HCMC – The southern province of Binh Duong has seen its economic indicators drop in the first quarter of the year, while employees leaving the market outnumbered those entering.

Preliminary data from the government of Binh Duong showed that the index of industrial production of the province in the first quarter inched up a mere 0.15% over the same period in 2022, while its import and export revenue dipped 14% and 18.7% over the year-ago figure, at US$5.1 billion and US$7.28 billion, respectively.

In the year to mid-March, the province had attracted nearly VND10.8 trillion in domestic investment, slumping 31.8% against the same period in 2022.

So far, it has had over 60,700 domestic firms with total registered capital of VND641 trillion and came second in foreign direct investment attraction with US$39.7 billion of registered capital poured into nearly 4,100 projects.

In early 2023, local firms generated over 11,200 jobs, but there were over 36,300 employees suspending labor contracts or taking unpaid leave.

It has been projected that the local businesses will employ from 8,000 to 10,000 people in the year’s second quarter.