Under the Resolution of the 10th provincial Party congress for the 2015-2020 tenure, sectors and authorities at all levels of the province have made efforts in surmounting difficulties and fulfilling the set targets. Accordingly, the province has completed most annual targets on socio-economic development, creating a rebound for it to get more and more sustainable evolution.
Quality of growth improved
According to Nguyen Thanh Truc, Director of provincial Department of Planning and Investment, the overall objectives of the Resolution of the 10th provincial Party congress for the 2015-2020 tenure are to focus on improving the quality of growth, ensuring sustainable development and reasonable growth; strengthen the shift of economic structure towards the growth of industry and services in association with urbanization and hi-tech agriculture; develop Binh Duong into a first-class city with a goal of enhancing people’s material and spiritual lives towards a civilized, prosperous and beautiful city.
Production line of TPR Vietnam Company in the Vietnam-Singapore Industrial Park
Under the Resolution of the 10th provincial Party congress for the 2015-2020 tenure, industrial manufacture was still a main economic sector of the province over the past years. The province’s index of industrial production in the first eight months of 2019 surged 8.22% compared to the same period last year. The sector bent on improving its productivity, efficiency, competitiveness, creating a motivation for the local urban and service development…The province also effectively implemented industrial promotion activities, aiming to reach the local sustainable industrial and home industrial development in association with environmental protection…
Over the past three years, the province’s trade surplus was US$14.34billion. The province’s export value in the first eight months of 2019 was more than US$17.53billion, up 13.1% compared to the same period last year. There was an increase in products from processing industry in the structure of the local export products, which is in line with the province’s goods export import strategy. The province’s main export products continued maintaining stable growth and there were additional new export products from high-tech groups, including cell phones, computers, electronics, hi-tech agricultural products…
Effectively using resources
Over the past years, provincial People’s Committee effectively tapped resources from economic sectors for the local investment and development. The province’s total investment capital for social development during the past three years from 2016 to 2018 obtained the annual growth of 11.9%.
In terms of investment attraction, the province over the past three years lured more than VND5.91billion or 84.4% of the local five-year plan from 2016 to 2020. On average, each investment project is valued at US$10.5million. Since early this year, the province has drawn nearly VND40.44trillion and more than US$1.94billion in domestic and FDI capital, up 74% against the corresponding period last year. The province has so far absorbed more than US$34billion in FDI capital.
Regarding the local investment climate, Neil McGregor, CEO of Singapore’s Sembcorp said that Binh Duong is luring many international partners. With development potential plus the support of the local government, Sembcorp has trust on its development in the province in the coming time.
Whilst, IRWIN Lee, CEO of Phillipines’Universal Robina Corporation (URC) said that over the past time, sectors and authorities at all levels of the province created favorable conditions for the corporation to work effectively. In Vietnam, the corporation has so far built 5 factories, including 3 in Binh Duong with total investment of more than US$100million. URC Vietnam has also pledged to make long-term investment in the province.
Upholding achievements done over the past time, the province will continue well tapping administrative reform, improving the investment climate; enhancing indexes on competitiveness, international economic integration to improve the investment climate, contributing to meeting the local requirements for sustainable development.
Reported by Phuong Le-Translated by K.T
