A new breakthrough to promote private economy

Part 2: A foundation for Bind Duong's economic acceleration

In recent years, the private sector has been identified by Bind Duong province as a core driver in maintaining stable GRDP (Gross Regional Domestic Product) growth and generating jobs for hundreds of thousands of workers. Bind Duong has introduced a variety of mechanisms and policies to encourage and support the development of the private economy.

Numerous mechanisms and policies to promote development

From the early stages of development, Bind Duong recognized the private economy as a vital resource for the local socio-economic growth. Based on this perspective, the province implemented various supportive policies to stimulate the development of the private sector. Bind Duong facilitated access to land and investment opportunities for non-state economic sectors. As a result, numerous private enterprises have been attracted to invest in the province under its open-door investment policy. The private sector has continuously expanded, playing a pivotal role in local development. Thousands of private enterprises have been established, creating jobs for thousands of workers and significantly contributing to State budget revenues.

Private enterprises in Bind Duong are active in all fields of production and business—from traditional sectors to emerging industries, from processing to manufacturing and from social infrastructure to economic infrastructure. "To support enterprises, production, and business establishments, Bind Duong has continuously and effectively implemented solutions to ease difficulties for businesses, promoted infrastructure investment, improved the investment environment, enhanced provincial competitiveness, reformed administrative procedures and created the safest, most open and favorable conditions for businesses to confidently operate and develop their production and business activities.

Binh Duong has also introduced policies to support businesses throughout production, product distribution and help expand markets. The province has rolled out the National Target Program on Employment and Vocational Training, effectively matching labor supply and demand while strengthening labor linkage activities with over 30 provinces and cities nationwide. Additionally, Bind Duong regularly assists private enterprises in participating in regional production networks and value chains through programs such as "Bringing Vietnamese Goods to Rural Areas" and activities within industrial parks and compounds. The province also supports joint ventures, partnerships, participation in industry compounds and value chains to promote the development of industrial compounds.

After nearly 30 years of development, Bind Duong has undergone a profound transformation, with the private sector making increasingly significant contributions to the province’s GRDP. Currently, more than 97% of the enterprises in Bind Duong belong to the private sector. It is considered as a key force, playing a central role in maintaining stable economic growth and generating jobs for hundreds of thousands of workers.

Developing industry 4.0 enterprises

Over the past years, the private sector has continuously expanded its scale and competitiveness through technology innovation, advanced business management practices and strategic market development. Many private enterprises in the province have continuously grown stronger, embodying the unique characteristics of Bind Duong’s land and people such as Minh Long I, Cuing Phat, Vitamin, U&I…

After more than 40 years of establishment and development, Cuong Phat Co., Ltd. (located in Than a City) now employs over 500 workers and applies modern technology in manufacturing, exporting high-quality ceramics to many markets worldwide. The company maintains an average annual growth rate of over 10%. Ly Ngoc Bach, the company’s General Director shared that the company’s success today, besides favorable conditions for trade and production in the local area, also comes from consistent support and assistance from various levels and departments of Bind Duong province. The company has made efforts to choose an organizational scale suitable for its conditions. It has applied modern technology in fully automated and semi-automated production processes for high-end ceramics, focuses on training and improving workers’ skills and actively implements social welfare programs for employees.

To upgrade its industrial foundation and integrate into the Industry 4.0 era, Bind Duong is accelerating its focus on smart production, smart technologies and the development of 4.0-driven enterprises. Being ready to join the nation in entering a new era—the era of national advancement, Binh Duong is taking the lead in transitioning from traditional industrial zones to new-generation ecological and smart industrial parks. The province has continued to invest in modern, synchronized infrastructure for these next-generation industrial parks, fully prepared to serve large-scale industrial investors.

In the context of the global shift towards a knowledge-based economy and high-tech industries, Bind Duong has identified the development of digital technology industries and the semiconductor industry as key strategic directions. These sectors aim at creating new growth drivers, enhance competitiveness and enable proactive integration into global value chains. Among them, the digital technology industry plays a pivotal role in building the digital infrastructure foundation to support the development of the digital economy, digital government and digital society. Under provincial master plan for the 2021–2030 period, with a vision to 2050, Bind Duong has allocated space for the development of centralized IT zones and innovation hubs. A highlight is the 220-hectare Science and Technology Park, which includes a 15.47-hectare centralized information technology zone that has recently been approved by the Government.

In its current development path, Bind Duong places enterprises at the center of innovation efforts, focusing investment on industries associated with the Industrial Revolution 4.0. The province is methodically preparing strategies and comprehensive solutions for infrastructure investment, especially in transportation, technology and high-quality human resources and supports businesses in researching and applying new technologies to improve production and management efficiency.

According to provincial People's Committee, thanks to appropriate support policies, the number of private enterprises in Bind Duong has continued increasing. The province frequently facilitates their participation in production networks and regional value chains, encourages joint ventures, industry clusters and promotes cooperative investment in industrial cluster development. It is believed that in the coming time, the private economic sector in Bind Duong will become stronger and stronger.

Reported by Phuong Le-Translated by Kim Tin