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On the afternoon of October 26, Vo Van Minh, Vice-Secretary of provincial Party Committee, Chairman of provincial People's Committee chaired the 46th session of provincial People's Committee. The session was attended by Nguyen Loc Ha, Member of provincial Party Standing Committee, Vice-Chairman of provincial People's Committee; leader of provincial Fatherland Front Committee, representative of provincial People's Council; members of provincial People's Committee and representatives of departments and sectors in the province. Provincial People's Committee's report said that since early this year, the province has focused on reviewing and removing obstacles in production and business activities, creating maximum conditions for enterprises, promoting the local socio-economic development.

Industrial production up 4.2%

The report by provincial People's Committee Office said that in the first 10 months of 2023, with determination in direction and administration, the province reached thriving results in economic development. Particularly, the province’s industrial production index increased by 4.2% over the same period. The province’s value of trade and services reached more than VND251.25 trillion, an increase of 13.1% over the same period. The province’s export turnover was US$25.29 billion…

Vo Van Minh (first right), Vice-Secretary of provincial Party Committee, Chairman of provincial People's Committee visits and encourages workers at King Jade Vietnam Industry Co., Ltd.

In the first 10 months of 2023, the province has attracted more than VND71.44 trillion in domestic investment capital. Regarding foreign investment, the province attracted more than US$ 1.3 billion. Also during the period, the province’s State budget collection obtained more than VND52.5trillion or 77% of provincial People's Council's estimate.

Since early this year, province-based credit institutions have mobilized VND290trillion with total outstanding loans estimated at VND300trillion. Reducing bank interest rates, VAT... has helped remove enterprises ‘difficulties and stimulate demand in the consumer market, creating more resources for enterprises to stabilize and develop.

Along with economic development achievements, the province’s social welfare work continued being performed well, recruiting and creating jobs for about 4,200 workers. The province’s political security, social order and safety were maintained. The province cracked down on crimes, coordinated with the Ministry of Public Security to strengthen inspection of traffic order-safety and strictly handled violations, especially the ones regarding alcohol concentration. …

Effective public investment

In the spirit of the Government's direction of "taking public investment to lead private investment", with the determination to speed up the progress of key projects, the province's public investment continued achieving many results. In the first 10 months of 2023, the province’s total disbursement value for public investment was more than VND11.18 trillion, or 91.8% of the plan assigned by the Prime Minister. In a difficult situation, high disbursement of public investment capital is considered as one of the "stimulus" measures for the economy. The province has focused on speeding up the progress of key traffic projects and works, issuing construction unit prices, adjusting land price lists and determining specific land prices in the area to urgently pay compensation and land clearance for projects, namely National Highway 13, Belt Road 3 of Ho Chi Minh city, DT746 street...

Province-based enterprises promote production and business activities, creating stable jobs for workers. In picture: Production at Vinamit Factory in Ben Cat town’s Tan Dinh ward

Possibly speaking, despite certain difficulties, due to the impacts of the world situation and fluctuating raw material prices, domestic and foreign investors have still had confidence in the recovery of the economy and have preparatory steps for production and business expansion in Binh Duong. Specifically, as of October 15, the province attracted more than VND7.58 trillion in registered capital, from 671 newly registered enterprises with more than VND4.57 trillion and 133 enterprises increasing capital of more than VND3.75 trillion.

Possibly speaking, with the efforts by the province in removing obstacles, the local socio-economic situation has changed positively. The province’s industrial production, trade – services and exports increased while industrial production index, total retail sales revenue of goods and services maintained growth over the same period. The province’s State budget revenue basically ensured estimates and ability to complete plans, spent State budget economically and effectively.

However, the province’s production and business situation is still difficult, with export and import decreasing sharply over the same period...Provincial Statistics Department said that according to the result of surveying 409 enterprises in the processing and manufacturing industry, 18.3% of enterprises assessed that the production and business situation in the third quarter of 2023 was better than the second quarter while 35.4% of them thought that the production and business situation was stable.

Among the main factors affecting the production and business activities of enterprises in the third quarter of 2023, 55.7% of enterprises assessed that low international market demand was the factor most affecting the production and business activities of enterprises while 56.2% of enterprises said that it was due to low domestic market demand and 35.9% of businesses said that the competitiveness of domestic goods was high. In addition, 11.5% of enterprises said that it was due to not being able to recruit workers as required; 34.72% of enterprises said that it was due to financial difficulties while 20.8% of businesses said it was due to high interest rates.

For the remaining months of 2023, province-based enterprises are optimistic. Up to 67.5% of businesses evaluated that the production and business situation will be stable and better; 31.54% of businesses evaluated that the trend will be better while 35.94% of businesses thought that the production and business situation is stable.

Reported by Minh Duy-Translated by Kim Tin