Last part: Good exploitation of potentials

Update: 08-08-2017 | 16:29:01

Part 3: Binh Duong enterprises outreach to the region

In the process of development, Binh Duong has effectively captured and exploited all its resources, strengthened its strengths and attracted domestic and foreign resources in order to sharply transform its economic structure towards fast growth rate, important industry - services, and productivity. As a result, Binh Duong has achieved many important achievements in all fields, becoming the dynamic developing locality of the nation.

To well prepare infrastructure for attracting investment

Binh Duong province started building and developing industry from a low starting point as an agricultural province with limited infrastructure servicing industry. Facing such reality, Binh Duong province is forced to have a breakthrough for leapfrogging by bringing into full play of the three elements of time, space and human. Specifically since 1997, Binh Duong Province has boldly determined that industrial development is the breakthrough factor, creating a premise for the province to develop.

The province now has 28 industrial parks, of which, 26 have been opened with occupancy rates of 65%. In addition, industrial clusters are also investing in infrastructure development. At present, there are 6 out of 8 industrial clusters with an area of nearly 600 hectares and the occupancy rate of 45%. Notwithstanding, the Prime Minister has recently approved the adjustment plan for development of industrial parks in Binh Duong province to 2020. Accordingly, by 2020, Binh Duong would have 33 industrial parks on the total area of about 15,730.18 hectares.

Economic cooperation potentials of ASEAN and Vietnam and Binh Duong Province are generally large. In this photo: Vietnam-Singapore Industrial Park I in Thuan An Town is the symbol of cooperation of enterprises in Singapore and Binh Duong Province. Photo: Quoc Chien

Binh Duong also encourages and has a roadmap to gradually change the structure of industrial land in the industrial zones in Thuan An and Di An Towns to commercial and service land in a rational manner in accordance with the planning, land use in each period. At the same time, the development of industrial parks to the north of the province, combined with the investment in infrastructure outside the industrial park are established to meet the needs of production, business, trade and transportation. This is a new step to create favorable conditions for Binh Duong to continue developing in the coming time.

Ready for ‘sailing’

From the time when the Trans-Pacific Partnership (TPP) reached its final rounds of negotiation and free trade agreements (FTAs) with Korea, Europe, and upcoming ASEAN Economic Community (AEC) were becoming valid, leaders of the provincial People's Committee have asked leaders of some enterprises to invest in the development of industrial park infrastructure to well prepare the premises for strongly attracting investors in the near future. Identifying the opportunities ahead, the province has quickly prepared a plentiful clean land fund with comprehensive infrastructure to attract investors.

Meanwhile, industrial zones in the province are also trying to attract investment and infrastructure to promote socio-economic development in the province. In addition, provincial leaders are always interested in sharing with the business. This has contributed to the brand name of Binh Duong, impressing and fostering peace of mind for investors to entrust in long-term business.

From the perspective of foreign investors, Binh Duong has always been an ideal investment environment and reliable destination. Therefore, investment in Binh Duong has not only increased in quantity but also exceeded in quality. With many projects at the size of many big corporations in the world, Binh Duong became one of five the provinces of highest foreign investment in the country.

At present, the Association of Southeast Asian Nations (ASEAN) has become Vietnam's third largest export market after the United States and the European Union. Trade between Vietnam and ASEAN partners in 2003-2016 has grown steadily over the years, averaging 17% per year. The export structure of Vietnam to ASEAN has been changing in a positive way, enhancing both quality and value.

Looking back on the past development, it can be seen that Binh Duong has made a well-balanced investment in key areas such as transport infrastructure, infrastructure, trade and services, urban infrastructure, healthcare, education and other socio-cultural fields. At the same time, the province also boosts the socialization of infrastructure investment in healthcare, education and training, and integration of new rural construction funds. The effective investment so far is evidenced by many important roads in the province formed basically to meet the needs of socio-economic development of the province. Along with that, the technical infrastructure of electricity, water, and telecommunication has also been invested synchronously. The social, educational, healthcare, culture, sports and tourism infrastructure also have been well developed. This is an important premise for Binh Duong to continue bringing into full play the strength of unity and effective exploitation of all resources to quickly build the province into a civilized and beautiful city.

However, when the AEC comes into effect, businesses will face a number of challenges, including pressure from imported goods, competition in investment services from ASEAN countries. To some industries, products have to be narrowed in terms of production and eventually withdrawn from the market. Meanwhile, Vietnam's exports are mainly raw products and low value-added industrial products. Therefore, in order to truly integrate into the flow of ASEAN, enterprises in Binh Duong province must prepare their minds, raise the spirit of initiatives, and constantly improve the science and technology to be strong and ready ‘sail’ into the sea.

Reported by Khanh Vinh – Translated by Vi Bao

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