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The world’s situation is still volatile, complex and unpredictable. The global economy is slowing down with production-business activities and consumer demand decreasing... In that context, in order to share, support enterprises and investors in solving difficulties, the province has had many meetings and dialogues to hear businesses' feedback, finding solutions to create conditions for stable production and business activities.

Faith strengthened

It cannot be denied that 2023 is a difficult year for production and business activities of enterprises and investors in the province. Although the province and the business community have made efforts to implement many solutions, their effectiveness has not really achieved as expected. Enterprises are facing many difficulties such as increased production costs, reduced raw material input and capacity, labor shortage...

Binh Duong always creates a favorable environment for domestic and foreign investors to reach sustainable development. In picture: Production at Foster Electronics Vietnam Co., Ltd.

By November 2023, province-based enterprises’ production and business situation is gradually recovering. Many enterprises have got orders and are recruiting more workers... However, their operations have still faced certain difficulties. The prices of material input and gasoline increased sharply. Market demand tended to recover, but was not stable. Inflationary pressure increased, affecting production and business activities. Therefore, enterprises are trying to maintain production and business while further promoting trade and finding more customers to restore exports. They are boldly making digital transformation, quickly stabilizing and expanding consumption markets.

In fact, many enterprises and investors in Binh Duong have still continued working effectively amid difficulties, placing their trust in the solutions that the province is implementing. According to Giang Quoc Dung, Vice-Chairman of provincial Business Federation, provincial leaders quickly implemented many positive solutions to accompany and help enterprises overcome difficulties and challenges over the past time. The right directions of the local administration, the response and consensus of the business community have affirmed Binh Duong's solid reputation in the eyes of investors, which has been clearly demonstrated during the pandemic period, the current global economic recession. Investors and large corporations have still chosen Binh Duong as their destination.

According to investors, although the volatile economic situation is causing negative impacts, Binh Duong is still an attractive investment destination for foreign investors. Yeh Ming Yuh, General Director of Polytex Far Eastern (Vietnam) Co., Ltd. said: "We are always satisfied when choosing Binh Duong as a destination for investment. Over the past time, the pandemic and the global economic recession had a great impact on production activities at the company. However, we still believe in the investment and business environment in Binh Duong and always want to maintain long-term operations here. In 2023, the company will further pour about US$ 250 million into Binh Duong."

Companion efforts

Binh Duong is further accelerating the reform process, supporting and serving enterprises in a practical and effective way. Provincial leaders have required each department, sector and locality to further attach importance to reforming, consistently and fully implementing and completing the set goals of improving the business environment and enhancing competitiveness in the plan to improve the Provincial Competitiveness Index (PCI) for the period of 2023-2025.

According to Trinh Hoang Tuan Anh, Deputy Director of provincial Department of Planning and Investment, along with the efforts by the Government, the attention and direction of provincial leaders, all- level authorities and sectors, enterprises are overcoming difficulties and gradually restoring production and business activities. In addition to the support of the Government and the province plus the high efforts by enterprises, especially those full of business experience in the world market, it is hoped that enterprises will soon stabilize production and continue developing.

In the coming time, in order to limit the number of enterprises withdrawing from the market, along with improving the business investment environment, Binh Duong will promote programs and policies to support small and medium-sized enterprises, especially support enterprises to adapt to the new situation, stabilizing production and business, quickly recovering, creating a premise for breakthroughs, improving competitiveness, growing in scale and improving the average life expectancy of enterprises. Nguyen Van Danh, Vice-Chairman of provincial People's Committee said that accompanying and supporting enterprises was one of the key tasks done by Binh Duong over the past time. Especially, in the current period, when enterprises are still experiencing great difficulties, due to the impact of the world’s economic situation, which is expected to further fluctuate in a very complex and unpredictable manner, Binh Duong will further accompany enterprises with more practical solutions.

“In the coming time, provincial leaders, along with leaders of provincial departments and sector, will further focus on reviewing and removing obstacles in production and business activities while promoting the implementation of solutions to support small and medium-sized enterprises in the province, further strongly improving the business investment environment and enhancing the PCI. Binh Duong will always accompany, listen, share and support enterprises and investors in production and business development. This is also an important factor that positively contributes to the local socio-economic development", said Mr. Danh.

Reported by Ngoc Thanh-Translated by Kim Tin