Ips achieve key targets ahead of schedule

The comprehensive implementation of solutions has enabled industrial parks (Ips) in Binh Duong province to exceed several important targets. Notably, foreign and domestic investment attraction, tax revenues, contributions to the State budget and revenues of enterprise in IPs have surpassed the 2024 plan, making significant contributions to the province’s economic growth and industrial production value. 

Stable growth in production and business

With the largest investment in the province, US$1.54 billion, Polytex Far Eastern (Vietnam) Co., Ltd. continues to expand its phase III development in Bau Bang IP. The factory, specializing in producing ultra-durable fiber products (used for seat belts, airbags and tire cords), is nearing completion and preparing for operations by late 2024. The company is expected to recruit highly skilled laborers to maximize production and business efficiency. 

Province-based Ips has been development with a synchronous and modern infrastructure system, meeting the needs of domestic and foreign investors. In picture: A glance of My Phuoc 3 IP in Ben Cat city

Currently, 28 IPs in the province have nearly reached full capacity, with the occupancy rate of 93.77%. Thanks to effective support measures, businesses in the local IPs have maintained steady production and business activities, creating added value for products and contributing to the local overall development. Since early this year, 124 new projects in the local Ips have commenced operations, achieving 95.38% of the yearly target. There are 3,190 valid projects in the local Ips, including 2,509 foreign-invested projects with total registered capital of US$30.46 billion and 689 domestic projects worth VND 95,181 billion. 

In the first ten months of 2024, enterprises in the local IPs recorded US$38.028 billion in revenue, up 5.15% or 108.65% of the annual target. Their import value was US$27.361 billion, an 8.91% increase or 119.09% of the target. Their tax contributions and other payments to the State budget reached US$607 million, a 16.5% rise compared to 2023 or 101% of the annual target. 

Nguyen Trung Tin, Head of provincial IPs Management Board stated that in 2024, despite the country's economy facing numerous difficulties and challenges, due to unpredictable global fluctuations, province-based IPs achieved positive results. This success was attributed to the leadership of provincial Party Committee and People's Committee, coordination among sectors and localities, and the efforts by the business community. A notable highlight was that domestic and foreign investment attraction met and exceeded the 2024 targets while enterprises maintained stable growth in production and business. Specifically, domestic investment reached VND1.47 trillion, an increase of 23% or 104% of the annual target. Foreign investment attraction was nearly US$ 1.26 billion, a 68.5% increase or 105% of the annual target. The estimated realized capital from enterprises was US$ 2.26 billion, up 19.75% compared to the same period in 2023, or 132% of the 2024 target.

Focus on infrastructure development 

Binh Duong is implementing its planning for the period of 2021-2030 with a vision for 2050. Accordingly, the province will continue investing in new Ips and expand the existing ones, focusing on higher standards in science & technology and environmental protection. The province aims at attracting industries that generate high added value and meet the increasingly stringent standards of international investors. Currently, the local IPs are also moving toward attracting investment that is innovative, sustainable and oriented toward smart growth.

With the highest investment capital in the province, Far Eastern Polytex (Vietnam) Co., Ltd. continues expanding its operations

According to provincial planning for the 2021-2030 period with a vision to 2050, the province is planned to have 48-50 IPs covering a total area of 25,000 hectares. Currently, 29 IPs have been established in the province with a total planned area of 12,745.62 hectares and 28 of these are operational, covering 12,045.62 hectares. The construction of new-generation IPs is seen as a solution not only to address environmental challenges and reduce resource wastefulness, but also to promote sustainable growth. Developing green IPs enables the locality to engage in cleaner production practices, minimize negative environmental impacts and work toward achieving the goal of net-zero carbon emissions by 2050.

Mr. Tin stated that in the coming period, Binh Duong aims at developing IPs under the "3-in-1" model: IPs integrated with urban areas and service zones, featuring synchronous, modern technical and social infrastructure. Currently, Binh Duong is formulating numerous preferential policies to support investment in its IPs while actively addressing legal and land-related challenges for secondary investors in the local IPs. With proactive and effective measures such as improving the business environment and perfecting infrastructure facilties…to support enterprises, the local IPs will continue being a driving force for the province's economic growth.

Reported by Ngoc Thanh-Translated by Kim Tin