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Sunday, July 14, 2024

Binh Duong looks to 8.5% economic growth in Q3

The Saigon Times

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HCMC – The southern province of Binh Duong needs to achieve 8.5% economic growth in the third quarter so that it can meet its 2024 growth target of 8%, said Ngo Van Mit, head of the Binh Duong Statistics Department.

Speaking at a recent meeting on the province’s socio-economic performance in the first half and projections for the second half, Mit stated that the fourth quarter growth target is 10.7%.

However, global economic uncertainties would continue to affect production, business, exports, imports, and investment in the country, he added.

In the first half of 2024, Binh Duong’s economy showed positive results. Out of 36 key indicators, most have reached at least 50% of the annual target, with six surpassing their goals. However, foreign investment attraction declined compared to the same period last year.

The province’s gross regional domestic product (GRDP) rose by 6.19% year-on-year, ranking fifth in the region and 34th nationwide. The industrial and construction sectors grew by 5.81%, services by 7.36%, and agriculture, forestry, and fisheries by 3.29%.

Industrial production showed recovery, particularly in key export-reliant sectors, although some industries faced high costs and competition. The index of industrial production increased by 5.63% year-on-year, with manufacturing up 6%, electricity and gas production and distribution down 14.88%, water supply and waste treatment up 19.81%, and mining down 0.88%.

By May 15, domestic investment approvals had reached over VND27 trillion, a 12.1% year-on-year increase. However, foreign investment approvals in the first five months of 2024 plunged 36.6% over the same period last year to nearly US$589 million.

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