Efforts to achieve double-digit growth

Part 3: Implementation of breakthrough solutions accelerated

Binh Duong is mobilizing all resources and drastically implementing breakthrough solutions to achieve double-digit growth in 2025 and the following years.

Effective implementation of three breakthroughs

Nguyen Thanh Toan, Director of provincial Department of Planning and Investment stated that in order to achieve double-digit growth, Binh Duong is focusing on implementing three key breakthroughs outlined in provincial Party Committee’s Resolution No. 17-NQ/TU dated December 6, 2024. This resolution emphasizes public investment as a driver for private sector investment. Accordingly, Binh Duong is ensuring the timely and high-quality implementation of provincial master plan for the 2021-2030 period, with a vision to 2050. The province is also accelerating land clearance and compensation, expediting the construction of key infrastructure projects to enhance regional connectivity. Additionally, efforts are being made to effectively implement the local urban green space project, upgrade and renovate urban areas and ensure the full disbursement of public investment capital by 2025.

In 2025, Binh Duong will establish two new industrial parks, including one dedicated to the wood processing industry and another specializing in mechanical engineering, focusing on high-tech, automated and labor-efficient manufacturing. The province is also accelerating the development of high-quality trade and services by establishing modern logistics centers, shopping malls and supermarkets in line with provincial master plan for 2021-2030, with a vision to 2050. This strategy is closely linked to the growth of e-commerce, creating favorable conditions for businesses to restructure the domestic trade sector through technology application, digitalization and green transformation at the province’s sustainable development goals.

"The province is firmly directing relevant sectors to continue simplifying administrative procedures by shifting from 'pre-audit' to 'post-audit' in areas such as investment, construction, land and environment. This aims at accelerating the inflow of additional investment capital into the economy. We are actively supporting enterprises, especially small and medium-sized ones; making acceleration on consulting and training on business restructuring, finance, human resources, market expansion, risk management, digital transformation, participation in sustainable value chains…", said Mr.Toan.

Unlocking "bottleneck" in human resources

A problem that is posing many challenges for Binh Duong and the business community in the province today is the source of skilled, high-quality laborers. Addressing this problem, Bui Minh Thanh, Vice Chairman of provincial People's Committee stated that along with efforts to support businesses in improving the business environment, shortening investment licensing time and resolving administrative procedures related to land, construction and the environment, the province is also actively working to remove enterprises ‘obstacles. Binh Duong is making significant investment in vocational education and workforce training to develop a high-quality workforce, aiming at meeting the demands of key industries on  semiconductors, automation and artificial intelligence that the province is prioritizing for development.

Dr. Nguyen Quoc Cuong, Chairman of the Council of Thu Dau Mot University emphasized that business support policies should be comprehensive and long-term, covering administrative reform, a favorable business environment, financial support and workforce development. Particularly, amid the rapid growth of the digital economy and the Fourth Industrial Revolution, there is a pressing need for well-structured, in-depth training policies to develop a high-quality workforce. These efforts will enable businesses to quickly adapt to market and technological changes.

Dr. Ha Thuc Vien, Vice Principal of Vietnamese-German University stated that the university is ready to collaborate with Binh Duong in developing well-structured, high-quality training programs in line with the province’s development direction. "As the third-largest economy in the country, Binh Duong can consider allocating a portion of its budget for preferential housing loans for students. Graduates, after securing stable employment, will repay the province’s State budget. Based on our preliminary calculations, a full-time master’s student over two years will need approximately VND 300 million. If the interest rate is set at 8% per year and repayment is spread over 20 years, a student will need to pay only VND 2.5 million per month to provincial State budget. However, if interest is waived for master's graduates who stay and work in Binh Duong, their monthly repayment will be just VND 1.25 million over 20 years", Dr. Ha Thuc Vien proposed.

Also according to Dr. Ha Thuc Vien, from Vietnamese-German University is ready to seek opportunities to cooperate with State agencies as well as businesses in Binh Duong to accelerate innovation activities, training and application of new technologies in management and production; especially research, policy consulting, development strategies and cooperation in developing technical solutions to meet new requirements for Binh Duong as one of the country's leading economic hubs.

Doctor of Science, Architect Ngo Viet Nam Son - Chairman of NgoViet Architects & Planners emphasized that Binh Duong, Dong Nai and Ba Ria - Vung Tau are the economic engines of the country, so the development of Binh Duong cannot be separated from this economic quadrilateral. Achieving double-digit economic growth requires collaboration from localities. The double-digit growth opportunity of a province or city should be looked at in relation to the economic quadrilateral sub-region, taking advantage of this relationship in the best way to develop and achieve the set growth goals.

Reported by Tieu My-Translated by Kim Tin