Bình Dương's economy shows sign of recovery

Monday, Nov 20, 2023 08:48

The economy of the industrial hub of the Bình Dương's Province shows sign of recovery in over the past few month. — Photo baobinhduong.vn

Over the past few months, the industrial hub of Bình Dương Province has recorded signs of economic recovery.

In the first ten months of the year, the industrial production index increased by 4.2 per cent compared to the same period last year.

This is a positive sign of the diversity and development of the province's economy. Growth was especially impressive in the processing and manufacturing industry, which expanded 4.3 per cent, showing that the manufacturing industry of the province could adapt to an uncertain market.

According to the People's Committee of Bình Dương Province, trade and service activities are another bright spot of the province's economy.

Total retail sales of goods and services in October increased by 1.9 per cent, demonstrating a recovery of consumer demand.

The province continues to affirm its position in international trade, with strong growth in export turnover in October.

Accordingly, total revenue from retail sales of goods and services in October this year is estimated to have reached nearly VNĐ25.6 trillion. Food sales reached nearly VNĐ4.5 trillion, wood and construction materials reached VNĐ7.2 trillion, vehicles reached VNĐ874 billion, and petroleum group reached VNĐ1.3 trillion.

Over the first ten months of 2023, total retail sales of goods and services in the province reached VNĐ251 trillion, an increase of 13.1 per cent year-on-year. These are positive signs, showing that solutions to support and promote production and business have brought practical benefits to businesses and consumers as well as the whole economy.

The province always supports and creates favourable conditions for businesses to develop by focusing on manufacturing and exporting goods in key industries such as furniture, garments and electronics.

The value of export turnover in October 2023 reached US$2.78 billion, up 19.5 per cent month-on-month and up 10.1 per cent year-on-year.

According to a report of the province's Department of Labour, War Invalids and Social Affairs, many businesses that have resumed production and export orders are looking to recruit workers from now until the end of 2023.

Phạm Văn Tuyến, deputy director of the department, forecasts that businesses will need about 12,000 workers from now until the end of the year, of which, skilled workers and unskilled workers will account for about 70 per cent. The remainder will be professionally qualified workers for the peak production season at the end of the year to gain new growth momentum for 2024.

According to Department of Industry and Trade, it is currently in the peak time for businesses to accelerate and complete export orders for 2023.

The extension of the 2 per cent VAT reduction policy until June 2024 will be one of the favourable conditions for businesses to reduce production costs and proactively sign orders for 2024 with competitive prices.

Additionally, consumers will also enjoy stable product prices, especially for essential items, in the last months of the year and the upcoming Lunar New Year 2024. — VNS

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