Business

Binh Duong’s GRDP grows 7 percent in six months

The southern province of Binh Duong recorded a year-on-year growth rate of 7 percent in gross regional domestic product (GRDP) between January and June, according to the provincial People’s Committee.
Binh Duong’s GRDP grows 7 percent in six months ảnh 1Producing electronic components at the Japanese-invested Seibi Semiconductor Vietnam Co. Ltd in the VSIP II Industrial Park in Binh Duong (Photo: VNA)

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

The figure was lower than that of the sameperiod last year, which had grown 7.85 percent since the first half of 2016.Meanwhile, the province targets a GRDP expansion of 8.5 percent by the end of2018.

Over the last six months, the local industrialsector grew 8.3 percent, the services sector expanded 5.3 percent, andagro-forestry-fishery increased by 3.5 percent.

The industrial production index rose by 8.9percent with processing activities posting the fastest pace of 9.2 percent.Total retail sales of goods and services were estimated at 92.21 trillion VND(3.97 billion USD), up 17 percent year-on-year.

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

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

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

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

Binh Duong is part of Vietnam’s southern keyeconomic region, which also includes Ho Chi Minh City, and the provinces of TayNinh, Binh Phuoc, Dong Nai, Ba Ria-Vung Tau, Long An, and Tien Giang. -VNA
VNA
#Binh Duong province #gross regional domestic product #GRDP of Binh Duong #industrial production index of Binh Duong #Chairman of the Binh Duong People’s Committee Tran Thanh Liem #Binh Duong's economic growth #updated Vietnam news #Vietnamplus #Vietnam News Agency Binh Duong
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