State-run businesses uphold role as an engine of local growth

A glance of Binh Duong New City invested by Becamex IDC

Upholding internal strength

The 3-2 enterprise, specialized in manufacturing foam rubber sandals for export, under provincial Party Committee’s Financial Department, was established in 1982 with only 10 staff. And then, it continued getting involved in many other fields, including making and exporting bamboo chopsticks, breeding pigs, processing frozen water bars…

Looking back the economic situation of the period, obviously, the 3-2 enterprise was an engine in consuming the local agricultural products and increasing their value, bringing the locality foreign currency and creating jobs for rural laborers.

Le Thanh Nhon, Chairman of provincial Labor Union said that economy faced difficulties at that time. The Party Central Committee allowed localities to have self-control in terms of finance in order to creatively apply the Party’s policies and guidelines into production reality and uphold their internal strength. Since then, the 3-2 enterprise has made great contributions to the development of Binh Duong.

Similarly, Thanh Le General Import Export-Trading Corporation has greatly contributed to the local economic development. Nguyen Van Hang, Director of Thanh Le Cultural Park in TDM city under the corporation said that State-run businesses in the province have continued carrying out important tasks amid economic sectors looming large, contributing to improving people’s spiritual and material lives.

Absorbing external force

After 33 years of development, the 3-2 enterprise has become Binh Duong Import Export-Production Corporation with nearly 20 subsidiaries and joint ventures. Its total asset is estimated at VND5.897trillion.

The corporation last year reached more than VND3.305trillion in total revenue and VND359bln in post-tax profit. The corporation secured US$ 53.899mln in export turnover while its import value was only US$30.375mln. The corporation also paid VND304.72bln for State budget. The average income of staff herein was VND7.11mln per capita per month.

With achievements done, the corporation made contributions to the local process of industrialization and modernization over the past time.

Meanwhile, Becamex IDC is not only a professional investor in infrastructure, but also joined hands with the local administration to absorb foreign investors, helping Binh Duong be among top five localities in foreign investment attraction.

State-run businesses in the province have not only taken the lead in the local economic development, but also formed up infrastructure, helping promote other economic sectors.

Reported by Duy Chi-Translated by K.T