Binh Duong Economy Extends Strong Recovery

4:01:42 PM | 11/15/2022

In the first nine months of 2022, with the ongoing effort of the entire political system and the joint endeavor and consensus of the people and business community, Binh Duong province continued to achieve positive and inclusive socioeconomic development in all aspects.

According to the province's report on socioeconomic performance in the first 9 months of 2022, the gross regional domestic product (GRDP) was estimated to rise by 7.91% year on year. Particularly, industry and construction expanded by 7.95%; services grew by 10.25%; and agriculture, forestry and fishery climbed 2.75%. GRDP growth was forecast at 8-8.3% in 2022.

Industrial production grew well. Enterprises actively transformed their operating models, adopted bold digital transformation and cooperated with partners to expand their scale and ensure enough inputs for production.

In industrial zones, tenants invested VND3,081 billion in building infrastructure and factories, down 14.6% year on year. Industrial parks leased 200 ha of land and factories and attracted foreign investors with US$1.83 billion (accounting for 71% of all FDI funds in the province).

In trade - services, Binh Duong province effectively applied the market stabilization program; promptly monitored market movements and commodity prices to ensure supply and demand balance of essential commodities for manufacturers and consumers; and contacted business associations to tackle existing problems. Total retail revenue of goods and services was estimated at VND200,928 billion from January to September, up 19.9% year on year.

Import and export grew steadily in the first 6 months of 2022. However, some key industrial exports (woodwork, apparels and leather footwear) weakened in the third quarter. Export value was estimated to rise 11.9% year on year to US$27.059 billion (versus a growth of 26.7% a year earlier) and import value sank 1.6% to US$19.21 billion (versus a growth of 34% a year earlier. The trade surplus came at US$7.8 billion.

Total investment funds were estimated at VND94,627 billion in the first 9 months of 2022, up 17.2% from a year ago. Specifically, state funding was VND7,138 billion, up 2.6%; domestic private funding was VND36,914 billion, up 21.1%; and foreign investment funding was VND50,575 billion, up 16.8%.

Regarding public investment, the Provincial People's Committee gave regular and firm guidance on solutions to enhance responsibility and role of agency leaders and investors, working groups responsible for monitoring and directing implementation of key traffic projects; and periodic investor meetings seeking to promptly solve difficulties and obstacles in public investment and fund disbursement in 2022. By September 15, 2022, total spending value was VND3,365.8 billion, or 37.8% of the full-year plan assigned by the Provincial People's Council (compared to 23.5% in the same period of 2021) and 38.3% of the plan assigned by the Prime Minister.

On domestic investment, as of September 15, 2022, Binh Duong province attracted VND66,468 billion from companies, 5% more than a year earlier. Up to now, the province has 58,455 domestic companies with a combined registered capital of VND597 trillion. On foreign investment, as of September 15, 2022, the locality drew US$2.619 billion of FDI funds (equal to 145% of the plan and up 74% year on year). Up to now, Binh Duong province has 4,069 foreign-invested projects with US$39.6 billion of registered investment capital.

Due to the volatile global economy, achievements of Binh Duong province have strengthened the confidence and excitement of businesses and people and helped effectively carry out programs on economic recovery and development, social security and disease prevention and control.

Hoang Ngoc (Vietnam Business Forum)