The factory of Vina Kraft Paper Co. Ltd in My Phuoc 3 Industrial Park, Binh Duong province (Photo: VNA)

Binh Duong (VNA) – The People’s Council of the southern industrial hub Binh Duong Province has adopted a resolution on the province’s socio-economic development for 2016-2020 with the goal of an annual Gross Regional Domestic Product (GRDP) growth of 8.3 percent.

The resolution also envisions an economic structure with industry accounting for 63.2 percent, services 26 percent, agriculture 3 percent.

The province will focus on improving growth quality while expanding the local economic scale, thus ensuring suitable and sustainable growth.

Seven groups of tasks and solutions have been drafted in order to achieve the set targets, including policy measures, investment solutions, economic restructuring, human resource training, science-technology development and environmental protection, state apparatus efficiency, and mobilisation of social resources.

Other issues high on the agenda for the province in the coming time are food safety, educational infrastructures and sustainable poverty reduction.

The province will also strive to attract more than 7 billion USD of foreign investment in the five-year period.

Binh Duong recorded a trade surplus of 1.9 billion USD in the first half of 2016, according to the provincial People’s Committee.

One of the major industrial hubs in the southern region, the province contributed 21 billion USD to the country’s export revenue of 162.1 billion USD in 2015.

Binh Duong has so far attracted 2,713 foreign-invested projects with a total capital of around 25 billion USD.

In the first six months of this year, the province licensed over 1.14 billion in FDI in 126 new and 68 underway projects, a rise of over 12.5 percent year on year.-VNA