plans to invest in expanding production with industrial fiber products to be applied in the production of seat belts and airbags.

Mr. Yeh Ming Yuh added that Far Eastern Group has been constantly developing and growing on a global scale, especially in Vietnam as more and more attention has been paid to expanding investments. By May 2021, the group has expanded its investment for the second time, bringing the current total investment capital up to USD 1.37 billion with synthetic fiber products and recycled products. According to the plan, the factory will carry out construction investment items that expected to be put into production of long fiber (DTY) in the second quarter of 2022 and POY in the fourth quarter of 2022 and other products (RPET) in the first half of 2023.

From an export perspective, Mr. Byun Jae Woong, CEO of Panko Vina Company in Ben Cat town, said that since the end of 2021, the export orders for 2022 have "covered" the capacity of manufacturing. Currently, enterprises are focusing on producing export orders for Japanese partners. In particular, export orders, especially from neighboring areas, are shifting strongly to Vietnam, so enterprises are planning to expand production to welcome the new opportunities. The company also set a growth target of 10% in 2022 and continuously offered solutions to strengthen production management and overcame the recent labor shortage problem.

For domestic enterprises, according to Mr. Tran Anh Vu, Deputy Chairman of Binh Duong Furniture Association (BIFA), export orders of the woodwork industry were fixed until the third quarter, even many enterprises have enough production for the whole year 2022. Currently, the demand for furniture in the world market is still on the rise, which is a great opportunity for the woodwork industry to strongly grow. Accumulated in the first 3 months of the year, export turnover is estimated at USD 703.1 million, accounting for 8.1% of the province's total export turnover. Particularly in March 2022, export turnover was estimated at USD 206.9 million, increasing by 2.8% compared to the previous month, which is the growth for the whole year of 2022.

Positive signals from the domestic and export markets have contributed to an estimated increase of 7.2% in the industrial production index over the same period in 2021, which in the first quarter of 2021 was 6.9%. Import and export turnover continued to grow at a high rate compared to the same period in 2021. Important export markets such as the US, South Korea, Japan, Taiwan, and Hong Kong have prospered. Specifically, export turnover was estimated at more than USD 9 billion, increasing by 9.8% over the same period, which in the first quarter of 2021 was 30.4%. Import turnover is estimated at nearly USD 6 billion, increasing by 0.2%, which in the first quarter of 2021 was 20%. Trade surplus has gained more than USD 3 billion.

Drastic actions for the targets

Mr. Nguyen Van Danh, Deputy Chairman of the provincial People's Committee, said: “In the first quarter of 2022, the provincial People's Committee has drastically and expeditiously implemented the socio-economic development plan across sectors and fields. At the same time, they focus on solving difficulties and problems related to land, investments and business procedures, reforming administrative procedures, and organization of a number of important events to create trust and excitement for businesses and people, contributing to the effective implementation of the government's economic recovery and development program."

However, besides many positive changes that are quite comprehensive in all fields, leaders of the provincial People's Committee also acknowledged that some drawbacks remain. Specifically, the world situation has many complicated and unpredictable developments, especially the conflict of Russia and Ukraine, which has had certain effects on export and import activities, high raw material prices especially petrol prices and so on. In addition, obstacles remain in public investments and despite being directed to remove, the progress of implementation and disbursement of public investment capital is still slow. Some power projects are too slow to complete, affecting the supply for production and business operations.

Representative of foreign-invested enterprises, Mr. Byun Jae Woong, CEO of Panko Vina Company, said that the expansion and development of key and connecting roads is a great for business in Binh Duong economy to grow sustainably on the foundation to attract high-quality projects including those from Korea.

Meanwhile, domestic businesses want to maintain the heat of economic growth in the first quarter for the next quarters, the authorities will facilitate the financial support packages to reach manufacturing enterprises at the soonest. In which, it is necessary to consider appropriate support policies for small and medium enterprises by creating a foundation to connect with FDI enterprises producing terminal products or large distribution systems.

 In the second quarter, the provincial People's Committee urgently completes the socio-economic development plan, the district urban general planning, and the selection of consultants to complete the outline of the planning of Binh Duong province for 2021-2030 with a vision to 2050. A scheme to develop social housing and housing for workers is developed. The Vanh Dai 3 investment project is soon implemented after the National Assembly approved the policy of investment and expansion of National Highway 13 and My Phuoc - Tan Van Highway. Relevant agencies and units are coordinated with to study and implement the project in steps for Vanh Dai 4, Ho Chi Minh - Thu Dau Mot - Chon Thanh Highway, An Tay port, and extending the Metro line from Suoi Tien to Binh Thang ward of Di An city.

Reported by Tieu My – Cam Tu – Translated by Vi Bao