Smart city construction: Towards an economy of highly added value

On building a smart city, in the future Binh Duong can become a convergence of experts and scientists of the country to develop smart and high-tech cities; at the same time to build the brand-names and establish the position of Binh Duong in promoting and attracting foreign investment into advanced manufacturing industries with highly added value.

On building a smart city, Binh Duong aims for an economy of highly added value. In this photo: Production line of TPR Vietnam Company is operating in Vietnam-Singapore Industrial Park 2. Photo: Phuong Le

Socio-economic development leverage

Nguyen Viet Long, Director of the Binh Duong Smart City Office, said that Binh Duong has a traditional manufacturing base founded on the processing industry. So, we have to face the economy leading to increase in quantity, price, labor problem, and cheap labor resources. These issues will no longer be competitive in the next 10 years. In addition, traditional production also affects the environment. How to change this traditional production base is essential to bring Binh Duong to new chapter. The province needs to step up its hi-tech manufacturing base to have a highly added value economy.

At present, high-tech industries require talented human resources. Meanwhile, Binh Duong has a large and young labor force with a strong industry. The province has 8 universities and 7 colleges. Besides Binh Duong is Ho Chi Minh City, which has more than 50 universities and colleges. This indicates that the province can also rely on the relatively high intellectual labor market. In addition, the provincial government is very active and creative. Promoting these advantages, Binh Duong will develop.

Some countries in the world, such as Singapore and the Netherlands, are considering smart cities as national strategies. Facing the challenges against the province, along with the objective opportunities set for Binh Duong province, it is required to have a "smart" development model to capture all short-term opportunities, as the preparation for the province to become richer in the future.

Based on the similarities between Becamex IDC of Binh Duong and Brainport Group of Eindhoven, the Netherlands, the application of the "3-party" model (the State, the business, and the scientist/institute, school) to transition to advanced manufacturing technology is the most feasible way for Binh Duong to succeed in building a smart. After many efforts of evaluation by the two sides, on January 16, 2015, Binh Duong province has signed a Memorandum of Understanding with the city of Eindhoven for the cooperation and development model of socio-economic development cooperation.

Intelligent city can be understood as innovative ecosystem, in which all elements are continuously improved and optimized. Binh Duong Smart City aims to bring prosperity to the people, to create a more favorable and efficient environment for enterprises, and to promote added value for the economy and, at the same time, sustainable socio-economic development throughout the area.

To promote reforms and creativity

Building smart city towards a highly added value economy, besides the State, Binh Duong is encouraging private investment in research and development, feasibility analysis and potential partners for the joint research initiatives. Along with that, the province always creates conditions for universities, research institutes and companies to experiment and apply new technologies in the practical. Both activities will support research and development to improve the lives of the people in the province. Local government has the role of promoting and creating opportunities for innovative technologies and products. Currently, the Binh Duong New City has favorable conditions and the scale of infrastructure as the ideal place to start for the above projects.

In addition, the province encourages knowledge transfer and open innovation. Authorities, research institutes and enterprises in the province are also cooperating with research and development units in the country and the world to strengthen their knowledge base together with the establishment of centers for the common use of equipment to encourage cooperation in research and development activities. This is a model that allows start-up students, small and medium-sized enterprises to share infrastructure and work with universities and vocational schools, using high technology equipment funded by important industry partners.

Moreover, Binh Duong has a great advantage in terms of quality, number of industrial parks and manufacturing companies. To become a hi-tech manufacturing sector competitive and attractive to foreign investors, Binh Duong is encouraging entrepreneurship to build up a good business environment to support new businesses as well as expanding existing businesses.

Reported by Phuong Le – Translated by Vi Bao

• Impressions on the development journey (25/04)
• Ben Cat Town awards certificates of 12 typical rural industrial products in 2024 (25/04)
• Binh Duong Customs Department holds dialogue meeting with Korean businesses (25/04)
• Businesses concerned about rising exchange rate pressure (24/04)
• Q1-2024, provincial socio-economic situation continues to have positive changes (24/04)
• Policy credit requires local entrusted capital source to balance (23/04)
• Creating favorable conditions for social housing buyers (23/04)
• Giant Group pours additional US$ 120 million into Binh Duong (23/04)