Binh Duong gets more sustainable development after 10 years of int’l economic integration

Despite the impacts of the global economic downturn, Binh Duong has creatively applied central policies on international economic integration and effectively tapped existing advantages, helping the local economy reach rapid growth and sustainable international integration.

High int’l economic integration capacity

Binh Duong’s economic targets in the 2007-2015 period gained growth. Noticeably, the province’s annual GDP growth rate from 2007 to 2013 reached 13.55%, a twofold increase compared to the level of the whole province. With an economic structure of 65.5% in industry, 30% in services and 4.5% in agriculture, the province is now home to 28 industrial parks and 8 industrial compounds with more than 8,958 hectares together with an industrial-service-urban complex of 4,196 hectares, absorbing 11,589 domestic businesses with a total investment capital of more than VND88.58trillion and 2,041 FDI ones totaling more than US$14.36million.

Fibre production at Thien Nam Company in the Dong An Industrial Park

Thanks to trade and investment promotion realized well, the whole province has to date had a total of 1,725 businesses exporting their products into 193 countries and territories, up 93 compared to the 2001-2015 period. The province’s main export products are still woodworks, footwear, garment-textile, rubber, fine arts and handicrafts.

With a favorable investment climate plus open policies on investment attraction, Binh Duong has always achieved high positions in the Provincial Competitive index (PIC) and Provincial Economic Integration Index (PEII) compared to other localities nationwide. Especially, in 2014, the province ranked third in the PEII only after Ha Noi and HCM city.

Diverse measures towards sustainable development

To further uphold achievements done after nearly 10 tens of integration and redress shortcomings in this field as well, Tran Thanh Liem, Vice-Chairman of provincial People’s Committee instructed: “The local sectors needs to have better coordination in the int’l economic integration process, associate investment attraction with absorbing and training talents; promote spearheading industries; expand multi-faceted cooperation on the spirit of independence, self-control and peace; prevent bad sides during the integration process to ensure sustainable development”.

Provincial Commission for International Economic Integration has also put forward sustainable integration orientations till 2016. Particularly, the province will further boost investment marketing for hi-tech industries to make restructuring of industrial manufacture towards the improvement of quality and competitiveness in the integration process; promote hi-tech industries and auxiliary ones to enhance added values in production and business, foster industrial manufacture in association with service-urban development.

With achievements done after nearly 10 years of international economic integration plus existing advantages, Binh Duong’s government and people have made efforts in taking international economic integration measures for sustainable development, actively developing the locality into a centrally-controlled city and one of Vietnam’s most modern cities by 2020.

Vo Van Cu, Director of provincial Department of Industry and Trade said that with a permanent role of provincial Commission for International Economic Integration, the department closely coordinated with other sectors and departments to fulfill entrusted tasks over the past time, helping cadres and businesses in the province know more about the importance of international economic integration, step by step affirming the position of the province and businesses as well in the international arena.

Reported by Bao Anh-Translated by K.T