Focusing on solutions to achieve double-digit growth goals

With the growth rate of over 7.5% in Q1 2025, achieving 14% growth in Q2 to meet the annual double-digit growth target presents a significant challenge in terms of leadership and administration. Based on the Q1 results and in accordance with the directives of provincial Party Standing Committee, provincial People’s Committee (PPC) has implemented various solutions to resolve bottlenecks and promote growth as planned.

Positive signals

On the afternoon of March 27, Bui Minh Thanh, Vice Chairman of provincial People’s Committee chaired the 88th regular meeting of provincial People’s Committee. Attendees included Bui Minh Tri, Vice Chairman of provincial People’s Committee; leaders of provincial departments, sectors and local authorities. The meeting reviewed several draft reports and proposals, including a report on the socio-economic, national defense and security situation in Q1 2025.

In Q1 2025, the socio-economic situation faced both advantages and challenges. The province is actively restructuring its administrative apparatus, but it continues ensuring work efficiency without disrupting normal activities for residents and businesses. Thanks to the determined efforts of the entire political system, people and business community, the province achieved positive results across most sectors. Specifically, the province’s Gross Regional Domestic Product (GRDP) was estimated at increasing by 7.5% compared to the same period in 2024; total social investment capital reached approximately VND 34.578 trillion and over VND 12 trillion of public investment capital was disbursed. The province attracted US$ 630 million in foreign investment and VND 31 trillion in domestic registered capital in Q1, 2025.

Additionally, production and export activities showed promising signs. With more export orders, the province’s Index of Industrial Production (IIP) was estimated at increasing by 7.51% year-on-year, contributing to the province’s total export turnover reaching nearly USD 8.6 billion and import turnover of nearly US$ 6 billion. Meanwhile, the province’s total retail sales revenue of services and goods reached approximately VND 92.845 trillion. The province’s State budget revenue was estimated at VND 25 trillion or 34% of the national budget target and 31% of the provincial People's Council’s estimate for 2025.

Accelerating public investment disbursement

To expedite the progress of key projects and improve public investment disbursement, provincial People’s Committee has conducted inspections to address land clearance issues and speed up the construction of the Ho Chi Minh City belt road 3 section in the province and the project of upgrading the National Highway 13. The province is also accelerating procedures for the belt road 4 project and has commenced work on the HCMC - Thu Dau Mot - Chon Thanh expressway section passing through the province. Preparations are underway to establish an appraisal council for Metro Line No.1 connecting Binh Duong new city in Thu Dau Mot city to Suoi Tien in HCM city and a proposal has been submitted for funding to survey and prepare a pre-feasibility study for Metro Line No.2 from Thu Dau Mot city to HCM city.

At the meeting, members of provincial People's Committee discussed, exchanged ideas and contributed opinions, solutions and key tasks to overcome difficulties in order to achieve a double-digit growth target in 2025. Accordingly, it was suggested that to reach this target, it is necessary to accelerate the progress of key projects and works; prioritize resources and promote socialization efforts to develop the riverside road along the Be river..., thereby creating momentum for economic development and expanding urban development space through various projects. Nguyen Thanh Toan, Director of provincial Department of Finance stated that regarding public investment capital, the province and Government have allocated about VND 2.8 trillion. Therefore, localities need to specifically review the capital needs for projects aimed at infrastructure development.

Emphasizing the importance of completing administrative procedures to create favorable conditions for investors to early implement projects in the province, Bui Minh Thanh, Vice Chairman of provincial People's Committee stated that provincial Party Standing Committee has placed great importance on resolving “bottlenecks” in development. Specifically, for the 58 projects and works that are still facing obstacles related to investment procedures and land clearance and compensation, Mr. Thanh urged departments, sectors and local authorities to focus on land valuation appraisal in order to promptly approve plans on compensation and site clearance for the implementation of projects. This will help the province effectively absorb investment capital from businesses and investors, thereby contributing to reaching the double-digit growth target set by the province.

Mr. Thanh emphasized that in addition to focusing on economic development solutions, departments and localities must also pay close attention to ensuring social welfare and urgently review efforts to eliminate makeshift and dilapidated houses. According to the Prime Minister’s directive, a review across the province has identified approximately 250 households still facing housing difficulties that need to be addressed. In the spirit of simultaneously eliminating makeshift and dilapidated houses in the province, local authorities will also provide resources to support the provinces of Nghe An and Bac Lieu in completing the task of eradicating substandard houses as assigned by the Prime Minister.

Bui Minh Thanh, Vice Chairman of provincial People’s Committee emphasized that the province’s economic performance in Q1 2025 indicated the need to accelerate development efforts in Q2 in order to achieve the double-digit growth target for the year. He stressed that relevant departments and localities must urgently carry out compensation and land clearance for industrial park development projects to unlock and absorb business investment capital. Efforts should also focus on addressing existing difficulties and promptly conducting land valuation assessments to support compensation and site clearance work for the implementation of projects, works…

To address “bottlenecks” in development, provincial People’s Committee has assigned provincial Department of Finance to take the lead in formulating strategic scenarios and advising on solutions to remove these obstacles, particularly those related to key projects that contribute to increasing the disbursement value of public investment capital in 2025.

Reported by Minh Duy-Translated by Kim Tin