Tay Ninh to boost industrial production for Q2

Apr 14th at 11:29
14-04-2023 11:29:03+07:00

Tay Ninh to boost industrial production for Q2

The southeastern province of Tay Ninh will prioritise increasing local production and attracting investment after an under-performing first quarter for its exports.

Kieu Cong Minh, director of the provincial Department of Planning and Investment, said that Tay Ninh’s export turnover in the first quarter of the year was US$1.17 billion, a 19.7 per cent drop year-on-year.

Production output of many export goods dropped across the board, such as footwear by 36.3 per cent, fabric 31.2 per cent, and vehicles and accessories 17.1 per cent.

The province’s industrial production fell due to businesses facing difficulties and seeing fewer orders from abroad. They had to cut down on their operations, and some even closed temporarily.

Attracting domestic and foreign investment projects was also difficult due to global economic challenges. Around $101.8 million worth of foreign investment (including new registered projects and existing project registering more capital) was poured into the province in the first quarter, a 52.2 per cent drop year-on-year.

For the second quarter, departments and relevant authorities have been instructed to create favourable conditions for new investment projects to take off, especially those that are struggling with land issues.

Tay Ninh will continue to pay more attention to foreign investment projects to help them expand, and attract more projects to the province.

Local authorities will help businesses access the province’s supportive policies and favourable loans.

Le Thanh Kiet, deputy head of Tay Ninh’s Economic Zone Authority, said that several investors are looking at the province or considering expanding their projects, so the second and third quarters of the year are expected to see improvements in investment attraction.

The authority will work with the province to publish a list of projects calling for funding, and facilitate investment into Tay Ninh, especially foreign.

Tay Ninh is part of the Southern Key Economic Zone, bordering HCM City, Binh Duong, Long An, and Cambodia. Its logistically important Moc Bai International Border Gate plays a big role in facilitating trade.

Its economy grew by 9.56 per cent in 2022, leading the southeastern region, with high growth in exports, industrial production and retail sales. 

Bizhub





RELATED STOCK CODE (1)

NEWS SAME CATEGORY

Hanoi promotes sales of Binh Duong produce

The two sides will partner in a cooperation program focusing on information exchange and implementing production chain models.

Over 400 firms join Vietnam International Café Show in HCM City

Viet Nam International Cafe Show 2023, a coffee, food and beverage exhibition, opened in HCM City on April 13, attracting more than 400 domestic and international...

Smart City Asia International Expo and Forum opens in HCM City

The Smart City Asia International Expo and Forum 2023 in Viet Nam opened in HCM City on Thursday, showcasing leading technologies and solutions for public lighting...

PM offers solutions to promote fishery, forestry industries

Prime Minister Pham Minh Chinh has asked for efforts to be enhanced to remove any difficulties and promote the production and export of forestry and fishery...

Li-Cycle to build battery recycling plant near VinES’ manufacturing site

VinES and Li-Cycle have announced a strategic, long-term battery recycling agreement.

Apparel groups begin fine-tuning goals

Players in the garment and textile sector are crafting prudent business targets with radical measures to weather current stormy times spanning from late last year.

Expertise apparent in New Zealand’s food and beverage status

The attractiveness of Vietnam’s food and beverage ingredient supply has opened up long-term development prospects for experienced businesses, especially from New...

Hanoi to promote digital technology application

Hanoi's farmers will have accounts on e-commerce sites with their products having met traceability.

Tourism to be potential high-growth industry in Vietnam: EuroCham

Tourism has emerged as one of Vietnam's top three sectors poised to grow.

Policies needed to boost production linkage, localisation rate: insiders

Policies are needed to boost the number of domestic enterprises participating in the supply chain of multinational companies, and a boost is necessary for the...


MOST READ


Back To Top