Producing 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 7 percent 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 same period 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 of 2018.

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

The industrial production index rose by 8.9 percent 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 growth in Binh Duong’s import and export revenue, resulting in a trade surplus of 2.5 billion USD in the first half of this year. 

Foreign investors poured more than 854 million USD into the province, which was 61 percent of this year’s plan, but only 49 percent 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. -VNA