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Binh Dinh has made every effort to overcome hardship so far, aiming to maintain the economic growth rate. However, the growth rate was lower than the same period last year in the first quarter this year. At present, the provincial People’s Committee has been strengthening the economic development.
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The Q1’s industrial production slows down. Photo N.T |
Face many challenges
The province’s People’s Committee and functional bodies have strived to overcome difficulties caused by the economic regression, implementing many measures to maintain the industrial production and exports during the past three months.
The province’s gross domestic product (GDP) increased by 7.4% in the first quarter, but the economic growth rate was 2.7% lower than the corresponding period last year.
Its industrial production value recorded at VND1,452 trillion, a surge of 5% over the same period last year. The export turnover value was over US$90 million, a decrease of 18.8%.
Experts said that the province’s economy has still faced many difficulties; whilst, the global economic regression will likely impact on businesses. Statistics showed over 4,000 laborers have been laid off in the province.
Also, there haven’t been any long-term and effective plans for the development of the province’s industry. The planning and infrastructure construction in Nhon Hoi Economic Zone as well as other industrial clusters haven’t met the province’s demand for investment attraction.
Make every effort to develop
Binh Dinh Province People’s Committee held a meeting on the province’s socio-economic situation, focusing on measures to promote the economic growth.
Functional bodies are required to create favourable conditions for businesses to take out preferential bank loan. The stimulus package needs to be effectively implemented. The ground clearance, compensation, and infrastructure construction must be strengthened to attract investment.
Businesses are also asked to promote their strength by producing products with high competitiveness and stable markets. They need to focus on the trade promotion and market extension.
The province’s Chairman Nguyen Van Thien steered bodies and agencies to do their utmost to create absolute and positive changes in all fields, continuing the administrative reform to create favourable conditions for investors and businesses.
Businesses are required to improve technologies and trade promotion to strengthen the production and export. Carrying out above-mentioned issues effectively is expected to help Binh Dinh maintain the economic growth in the coming time
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