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Binh Duong's economy after 17 years of re-establishment

Update: 28-12-2013 | 00:00:00
Promoting its creation, Binh Duong has developed rapidly after 17 years of re-establishment, becoming an industrial province with high growth targets compared with the early days of re-establishment. This is a result from hi-unity of Party and people for the sake of locality.Industrial value rises over 40 timesLooking back stages of development, Binh Duong's people are very proud of local economic growth results. Since its re-establishment in 1997, Binh Duong province Party, authority and people have kept implementing renewal process to overcome difficulties and challenges and mobilize general strength for development. Therefore, Binh Duong's economy has over the past 17 years gained a high and stable growth.  At a company in Bau Bang industrial park. In order to realize effort's value of becoming a developed province with high urbanization and industrialization in the Southern key economic zone and to create good impressions on international friends, we should look back highlights of Binh Duong during the past years. In 1997, Binh Duong's industry-service and agriculture structure was at 50.45%, 26.8% and 22.8%, respectively. However, industrial production value at that time accounted for only about VND4tril whilst the total goods and service retails were at VND3,042bil and export turnover at US$363mil for light industrial and handicraft sectors. In addition, budget collection at that time reached only VND817bil and local and foreign investment attraction remained modest.Still, Binh Duong has presently reached a ten-fold gigantic development from the early days of re-establishment. Specifically, till the end of 2013, the local industrial production value won VND162,177bil, a 40.5 fold increase from 1997. The total retail and service turnover obtained VND89,544bil, an over 29.4 fold rise; US$14,443mill in export turnover, a nearly 40 fold increase; VND29tril in budget collection, a 36 fold increase. Now, the local economic structure has played a key role with rate of 61.3% in industry, 35.3% in service and 3.4% in agriculture.Foundation for breakthroughGetting today achievements is a miracle. During its development process, Binh Duong has always taken industry as a breakthrough foundation with the main nuclear of building industrial park infrastructure facilities. Binh Duong has so far had 28 industrial parks and 8 industrial compounds, covering nearly 10,000ha from 6 industrial parks on the area of 800ha in 1997.Thanks to well-invested infrastructure facility, local industrial parks have lured many projects, creating a bright industrial picture with 17,059 local and foreign businesses under operation. Of these, 2,209 foreign projects have accounted for the total registered capital of US$18.72bil and 15,050 local companies with the total registered capital of VND117,413bil. Perfection of infrastructure facility of industrial parks has made its name in industrial development area, luring numerous international investors.   A corner of Ben Cat district.According to foreign investors, Binh Duong has always had an ideal environment for investment. Therefore, investment sources into Binh Duong not only increase in quantity but in quality with many big projects from famed groups such as Procter & Gamble with the investment capital of US$157.26mil, Kumho $128.34mil, SCG Siam Cement $140mil, Uni-President $104mil, Maruzen foods $100mil, Mapletree $400mil, Orion $60mil, Sabmiller $61mil and many more. To develop industry sustainably in the coming time, Binh Duong has always set out many solutions. Along with strong development of industrial infrastructure facility, development of urban area, vocational training and traffic network in service for industrial sector is a top priority in the province.Accordingly, the local administration has launched many highlighted projects such as Binh Duong new city with 1,000ha, international hospital, belt roads, My Phuoc-Tan Van road and so on. In addition, the locality has focused on investing in education and training for the sake of industrial development as well as concentrated on social welfare by building social houses and public works such as kindergartners, schools, relaxation areas and among others.Development thanks to hi-unityBinh Duong's economic growth has impacted positively on all areas. Works of electricity, school, medical station and so on being built across the province has lightened a drastic vitality of an industrial province on the way of making breakthroughs. Development of economy has rapidly changed image of infrastructure facility, spurring urbanization process, bringing a prosperous living for local people. Binh Duong's figures of GDP, capita income and so on have been higher than other localities.To make success in economic development, the great element is thanks to hi-unity of Party, authority and people. For instance, local authorities have upheld maximum advantages to turn Binh Duong into an industrial province. Looking back results of the 17-year effort, Binh Duong administration has kept making the effort to enrich its success. Reported by P.Giang - Translated by A.C
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