Rapid growth, economic recovery

Vietnam's GDP growth in the first quarter of 2022 exceeded 5%, showing that the national economy is on a vigorous recovery. Localities in the southern key economic zone made contributions to the strong growth of the whole country and Binh Duong are rising to become a bright spot in terms of comprehensive growth in all fields after the period affected by the pandemic. However, it is predicted that the socio-economic situation still has many challenges, due to the complicated developments of the pandemic and the unpredictable impacts from the world’s political security.

According to the assessment of provincial People's Committee at the periodic session in March 2022, the local socio-economic situation in the first quarter of 2022 got thriving after nearly a year of being affected by the pandemic. Accordingly, the province’s economic fields from industry, trade – service to agriculture all achieved high growth. The province’s domestic and FDI attraction gained prominent growth and became a positive bright spot of the whole southern key economic zone. The province’s import-export turnover also gained growth. The local economy recovered strongly with the number of operation-resuming enterprises approximating to the figure before the pandemic occurred. Jobs with high income for laborers were guaranteed. The lives of the majority of people were stable...

The above results came from the efforts by the local Party, government and people in overcoming the pandemic, bringing into play advantages and strongly arousing resources for economic recovery. Specifically, after the pandemic was under control, localities returned to the "new normal" state. Along with support packages from the Government, provincial leaders, departments, sectors and localities in the province focused on economic recovery and development; supported enterprises and employees to remove difficulties so as not to reduce long-term growth driving forces while putting forward a target of reaching the growth rate of 8% or more in 2022.

With high determination and persistence in implementing the set goals, in a short time, Binh Duong has resumed supply activities and put production on track to regain growth momentum. The results achieved are very positive, but it is expected that socio-economic development still has many challenges, due to the complicated developments of the pandemic, the unpredictable impacts from the world’s political security. According to experts, Vietnam's economy has a large openness, so it is affected in many aspects by the world’s economic situation.

Meanwhile, the world’s economy has recovered slowly with growth showing signs of slowing down. The prices of essential goods, especially energy prices have increased, leading to the risk of inflation, due to the impact of the military crisis between Russia and Ukraine. In the face of the situation, along with focusing on effectively and synchronously implementing support policies on socio-economic recovery and development, provincial leaders have also directed departments, sectors and localities to strengthen forecast and be proactive to flexibly manage in line with the new context, opportunely coping with arising situations.

Reported by Le Quang-Translated by Kim Tin