Experts propose solutions to help Binh Duong achieve double-digit growth
Economists and scientists believe that with its potential and advantages, Binh Duong has plenty of “spare ground” for rapid and sustainable development. However, they have also raised concerns about the quality of growth and suggested solutions such as selecting high-quality foreign investment projects and addressing issues related to labor and the environment effectively.
Driving breakthrough development
Yesterday morning (January 22), Vo Van Minh, Vice-Secretary of provincial Party Committee and Chairman of provincial People’s Committee chaired a workshop on solutions to achieve the province’s economic double-digit growth plan by 2025. Participants included leaders of provincial People’s Council, scientists, researchers and experts across various fields as well as leaders from Vietnam National University in Ho Chi Minh City, other universities, departments, agencies, industries’ associations and businesses at home and abroad.
Speaking at the workshop, Mr. Minh stated that despite being heavily impacted by the unpredictable development of the global and regional economic situation in 2024, Binh Duong remained steadfast and resilient, achieving the GRDP growth rate of 7.48%. This is an encouraging result, reflecting the tremendous efforts and determination of the entire political system, the business community and the province's residents.
"Entering 2025, Binh Duong faces a mix of opportunities and challenges. It is forecasted that the world’s economic situation will still have many unpredictable fluctuations. Strategic competition between major countries is increasingly fierce. The global supply chain will continue being affected and although inflation is showing signs of cooling down, there are still many potential risks, along with internal challenges of the economy such as digital transformation, sustainable development, improvement of the quality of human resources...
In this context, Binh Duong stands united in stepping into the nation’s transformative era, alongside other localities across the country, setting the ambitious goal of achieving double-digit economic growth by 2025. “This is a highly challenging target, but it also reflects a strong aspiration to rise and a determined effort to propel Binh Duong forward, affirming its position as one of the nation's leading economic drivers”, said Vo Van Minh, Chairman of provincial People’s Committee.
Pham Ngoc Thuan, General Director of Becamex IDC emphasized that achieving double-digit growth and moving beyond the middle-income trap requires a comprehensive evaluation. Binh Duong province's planning for the period 2021-2030, with a vision to 2050, has clearly defined from making strategies, positioning development space to preparing land fund for business relocation, creating space in the north through the relocation planning process. The framework has been established, but the success of these goals depends on a flexible assessment and implementation of the plan over time.
Dr. Truong Minh Huy Vu, Director of the Ho Chi Minh City Institute for Development Research noted whether or not setting a double-digit growth target will last continuously or not. It is necessary to consider the double-digit growth target as "short-term growth". According to Dr. Vu, realizing this goal requires strong political will and a reassessment of which development barriers need to be immediately addressed. Binh Duong needs to pay attention that human resources must be "real combatants" to ensure the effectiveness of the province's development plans.
Significant effort needed
Nguyen Van Khoa, CEO of FPT Corporation suggested that in order to achieve the double-digit growth target, Binh Duong must focus on key pillars, including improving infrastructure, attracting investment, enhancing investment incentive policies, developing high-quality human resources, fostering an innovation ecosystem, building up a modern living environment and promoting technology transfer. Especially, regarding the development of high-quality human resources, Binh Duong should give priority to establishing and expanding specialized training centers, starting with top universities and major technology corporations. These institutions can create advanced training programs in the fields of artificial intelligence (AI), big data, blockchain, cybersecurity and renewable energy.
Dr. Mai Huu Tin, Chairman of Binh Duong Business Federation emphasized that the province's primary growth drivers are exports, investment and consumption. However, he pointed out a significant limitation: Although Binh Duong is the nation's top exporter, contributing a trade surplus to the country, it currently lacks an advantage in labor, with a notable labor shortage. The solution, according to Dr. Tin, lies in attracting industries that generate high value while requiring a smaller proportion of labor costs... “Currently, the latest advances in data technology, AI... allow productivity to increase at an unbelievable speed compared to before. Similarly, if the government can stay ahead and remain competitive, it will create a significant difference. Binh Duong should aim at becoming the province with the best technology and solutions in Vietnam during the 2026-2030 period, laying a solid foundation for growth across its three main drivers: exports, consumption and investment. With the province's determination, businesses in Binh Duong are ready to accompany and strive to achieve the best possible outcomes”, he affirmed.
Speaking at the workshop, Vo Van Minh, Chairman of provincial People’s Committee expressed his gratitude to the experts, scientists and participants for their enthusiastic contributions as well as their solutions and recommendations toward Binh Duong’s goal of double-digit growth. He noted that the solutions presented during the workshop would help the province implement breakthrough and innovative measures to stimulate economic growth, attract investment, develop key industries, enhance business competitiveness and advance digital transformation, green economy and circular economy initiatives.
Provincial People's Committee Chairman emphasized that Binh Duong accepts proposals on appropriate mechanisms and policies to create a favorable business investment environment, unlock resources for development and contribute to completing the local plan on socio-economic development for 2025, thereby creating a solid basis for Binh Duong to realize the goal of double-digit economic growth in 2025, creating a premise for maintaining double-digit growth in the period of 2026-2030.
Binh Duong aims at achieving the GRDP growth rate of at least 10% in 2025, with the economic scale exceeding VND 572.442 trillion and per capita GRDP surpassing VND 195 million. To accomplish this growth target, the province has outlined six key groups of solutions: implementing policies to stabilize and promote economic growth, leveraging public investment to drive private investment, attracting strong investment resources, fostering business development and creating a transparent business environment, focusing on workforce training and improving the quality of life for resident and streamlining and optimizing the State apparatus.
Dr. Tran Du Lich, a member of the National Monetary Policy Advisory Council proposed that Binh Duong should focus on "upgrading three breakthroughs" to achieve the best growth results in the near future. The first breakthrough involves institutional reform and investment environment improvement, based on the principle of "local decisions, local implementation, local accountability". Accordingly, the Government proposed that Binh Duong will be decentralized like the Resolution 98 of the National Assembly as a pilot for Ho Chi Minh city...Second, Binh Duong needs to upgrade its industries and industrial zones through a "dual transformation" approach. This includes modernizing existing industrial zones, attracting high-value-added industries and developing auxiliary industries while fostering an ecosystem that links foreign-invested enterprises with domestic businesses. Finally, in order to upgrade traffic infrastructure and urban development, Binh Duong needs new thinking in building urban traffic infrastructure, connecting the TOD model (urban development oriented towards public transport development), especially urban rail systems…
Reported by Minh Duy-Translated by Kim Tin
