The province solves difficulties to stimulate economic development

“In the coming time, the province will continue to examine obstacles, accelerate disbursement of public investment, remove difficulties and obstacles in investment procedures, continue to encourage and urge contractors. In particular, the province pays more attention to planning, actively reviewing the planning to ensure investment attraction requirements. That was the speech of Nguyen Thanh Nghi, Member of the Party Central Committee, Minister of Construction, Head of the Government's delegation, at a meeting with Binh Duong Provincial People's Committee on the afternoon of May 11 on solutions to stimulate production business, import and export, public investment... Vo Van Minh, Deputy Secretary of Provincial Party Committee, Chairman of Provincial People's Committee, received and worked with the delegation.

Accelerating the construction progress and putting it into use soon will encourage economic growth. In photo:  My Phuoc - Tan Van route.

Production and business face many difficulties

Over the first 4 months of this year, Binh Duong's domestic investment attraction reached VND 22,291 billion, down 21.9% over the same period last year. At present, the province has 61,602 domestic enterprises with a total registered capital of 653,000 billion VND. Foreign investment attracted US$883.6 million, down 63% year-on-year. The province has 4,102 FDI projects with a total registered capital of 39.9 billion USD. For industrial production, although enterprises actively changed their approach, introduced products, and searched for new customers, the number and size of orders decreased sharply. Industrial production index is estimated to increase by 0.15% year-on-year (in the first quarter of 2022, it increased by 7.2%).

Since the beginning of the year, export and import of the province has faced many difficulties. Main export items and main export markets continued to reduce demand due to the influence of inflation, the global economic recession, and low consumer demand. Namely, export turnover was estimated at 7.58 billion USD, down 23.01%, import turnover was estimated at 5.45 billion USD, down 15.97%.

Evaluation of Binh Duong's results over the first 4 months of 2023, Nguyen Viet Dung, Deputy Chief Office of Ministry of Industry and Trade, said that this is a rare bright spot in the common difficult economic context. For the economy to continue to grow further, Binh Duong needs to encourage the development of logistics services. The province needs to focus on the Chinese market and develop more markets in South Asia, South America, and Africa. Besides, the province needs to focus on expanding and developing the domestic market in combination with the development of national programs, especially the program "Vietnamese people prioritize using Vietnamese goods", enhancing trade connections, building e-commerce platforms... At the meeting, Nguyen Thanh Nghi, Minister of Construction, requested Binh Duong to pay more attention to developing production and export; promotion and market expansion; continue to conduct meetings, listen to recommendations of businesses to promptly solve difficulties.

Construction investment entangled with policy

As of April 30, provincial disbursement value of public investment in 2023 reached 13.2% of the target assigned by the Prime Minister. For central budget investment projects, the disbursement value reached 0.6%; for local budget investment projects, the disbursed value reached 5.5%.

At the meeting, Provincial People's Committee raised some difficulties that need to be addressed. Specifically, the province's current investment and construction projects are facing difficulties in legal procedures related to land, determining financial obligations of FDI enterprises when receiving the transfer of the whole or a part of an investment project; procedures for land price appraisal, institutional and policy problems in the implementing process of projects in real estate business.

Projects like Ring Road 3, Ring Road 4, and Ho Chi Minh City - Thu Dau Mot - Chon Thanh highways, still have some difficulties and problems concerning the authority to approve investment policies; capital sources and the ability to balance budget capital to take part in the project, site clearance, compensation, and resettlement support, such as land acquisition policy, relocation of existing technical infrastructure works...

Nguyen Thanh Nghi emphasized that in the country's current difficult context, Binh Duong is a province with very good development conditions, makes a great contribution to the overall growth of the country. However, growth results and public investment results of the province are low. Therefore, in the coming time, the province needs to continue examining and solving problems in investment procedures according to its competence. Recommendations on construction investment, especially land price appraisal, the delegation recorded these to report to the Prime Minister. Regarding social housing development, Minister Nguyen Thanh Nghi assessed that Binh Duong has been an example for the whole country. However, in the coming time, Binh Duong needs to actively enhance the project "Investing in building at least 1 million social housing apartments for low-income people and industrial park workers in the period 2021- 2030” of the Ministry of Construction.

Nguyen Thanh Nghi, Minister of Construction: Record and share difficulties and problems Binh Duong province is facing. The delegation will coordinate with Binh Duong province to solve difficulties and obstacles, and at the same time request central ministries and branches to handle the province's recommendations as soon as possible according to their competence. Binh Duong will always be the leading province in the whole country in terms of economic growth.

Vo Van Minh, Deputy Secretary of Provincial Party Committee, Chairman of Provincial People's Committee: Currently, the province is speeding up the construction of Ring Road 3 and Ring 4. Determined to start construction of Ring Road 3 at the end of June, and the province will actively implement Ring Road 4 project. In the coming time, Binh Duong will put more efforts to further improve the investment environment, creating favorable conditions for businesses.

Reported by Phuong Le - Translated by Ngoc Huynh