Binh Duong Economy Keeps Growing

11:50:14 AM | 7/8/2019

That information was revealed at the 29th Meeting of the Binh Duong Party Executive Committee - 10th Term held on July 17, 2019.

Most major socioeconomic development indicators of the province grew strongly in the first six months of 2019 and all 31 targets were expected to be fulfilled or exceeded in 2019. The gross regional domestic product (GRDP) increased 8.09% over 2018, the highest growth in 2016-2019. The industry continued to develop and expand its production scale, with 604 new industrial enterprises in operation. The industrial production index was estimated to rise by 8.08% over the same period of 2018, driven by its 29 industrial parks and 12 small-scale industrial complexes. The consumer price index (CPI) climbed 2.18% and total retail sales of goods and services expanded 15.8% year on year in the first six months. The import and export value continued to grow well and achieved a trade surplus (US$3.4 billion). The value of agricultural, forest and aquatic production expanded 3.5% over the same period in 2018.

In the January-June period, Binh Duong province attracted US$1.45 billion of foreign investment, 70% higher than a year ago and 3.6% higher than the plan set for 2019, and VND31,150 billion (US$1.4 billion) of domestic investment. Total social investment and development capital was estimated at VND40,620 billion (US$1.8 billion), up 12.02% year on year. Budget revenue was forecast at VND28,600 billion, fulfilling 52% of the estimate made by the Provincial People’s Council and rising 16% from the same period of 2018. Total budget expenditure was predicted at VND5,100 billion, equal to 27% of the estimate and up 8% year on year. However, public investment still faced a lot of difficulties and obstacles, causing the province to finish 20.9% of the yearly plan as of June 30.

Along with economic development, cultural and social sectors kept making positive changes, featured by guaranteed political security, social order and safety; and progressive foreign relations and international cooperation. The position and image of Binh Duong province have been raised to the eyes of foreign partners and investors.

The construction of the Party, the government, the Fatherland Front and political unions was upheld. The organizational arrangement and apparatus streamlining achieved some initial results.

Addressing the meeting, Mr. Tran Van Nam, Secretary of the Provincial Party Committee, said the province's social and economic development is stable, sustainable and investment attraction is moving on the right track. At the same time, Binh Duong pays attention to issues of pressing concern like poverty reduction, new rural construction quality improvement and dealing with student increase pressures.

Regarding tasks in the second half of 2019,  he requested branches and localities to effectively work out and adjust land plans; strengthen responsibility and join hands in solving public investment; tighten State management on land; pay special attention to cultural and social sectors, especially health and education fields.

Last but not least, the province will continue to introduce policies to ensure political security, social order and safety; arrange organizational apparatus, streamlining personnel towards enhancing working efficiency and satisfaction of people and enterprises; and prepare well for the next 11th Provincial Party Congress.