Binh Duong plans to become favourable destination for investors

Deputy Minister of Planning and Investment Tran Quoc Phuong chairing the meeting (at the headquarters of the MPI)

Binh Duong used to rely heavily on agriculture, but over the last 25 years the province has adopted changes in many fields to become an industrial powerhouse.

Since 2019, Binh Duong's economy has ranked third in the country, only behind Hanoi and Ho Chi Minh City. The province's GRDP per capita in 2023 reached VND172 million ($7,200), 1.7 times higher than the national average, contributing 25 per cent of the southeast region's export turnover and accounting for 10 per cent nationally. Binh Duong's urbanisation rate is among the top in the country at 85 per cent, and the province attracts the second highest amount of foreign direct investment (FDI) in Vietnam.

Deputy Minister of Planning and Investment Tran Quoc Phuong said that in addition to these results, there remain challenges for the province to resolve. They include the middle-income trap, services accounting for a small proportion, labour-intensive production, territorial spatial organisation, overloaded traffic infrastructure, and increasingly fierce intra-regional and domestic competition.

"To develop quickly and sustainably, Binh Duong needs to identify its unique advantages. Planning should take a new approach with an expanded development vision that provides a clear implementation roadmap with a focus based on regional links to create a spillover effect to promote the national economy," Phuong emphasised.

"To achieve the above aspiration, Binh Duong should become a bright spot in innovative technology, and high technology, and deeply participate in global supply chains. It is necessary to define the position and role of Binh Duong in relation to other localities in the southeast, Central Highlands and Mekong Delta regions," he added.

Regarding the development of spatial organisation, the province's economic activities are currently concentrated in the southern region (Thuan An and Di An cities) which has limited urban areas. A shift is needed to expand the development space to the north of the province with roadmaps for infrastructure development, especially the transport network connecting Binh Phuoc and Tay Ninh provinces on the industrial belt associated with Ring Road 4, the Ho Chi Minh City - Chon Thanh Expressway, and the Trans-Asia road through the Moc Bai border gate.

Vo Van Minh, Chairman of Binh Duong People's Committee

At the meeting, Vo Van Minh, Chairman of Binh Duong People's Committee, emphasised that provincial planning for the 2021-2030 period, with a vision to 2050, has been scientifically, strategically and practically researched. "Binh Duong and other southeast provinces will become the driving force centre for national economic development that reaches an international level," Minh stated.

According to the plan, by 2030, Binh Duong will have transformed its development model towards modern industries and high-quality services based on a complete innovation ecosystem. The development will follow natural conditions, advantages, and current socioeconomic status in harmony with environmental protection. It will focus on social security and justice, improving the material and spiritual lives of the people, and ensuring national defence, security and territorial integrity.

"To transform and continue to make breakthroughs, regional connectivity, sci-tech, human resources, and innovation will be the driving forces towards creating an attractive environment for sci-tech development, investment, and startup activities," the chairman highlighted.

To become an attractive destination for domestic and international investors, Binh Duong will continue to improve its infrastructure, legal environment, production, services, and living infrastructure.

Through cooperation with developed countries in Asia, Europe, and America, Binh Duong will create conditions for the development of key industries following international standards.

This will help Binh Duong lead the region in industrial production, sci-tech, human resources, and smart urban development.

Binh Duong needs around 12,000 workers by year-end Enterprises in the southern province of Binh Duong are projected to recruit between 10,000-12,000 employees from now to the end of the year, with skilled and unskilled labourers accounting for about 70 per cent of the total.

US state of Oregon seeks investment opportunities in Binh Duong province A delegation from the US state of Oregon led by Commissioner at Port of Portland Katherine Lam on November 21 paid a working visit to the southern province of Binh Duong to learn about the investment environment in the locality.

Four Singaporean groups receive investment licences in Binh Duong Binh Duong People's Committee has granted investment certificates to four Singaporean enterprises with the total investment capital of nearly $182 million.

World Bank approves $231 million for Binh Duong Water Improvement Project On January 12, the World Bank Board of Directors approved the Binh DuongWater Environment Improvement Project, which will focus on water quality and wastewater treatment for over half a million residents in southern Vietnam.