Binh Duong shifts gear for higher development

As a rising member of the global smart community, Binh Duong is seeing strengthening FDI inflows

OVER THE PAST FEW YEARS, BINH DUONG’S GROWTH RATE HAS ALWAYS BEEN HIGHER THAN THE COUNTRY’S AVERAGE AND THE PROVINCE HAS BEEN RANKING AS ONE OF THE TOP DESTINATIONS FOR FOREIGN DIRECT INVESTMENT. DO YOU THINK THE PROVINCE CAN MAINTAIN THIS PACE IN THE YEARS AHEAD?

Tran Thanh Liem, Chairman of the Binh Duong People’s Committee

In 2018, the province will continue to achieve positive and comprehensive results in almost all fields. Gross regional domestic product (GRDP) is estimated to increase by 8.5 per cent against 2017. The proportions of industry-service-agriculture-import tax will be at 63.8-24.41-3.49-8.3 per cent, respectively.

The index for industrial production is estimated to rise by 9.8 per cent on-year. The production value of the agro-forestry-fishery sector climbed by 3.8 per cent, while that of value added services ascended by 10.3 per cent. Similarly, total retail sales of goods and services went up by 20.1 per cent, and export turnover is estimated to expand by 15.5 per cent.

The total investment capital of the whole province is estimated to rise by 12 per cent, and the estimated budgetary revenue for the whole year of 2018 is estimated at VND50 trillion ($2.17 billion), equal to 95 per cent of the figure assigned by the Binh Duong People’s Council, VND36 trillion ($1.57 billion) of which came from domestic revenue, and VND14 trillion ($608.7 million) was collected from import and export taxes.

Meanwhile, the entire province’s budgetary expenditure was estimated at VND17.5 trillion ($760.87 million), VND7.06 trillion ($306.96 million) of which was spent on development investment.

According to our report, more than $1.6 billion of foreign direct investment was registered in the province, while social welfare and other social spending are guaranteed, ensuring the stable lives of residents.

COULD YOU OUTLINE BINH DUONG’S NEW STANDING IN THE INTERNATIONAL COMMUNITY?

In October this year, Binh Duong successfully organised the World Technopolis Association (WTA). Prior to that, the province became the 106th member of the WTA, and was honoured to host a series of events commemorating the 20th anniversary of the WTA.

Based on the knowledge gained and utilising its membership of the WTA, Binh Duong will actively participate in exchanges and co-operation activities in various fields with other cities in the world, further strengthening the solidarity and friendship that lies behind the peace and prosperity of humanity. Recently, the Global Intelligent Community Forum (ICF) has published the list of 21 cities honoured as “Intelligent Communities.” Binh Duong is proud to be one of these 21 cities.

Binh Duong is also the first province in Vietnam to have become a member of the ICF. This helps establish stronger international relations with the world’s smart community to exchange information, experience, and attract more talent to work in the province.

Additionally, the Asian Economic Co-operation Forum 2018 (Horasis) will take place on November 25-27 in Binh Duong. The event will be co-chaired by the Binh Duong People’s Committee, Horasis, Becamex IDC, and Vietnam-Singapore Industrial Park Ltd. (VSIP) in co-operation with local departments and relevant government agencies.

HORASIS IS OF GREAT CONCERN TO THE BUSINESS COMMUNITY, PARTICULARLY BECAUSE THIS WILL BE THE FIRST TIME THE EVENT IS HELD IN VIETNAM. WHAT OUTCOMES DO YOU EXPECT FROM THE EVENT?

It is expected that at this year’s forum there will be about 400 domestic guests, including leaders of the government, ministries and agencies, other cities and provinces, as well as senior leaders from a number of large enterprises.

There will also be about 400 international guests who are top executives from countries, and international organisations, as well as from hundreds of large-scale companies from more than 60 countries and territories.

The main events of the forum will be held on November 25-26 in the form of a world economic forum, with four plenary sessions and 35 discussion sessions in parallel, with about 100 people per session.

Dialogues will take place at smaller halls in each thematic category with presentations and speeches by leading speakers.

The hosting of Horasis 2018 will be a very good opportunity for Binh Duong and all businesses to exchange views and connect with a network of senior leaders, especially the founders, presidents, and general directors of leading companies in Asia and the globe.

This important event will likely help create new investment opportunities and partners, jointly developing management capacity and science and technology, promote trade, attract more investment, and expand co-operation between Vietnam, Asia, and the world. At the same time, Horasis will also create an important foundation to continuously contribute to the socioeconomic development of the province and turn Binh Duong into a smart city.