Amid seriously negative impacts of the COVID-19 pandemic, determined to adhere to economic growth targets, Binh Duong province has carried out consistent solutions to overcome difficulties to recover and develop the economy.
Bringing the economy back to the growth orbit
The COVID-19 pandemic has caused a negative impact on all aspects of life, society and economy, leading to a chain effect on many areas in the province. According to a report by the Provincial People's Committee, the Industrial Production Index was estimated to rise by 6.4% year on year in the first six months of 2020, the lowest in recent years.
Retail sales of goods and services declined sharply due to social distancing measures to prevent and combat the pandemic, reduced incomes of people and tightened spending. The total retail revenue of goods and services reached VND122,390.7 billion in the first six months of 2020, up 9.4% from a year earlier, the lowest in four years.
Besides, many other countries still tightened imports and exports to contain COVID-19. Many import and export contracts were disrupted, leading to slowing export and import growth. In the first six months, the export value was estimated at US$12.286 billion, 1.2% more than a year ago, and the import value was US$9.975 billion, up 7% year on year.
Growth indicators, though lower than last year and lowest in recent years, came from joint efforts of the entire political system. Despite adverse impacts of the COVID-19 pandemic, Binh Duong's economy still kept growing. The economy of Vietnam in general and Binh Duong in particular has shown signs of recovery and development. Enterprises started to approach support policies and endeavored to restore production. Industrial park developers and investors invested VND5,954 billion in building infrastructure and factories, and subleased 41.6 ha of land and factories. The province attracted US$673 million of foreign investment capital.
Following the Prime Minister's direction on commitment to keep the targets in 2020, including the gross regional domestic product (GRDP) growth of 8.6 - 8.8%, Chairman of the Provincial People's Committee Tran Thanh Liem said at a regular meeting in June 2020, "This is a big challenge but the province will try the best to achieve this goal because the pandemic is already well controlled.” Accordingly, in the remaining months of 2020, Binh Duong province will actively strive to keep economic growth and resolve to achieve the target. The post-COVID-19 economic recovery scenario was completed with strategic solutions, focusing on local key strengths.
Effort for growth
One urgent solution to recover and revive the economy actively implemented by the province from an early stage is supporting businesses and investors to overcome difficulties caused by the COVID-19 pandemic. The province has created all favorable conditions for them to fully and promptly access credit and capital for production and business.
The COVID-19 pandemic revealed the fact that companies that want to stand firm cannot depend too much on a single market. Trade promotion will help them expand their markets for goods consumption. The province encourages them to diversify import markets. In the difficult economic context, domestic consumption stimulus and “Buy Vietnamese” campaign will help stimulate domestic production development. Furthermore, localities in the province have continuously improved the business investment environment, attracting domestic and foreign investors to capture development opportunities, especially to catch more foreign investment flows.
Binh Duong province has been accelerating investment capital disbursement as one effective solution to promote growth in the current difficult period. The Provincial People's Committee has required authorities at all levels and branches to urgently complete investment procedures, assign all State-funded investment plans in 2020; speed up disbursement and progress of ongoing public investment plans in 2019 and 2020 (including ODA-funded projects); direct quick completion and operation of major and important infrastructure projects, and maximize design capacity and socioeconomic performance.
To create an open legal framework for production, business, export and import of priority enterprises, the Provincial People’s Committee has instructed relevant bodies to apply the single-window mechanism in administrative procedures and settle administrative procedures online. It has opened the 1022 telephone hotline to receive complaints about harassment by public officials of organizations and individuals.
Mr. Le Minh Quoc Cuong, Director of Department of Labor, Invalids and Social Affairs, said that the Provincial People’s Committee has approved support of VND2.4 billion for 2,449 laid-off workers without employment contracts, granted VND30 million for 30 benefit-disqualified fired workers, and provided VND87 million for 87 business households.
The department will further inform and encourage workers, provide appropriate training for laborers and workers laid off or sacked due to the COVID-19 pandemic, he said. In order for foreign experts and investors to enter Vietnam to work for local enterprises, the department has coordinated with the Binh Duong Industrial Zones Authority and the Department of Foreign Affairs to instruct enterprises to carry out procedures to apply for priority entry and verification under the law.
“Binh Duong is committed to work closely with the Government and localities across the country to fulfill the targets set for 2020,” Chairman of the Provincial People's Committee Tran Thanh Liem affirmed. This is also the common spirit of all levels and branches of government in the whole province to work together to further develop the local economy and society.
Source: Vietnam Business Forum
Vietnamese
