Efforts to achieve double-digit growth

Part 2: Enterprises unite with strong determination

With a firm commitment to achieving double-digit economic growth in 2025, Binh Duong is harnessing the collective strength of its business community. Enterprises across the province are aligning with this ambitious goal, demonstrating unity, high determination, and setting even higher growth targets compared to the previous year.

Flexible response to challenges

Binh Duong is actively addressing institutional, regulatory and policy-related obstacles while advocating for the Government and relevant ministries to further facilitate businesses’ operations. These efforts aim at creating new momentum for development, encouraging enterprises to expand production and business activities.

Yeh Ming Yuh, General Director of Polytex Far Eastern Vietnam Co., Ltd., specializing in synthetic fiber production, textile dyeing and garment manufacturing shared that the company established its factory in Bau Bang Industrial Park in 2015. To date, it has completed its phase 2 production expansion goals. In 2025, the company plans to invest additional US$ 700 million, aiming for a 24% growth compared to 2024.

The company hopes that relevant departments will support the completion of the phase 2 finalization procedures to secure new orders. It also requests provincial People's Committee to direct relevant departments and agencies to resolve obstacles related to supplementing procedures for completing the environmental impact assessment of the phase 3 expansion project, granting land use rights certificates for workers' dormitory area and constructing a 110kV substation as the company's machinery and equipment require a 110kV power supply, contributing to fulfilling the province's economic growth targets in 2025 and following years.

Kim Huyn Ho, General Director of Kumho Tire Vietnam Co., Ltd., stated that the company was established in My Phuoc III Industrial Park in 2007, specializing in the production of automobile tires, with the initial investment capital of US$308 million. In 2024, the company produced 13.5 million automobile tires, generating US$826 million in revenue. The company has planned to expand its third phase in early 2025, with additional investment of nearly US$300 million, increasing the plant's production capacity to 17 million automobile tires per year. As of now, the company's total investment in Vietnam has reached $970 million. Kumho Tire Vietnam hopes that relevant departments and agencies will actively support and guide the completion of acceptance procedures for the phase 2 expansion, particularly the approval of fire prevention and fighting systems.

Kim Huyn Ho further shared that the company is also concerned about the U.S. bilateral tax policy. If the 25% tax rate is applied to exports from Vietnam, the company will face significant impacts. Therefore, the company hopes the province will make recommendations to the Government for appropriate support measures to ensure immediate and long-term growth goals.

According to Lu Thanh Cong, General Director of Jakob Sai Gan Co., Ltd. in the Vietnam - Singapore Industrial Park IIA, the company currently has orders secured until the end of Q1 2025. It is also implementing a new project with a growth plan exceeding the previous year. A favorable factor is that the company's export markets, including Taiwan (China) and Saudi Arabia, are experiencing strong growth and promising prospects. The company is actively recruiting more workers to meet the progress of upcoming projects. He expressed hope that in 2025, the company will achieve and exceed its set targets.

Businesses demonstrating strong commitment

With the goal of achieving double-digit growth this year, the business community in Binh Duong has expressed confidence that the province will succeed. According to leaders of Kumho Tire Vietnam Co., Ltd., the company's factory in the My Phuoc III Industrial Park has expanded fourfold since its inception. This serves as clear evidence of business development in Binh Duong.The company fully supports the province’s double-digit growth target and is making concerted efforts to contribute to this goal. Currently, it is expanding its factory and plans to recruit additional workers in line with its development plans. With synchronized development across industrial parks and infrastructure, Binh Duong possesses many advantages to achieve its ambitious economic objectives.

Many businesses believe that the impressive growth figures of 2024 serve as motivation for Binh Duong to achieve its 2025 growth targets. However, reaching double-digit growth is a significant challenge. To accomplish this goal, Binh Duong and the business community must seize every opportunity, remain flexible in responding to challenges and effectively address any obstacles that arise.

Phan Thanh Duc, Director of Binh Duong Garment Joint Stock Company in Thuan An city stated: “In the textile and garment industry, we can achieve double-digit growth in 2025 if we seize opportunities, promote green growth and develop sustainably. This presents both pressure and opportunity for businesses. The pressure of order price reductions, along with new regulations and stringent standards from Binh Duong’s key export markets regarding 'greening' production and securing raw material sources, are urgent issues that require close coordination and flexible adaptation between authorities, industries and textile enterprises”.

Reported by Tieu Vy-Translated by Kim Tin