In 2023, Binh Duong province was allocated 21,817 billion VND of public investment capital (the highest ever). This capital is mainly used to invest in infrastructure projects connecting the region. 

At the press conference, a representative of Binh Duong Provincial People’s Committee said that the gross domestic product (GRDP) increased by 1.15% over the same period in 2022. In which, industry – construction decreased by 0.93%; services increased by 5.55%; agriculture, forestry and fishery increased by 1.82%; product tax minus product subsidies increased by 7.23%.

Although the company actively modified its strategy, launched new goods, and attracted new clients, the volume and amount of orders both significantly declined. According to estimates, the industrial production index will rise 0.15% from the same time in 2022.

Industrial parks attracting foreign investment reached 39 million USD (accounting for 9% of the province), 4.2 hectares of land for lease. Commercial electricity output is estimated at 3.3 billion KWh, down 7.6% over the same period; maintaining the percentage of households using electricity in the province at 99.99%. In the first quarter, the total retail sales of goods and services in Binh Duong was estimated to increase by 13.2% over the same period. The average consumer price index in the first quarter increased by 3.2% over the same period.

Binh Duong: Economic growth 2023

However, key export products and main export markets continued to decline due to the influence of inflation, economic recession, and low consumer demand. Specifically, export turnover is estimated to decrease by 18.7%; import turnover is estimated to decrease by 14%.

As of March 15, 2023, domestic investment attracted 10,782 billion dong of registered business capital (down 31.8% over the same period). Accumulated up to now, the province has 60,748 domestic enterprises with a total registered capital of 641,000 billion VND.

Foreign investment attracted US$437 million (down 74% over the same period). Up to now, the province has 4,097 foreign-invested projects with a total registered capital of 39.7 billion USD.

In the first quarter, Binh Duong had 745 enterprises with recruitment needs with 12,864 employees, creating additional jobs for 11,216 people, reaching 32% of the plan.

By the end of March 2023, the province’s total mobilized capital was estimated to be VND 274 trillion, down 1% from the start of the year and up 0.1% over the same period; outstanding loans were estimated to be VND 288 trillion, up 0.9% from the start of the year and up 7.7% over the same period; bad debt is 1,895 billion dong, representing 0.66% of all outstanding loans; and total debt was estimated to be VND 288 trillion.

Meanwhile, budget revenue from the beginning of the year until now has reached VND 17,300 billion, equal to 23% of the provincial People’s Council estimate. Total budget expenditure is estimated at VND 3,300 billion, equal to 11% of the estimate, up 1% over the same period.