Dong Nai among highest-growing economies nationwide

​Production at ‘Kien Dat Industrial Company Limited’, Agtex Long Binh IP (Bien Hoa City)

In 2020, Dong Nai industrial production value is estimated at nearly VND 721.9 trillion, up by nearly 7.26% year-on-year; Production value of agriculture - forestry - fishery increased by nearly 3.2%; Total retail sales of goods and services reached VND 182 trillion, up 5.5%; State budget revenue was VND 54 trillion, equivalent to 102% of the estimate, etc.

*Overcome difficulties

Like many other countries, in 2020, Vietnam has had 4 months (March, April, May, and June) facing a serious economic recession due to the COVID-19. It started with a lack of raw materials for industrial production, followed by a shrinking export market due to a number of orders being halted or delayed for delivery. Most of the production and business sectors were heavily affected by this epidemic. However, Dong Nai enterprises have promptly adjusted their production and business plans, found more customers and new export markets, and increased domestic consumption to compensate for such decline. So from July 2020, Dong Nai enterprises have restored its production.

Most export markets are facing difficulties in 2020, so Dong Nai businesses decide to return to their home turf and seek to increase market share. According to Mr. Bui The Kich, Chairman of BOD cum General Director of Dong Nai Garment Corporation Joint Stock Company - Bien Hoa 1 IP, this year, the textile and garment industry faces great difficulties in production and export, both lack of input materials and difficult to find output. This company has promptly adjusted its plan by expanding production of non-woven fabrics to supply for domestic factories, sewing masks, and protective clothing for domestic consumption and export markets. As a result, the company has reduced damages caused by COVID-19, and ensured jobs and income for employees.

Production of machinery components for export and domestic consumption at ‘Kien Dat Industrial Company Limited’, Agtex Long Binh IP (Bien Hoa City)

*Prepare to ‘speed up’

Director of Department of Planning and Investment Ho Van Ha assessed that, in 2020, out of a total of 28 socio-economic development targets approved by PPC’s Resolution No. 184/NQ-HDND dated 06/12/2019, there will be 3 targets exceeding the plan, 21 targets reaching and 4 targets failing. However, most of important economic indicators are achieved, so the Dong Nai economic growth remains much higher than other provinces in the region such as HCMC, Ba Ria-Vung Tau, etc.

This is the last year of the 2016-2020 period, so maintaining a high economic growth will create momentum for economic development in 2021 and the period of 2021-2025. Especially in 2020, although the COVID-19 occurs, the disbursement of Dong Nai foreign direct investment capital still reaches USD 950 million which exceeded the plan. At the same time, attracting domestic and foreign investment, the number of newly established enterprises exceeded the annual plan. These are the premise for economic growth for the coming years, when projects and enterprises go into production and business activities.

According to the Dong Nai Industrial Zones Authority, this year, rapid disbursement of projects with foreign direct investment capital into industrial zones means the early completion of factories to put into production, contributing to improving industrial production value in the province.

Until now and since the start of the year, Dong Nai has more than 4,000 newly established enterprises and its registered capital is much higher than in 2019. This proves that the confidence of the business community and the people in Dong Nai's investment environment is gradually increasing. About one month to the end of 2020, businesses, departments and localities are “speeding up” to complete the assigned plan.

Vi Quan