Binh Duong to get economy back on track in 2022

Binh Duong (VNA) – The southern industrial province of Binh Duong looks to get its COVID-stricken economy back on track this year, aiming for an increase of 8 – 8.3 percent of the Gross Regional Domestic Products (GRDP).

Last year, the fourth COVID-19 wave took a heavy toll on the local economy, lowering growth to just 2.79 percent.

The 2022 GRDP per capita is expected to reach 169.8 million VND (7,478 USD), higher than 153.6 million VND of the previous year.

The province also targets for the Industrial Production Index (IIP) to grow 8.9 percent and foreign trade to gain 17 percent this year.

It plans to contribute 60 trillion VND to the State budget, attract about 1.8 billion USD in foreign direct investment (FDI), and raise total social investment by 10 percent in 2022, while creating about 35,000 new jobs.

To this end, Binh Duong intends to give priority to developing supporting industries and the manufacturing and processing sector, with use of advanced and environmentally-friendly technologies, in order to allow more local enterprises to enter global value chains.

Additionally, it will accelerate the development of infrastructure at industrial parks and clusters, build clusters for supporting industries to meet investors’ demand, and enhance the effectiveness of logistics services.

According to Chairman of the provincial People’s Committee Vo Van Minh, the province experienced the worst-ever COVID-19 resurgence last year, which wreaked havoc on all socio-economic aspects. But thanks to effective virus containment in the last few months of the year, the economy bounced back, he said.

In 2021, the province posted trade surplus of 6.8 billion USD, with exports totaling 31.5 billion USD and imports 24.6 billion USD. It contributed 61.2 trillion VND to the State budget, 4 percent higher the yearly plan./.