Binh Duong economy grows fastest in three years

The economy of the southern province Binh Duong in the first nine months of 2015 grew 11.3 percent, the fastest year-on-year increase in three years, according to a report released by the provincial People’s Committee.

The report showed the industrial sector posted an 8.5 percent growth, the service sector, 15.2 percent, and the agricultural sector, 1.6 percent.

Most major economic indicators are on track to meet their yearly targets, it said.

The province’s industrial production value maintained a rising trend from the beginning of the year, reaching 152.6 trillion VND (6.9 billion USD), up 13.8 percent against the same period last year. Domestic businesses saw a 12.3 percent increase in production value while foreign ones, up 14.6 percent.

Notably, Binh Duong enjoyed a trade surplus of over 2.5 billion USD in the first nine months of 2015.

The province attracted 1.47 billion USD in foreign direct investment, a 27 percent year-on-year increase and 47.7 percent more than the yearly target.

Regarding the fulfilment of the tasks for the remaining months of the year, Chairman of the provincial People’s Committee Tran Van Nam asked departments and agencies to reform administrative procedures and improve competitiveness and foreign investment attraction while speeding up the progress of major projects.-VNA