Strong change

Binh Duong has reached great achievements after 41 years of the Liberation of the South, National Reunification. Under the leadership of provincial Party Committee, People’s Council, People’s Committee together with solidarity of people from all strata, the province’s socio-economic performance has developed quickly and sustainably. From an agricultural locality, Binh Duong has become one of the country’s leading localities in industrialization, modernization and urbanization.

During the local development process, Binh Duong has carried out a policy of “Rolling out the red carpet to call for investment”, effectively grasped and upheld all opportunities, strongly absorbed resources at home and abroad, including FDI capital that is of great significance for the local economic structure towards the growth of industrial manufacture and services. Upon these, Binh Duong has reaped important results in all aspects, becoming a flexibly growing locality in the southern key economic zone and the whole country.

Building up a synchronous and modern traffic infrastructure system together with foreign investment attraction made great contributions to Binh Duong’s economic achievements during the past 41 years. In picture: Binh Duong Avenue at the section going through the Aeon Mall Binh Duong Canary in Thuan An town

Since being reestablished in 1997, Binh Duong has bravely defined industrial manufacture as a decisive element for the local evolution. The value of the province’s economy as of late 2015 was approximately VND142.77trillion, 36.4 times higher than that of 1997 with the annual growth rate of 14.8%. Industrial production accounted for 60.3% of the local economic structure; services, 37% and agricultural production, 2.7%. The province’s total capital for social development was 23 times higher than that of 1997. Industrial production value was nearly VND216.6trillion, 54.5 times higher than that of 1997. Total retail sales revenue of commodities and services was 46.3 times higher than that of 1997. Export turnover and State budget collection were 56.5 and 41.6 times higher than those of 1997. The rate of the local urbanization also achieved 82%, 3.4 times higher than that of 1997.

Ready for deeper integration

To welcome opportunities from the Trans-Pacific Strategic Economic Partnership Agreement (TPP), free trade agreements (FTAs) between Vietnam and South Korea, Vietnam and Europe or the ASEAN Economic Community (AEC)…, leaders of provincial People’s Committee and some enterprises have discussed preparatory work regarding infrastructure to absorb more investors…The province has quickly prepared clean land fund together a synchronous and modern infrastructure system for investors.

Province-based industrial parks (Ips) continued being expanded and tapped very effectively over the past time. The whole province is now home to 28 Ips, including 26 in operation with the rate of land tenancy reaching 65%. There are also 6 out of 8 industrial compounds in operation with nearly 600 hectares in total and the rate of land tenancy being 45%. Under the local plan on adjustment of Ips till 2020 approved by the Prime Minister, Binh Duong will have a total of 33 concentrated Ips with around 15,730,18 hectares in total by 2020.

Binh Duong has also mapped put a roadmap on gradually switching areas for industrial manufacture at Ips in Thuan An and Di An towns to those for trade-services in line with the local plan on the use of land in each period; simultaneously promoted concentrated Ips in the northern region of the province in association with building a synchronous infrastructure system outside Ips to ensure enterprises’ production and business. The new progress will create favorable conditions for Binh Duong to further fly in the coming time.

Along with a synchronous infrastructure system, Binh Duong has continued well realizing investment attraction. The whole province now has more than 22,000 domestic enterprises with a total registered capital of VND157trillion and around 2,600 foreign enterprises with more than US$24billion. Under foreign investors’ point of view, Binh Duong always has an ideal investment climate and is also a reliable destination. Hence, investment sources into Binh Duong have not only increased in quantity, but also in quality with plenty of large-scale projects from the world’s great groups and Binh Duong has been among Vietnam’s top 5 localities in FDI attraction.

Possibly seeing, Binh Duong made methodical and synchronous investment in infrastructure in key fields, ranging from traffic, trade-services, healthcare, education to culture-sports over the past time. This is the important premise for the province to further bring into full play the strength of great unity, effectively tap all resources to promptly build up a prosperous, civilized and friendly locality at locals’ high expectation and the local requirements for industrialization and modernization cause.