Binh Duong’s GRDP grows 7% in six months

The southern province of Binh Duong recorded a year-on-year growth rate of 7% in gross regional domestic product (GRDP) between January and June, according to the provincial People’s Committee.

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Producing electronic components at the Japanese-invested Seibi Semiconductor Vietnam Co. Ltd in the VSIP II Industrial Park in Binh Duong (Photo: VNA)
The figure was lower than that of the same period last year, which had grown 7.85% since the first half of 2016. Meanwhile, the province targets a GRDP expansion of 8.5% by the end of 2018.

Over the last six months, the local industrial sector grew 8.3%, the services sector expanded 5.3%, and agro-forestry-fishery increased by 3.5%.

The industrial production index rose by 8.9% with processing activities posting the fastest pace of 9.2%. Total retail sales of goods and services were estimated at VND92.21 trillion (US$3.97 billion), up 17% year-on-year.

Provincial authorities also reported good growth in Binh Duong’s import and export revenue, resulting in a trade surplus of US$2.5 billion in the first half of this year. 

Foreign investors poured more than US$854 million into the province, which was 61% of this year’s plan, but only 49% of that for the same period of 2017.

Chairman of the provincial People’s Committee Tran Thanh Liem said that in order to fulfil this year’s targets, the administration will devise measures for improving the investment climate, facilitating production and business activities in each sector to fuel economic growth.

Binh Duong will also step up dialogue with enterprises and business associations to tackle hindrances to their operations, as well as supporting startups and innovation activities. It will also work out suitable solutions to encourage household businesses, cooperatives, and cooperative groups to transform into enterprises, he added.

Binh Duong is part of Vietnam’s southern key economic region, which also includes Ho Chi Minh City, and the provinces of Tay Ninh, Binh Phuoc, Dong Nai, Ba Ria-Vung Tau, Long An, and Tien Giang.

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