Binh Duong, part of the southern key economic zone, recorded VND7.12 million of GDP per capita per month last year, 1.8 times higher than the country’s average level and rising 1.71% against 2020.
Neighboring HCMC came second with GDP per capita reaching VND6.01 million per month, followed by Hanoi with VND6 million per capita per month.
Meanwhile, the northern upland province of Dien Bien reported the lowest GDP per capita nationwide at VND1.8 million per month.
Binh Duong continued to take the first place by GDP per capita as investors still poured capital into this southern locality even during the Covid pandemic.
In the first half of this year, the number of newly-established firms in Binh Duong reached 3,309, rising 3.4% against the year-ago figure, with total registered capital of VND21.26 trillion.
There were 777 enterprises adjusting up their capital by an additional VND18.533 trillion.
Moreover, 124 foreign-invested firms sought to increase their capital by over US$2.5 billion.
Thirty new projects got investment certificates, with total pledged capital of nearly US$1.8 billion, soaring fourfold against the same period last year, while 12 projects had their capital revised with total capital of US$16.7 million.
However, a major challenge for Binh Duong is that it has fallen into the middle-income trap sooner than other localities, as its competitive edge no longer exists, reported Nguoi Lao Dong newspaper.
To escape the middle-income trap, Binh Duong should reduce the number of labor-intensive factories and take measures to attract investment in hi-tech ones to increase productivity and the incomes of its residents.
Source: SGT