Industrial production to be the core element of growth

In the past tenure, in addition to socio-economic achievements, the province's industry has grown rapidly. In addition to boosting the construction of infrastructure, drastically improving the investment environment, creating favorable conditions for enterprises to do business, domestic and foreign investment capital have flowed into the province, Binh Duong determined that industrial production continued to be the key sector of the economy.

Modern industrial infrastructure

As one of the regions with the most thriving industries in the country, Binh Duong achieved many important results, especially the planning and development of industrial parks (IPs) in the province. From the first industrial park of Binh Duong, Song Than 1 formed in 1995 with an area of 180 hectares, up to now, after more than 20 years of construction and development, Binh Duong has 48 industrial parks and industrial clusters with a total area of up to over 10,000 hectares, accounting for 1/4 total area of industrial parks in Southern region. Binh Duong has been and is one of the leading regions in the country in industrial production.

Binh Duong focuses on building IP infrastructure tied to urbanization, creating a driving force for socio-economic growth. In photo:  Vietnam - Singapore Industrial Park 2.

Bui Minh Tri, Head of Provincial IPs' Management Board, said that since 1997 Binh Duong had focused on developing a synchronous traffic system, building IP infrastructure tied to urbanization to boost socio-economic growth. It was the establishment of IPs that helped the province's industry made breakthrough, creating a foundation for trade - service and urban development. Industrial parks of the province with comprehensive and modern infrastructure, convenient locations, adjacent to important traffic axes connecting to Ho Chi Minh City and surrounding areas, have attracted many large enterprises, multinational corporations.

Currently, the province has 31 industrial parks with a total area of 12,721 hectares, of which 29 are in operation with a total area of 11,021 hectares, occupancy rate is over 70%. Currently, IPs have attracted 2,914 projects, including 2,262 FDI projects with a total registered investment capital of more than 24 billion USD and 652 domestic investment projects with a total registered investment capital of nearly 72,000 billion VND. In particular, many IPs have become reputable brand names helping Binh Duong attract investment of many large enterprises and multinational corporations. Most large corporations investing in Binh Duong choose concentrated industrial parks.

Kim Heun Tae, General Director of NTI Vina Company (Vietnam - Singapore IP 2), said most IPs in Binh Duong met requirements of investors with "clean" land fund, synchronous infrastructure, help investors to quickly deploy projects to seize opportunities and easily raise capital to expand production. The IPs' connection to the outside and other regions connect is also favorable and uninterrupted, helping goods to be transported smoothly and quickly.

To be proactive and oriented

Thanks to the right economic restructuring in accordance with the planning, the province's economy developed rapidly and inclined towards industry - service sectors with the corresponding proportion of 66.5 - 22.78%, agriculture only accounted for a very small proportion in the economic structure; helped the province's economy develop on the right track and ensure the harmony between growth goals.

According to Provincial People's Committee, solely in 2019, industrial production of the whole province continued to increased stably, businesses maintained well production and business activities, good growth pace, actively implemented measures to stimulate production, improve quality, reduce product costs and expand markets. As a result, industrial development index of the province continued to grow impressively, reaching 9.86%, which was the top increase of the country. Particularly during 9 months of 2020, despite the entire economy was affected by the Covid-19 both from supply and demand sides, Binh Duong's industry continued to grow well, continued to play a key role in local socio-economic development.

One important reason is that most projects invested in Binh Duong in recent years are in processing and manufacturing industries. This is also very consistent with the orientation of local economic restructuring to become an industrial-leading province of the southern key economic region.

During the 2015-2020 period, Binh Duong identified industry as the key sector, hence the province stipulated many policies to prioritize industrial production to restructure the economy accordingly. As a result, Binh Duong is the leading industrial development of the country, with the economic growth pace is always higher than the average. Gross domestic product (GRDP) of the province grew higher than targets, economic structure continued to shift in the right direction. In which, industry developed on the right track and continued to be the main sector of the economy.

According to Provincial People's Committee, in order for the province's industry to be more efficient, the province will continue to give priority to supporting industries, key industries, processing and manufacturing, supplying raw materials, and raising localization rate for industrial products. Binh Duong will also develop a plan to step by step convert the functions of industrial parks and clusters in south province to be appropriate for the urban and service development planning. In particular, the province will focus on implementing the right roadmap for the development of industrial parks approved by the Government.

In the coming time, Binh Duong's industry is expected to grow higher, to be the main economic sector, and develop in the right direction. Binh Duong will continue to well implement the industrial restructuring project, a plan for "cleaner" industrial production. In addition, manufacturing enterprises in the province also need to use energy and input materials efficiently, protect and improve environmental quality, ensure sustainable development.

Reported by Ngoc Thanh - Translated by Ngoc Huynh