Thanks to the central and local measures to deal with difficulties implemented, Binh Duong’s economy over the past nine months of 2013 reached many positive results, especially in the fields of industrial manufacture, export and investment attraction. 

“Powdered milk products for export being manufactured at Vietnam Milk Joint Stock Company in VSIP I

Industrial manufacture on stabilization, export on sharp rise

The province’s industrial manufacture over the past nine months continued reaching stable growth with a total value of VND108.144trillion, up 12.8% compared to the corresponding period last year. Of the total figure, the foreign investment sector accounted for 67.2% and increased by 13.2% while the domestic investment sector accounted for 32.8% and rose by 12.1%. Noticeably, the proportion of processing and manufacturing industries accounts for 98% of the local industrial structure.

To achieve the above results, the province actively took the Government’s measures to remove difficulties in production and business; regularly organized meetings with enterprises and associations to deal with their hurdles, helping them stabilize and promote their production and business activities over the past time…

The province’s export turnover during the period also secured US$9,841mln, up 15.6% compared to the corresponding period last year. Of these, the foreign investment sector accounted for 81.2% and increased by 17.8% against the same period last year. Vo Van Cu, Director of provincial Department of Industry and Trade said that the province’s export industry saw positive signs for development during the period. The province’s export products still maintained high growth, due to import material price on stabilization, main export markets on rebound, positive effects from the negotiation of the Trans-Pacific Partnership Agreement ("TPP")…

The province’s export industry will further reach stable and growth for the rest of the year, according to Mr.Cu. This is because most province-based enterprises have signed export contacts till year-end with an increase of 10%-15% in quantity compared to the same period last year.

Such these apart, many other economic fields gained stable development over the past nine months. Particularly, the province’s total retail sales revenue of commodities and services was estimated at VND63.755trillion, up 22.2% compared to the same period last year. The province’s credit field was also on evolution with a total mobilized capital of VND77trillion, up 9.4% against the same period last year. Besides, the province gained VND21.trillion in State budget collection, up 23% over the corresponding period last year.

Efficiency in investment attraction

Along with industrial manufacture and export, the province’s investment attraction continued thriving over the past nine months.

The province absorbed additional VND12.131trillion in domestic investment capital over the past nine months. So far, there have been 14,754 domestic investment projects with a total investment capital of VND115.17trillion. Noticeably, domestic investment projects now focuses on province-based industrial parks (IPs) for industrial manufacture with good competitiveness for both domestic and foreign markets.

Since early this year, the province has granted licenses for many new domestic projects, including those of Anh Thy Co.Ltd., which is specialized in manufacture of electrical and mechanical equipment in the South Tan Uyen IP; Nam Ha One-Member Co.Ltd., which is specialized in manufacture of functional food in the An Tay IP…

Especially, the province also absorbed more than US$1.1bln in FDI capital over the past nine months. There were 100 FDI projects licensed with a total investment capital of US$691mln and 89 extra-ones with US$422mln. So far, the province has drawn 2,184 FDI projects with a total investment capital of UD$18.5bln. Many FDI projects focuses on hi-tech industries with good competitiveness, greatly contributing to the growth of the local industrial manufacture, export, State budget collection…

Mai Hung Dung, Director of provincial Department of Planning and Investment spoke highly of the province’s FDI attraction over the past nine months. According to him, the province has set 2013’s target of achieving US$1bln in FDI attraction. But, the province’s FDI attraction in the first nine months of the year was more than US$1.1bln. The result further affirms that Binh Duong is still an attractive destination for investors, especially foreign ones…

With the above results, it is believed that Binh Duong’s economic targets in 2013 will be fulfilled earlier than planned. This is of great significance for Binh Duong to be more confident for implementation of 2014’s plans.

Reported by Ve Giang-Translated by K.T