BINH DUONG: The industrial hub of Binh Duong Province is showing signs of an economic recovery.

       In the first 10 months of the year, the industrial production index increased by 4.2% 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 industries, which expanded 4.3%, illustrating that the manufacturing industry of the province could adapt to an uncertain market.

       According to the People’s Committee of Binh Duong Province, trade and service activities are another bright spot in the economy.

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

       The province continued 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 25.6 trillion dong.

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       Food sales reached nearly 4.5 trillion dong, wood and construction materials 7.2 trillion dong, vehicles 874 billion dong, and petroleum products 1.3 trillion dong.

       Over the first 10 months of 2023, total retail sales of goods and services in the province totalled 251 trillion dong, an increase of 13.1% year-on-year (y-o-y).

       This showed that solutions to support and promotions have brought practical benefits to businesses and consumers as well as the whole economy.

       The value of export turnover in October 2023 reached US$2.78bil, up 19.5% month-on-month and 10.1% y-o-y.

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

       Pham Van Tuyen, deputy director of the department, said: “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%. The remainder will be professionals.”

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

       The extension of the 2% value-added tax reduction until June 2024 will be one of the favourable conditions for businesses to reduce production costs and sign orders for 2024 at competitive prices.

       Additionally, consumers will also enjoy stable product prices, especially for essential items in the last couple months of the year and in the coming Lunar New Year in 2024. — Viet Nam News/ANN