Northern Ips uphold efficiency

Shifting enterprises in industrial production located outside of southern industrial parks (Ips) and industrial compounds (Ics) to localities in the northern region of the province is a direction being implemented by Binh Duong. Investment in Ips and Ics in northern localities is focused on promoting socio-economic development. In Bau Bang district, IPs are attracting investment and developing industrial manufacture more effectively.

Industrial land on sharp increase

Immediately after provincial People's Council unanimously approved the 1/2,000 scale construction zoning project of Cay Truong IP in Lai Uyen town and Cay Truong II commune in Bau Bang district, functional agencies are urgently investing in infrastructure, being ready to welcome businesses.

Construction of the Ips has helped Bau Bang district attract investment and develop industrial maufacture more effectively. In picture: Bau Bang IP has strongly attracted investors

Cay Truong IP has a planning scale of about 700 hectares and a workforce of 35,000 people. According to planning, Cay Truong is a multi-industry IP with various types of industries, attracting investment projects under the local socio-economic development orientation. It is known that Cay Truong IP has total investment capital of more than VND5.45 trillion with Becamex IDC as the investor. Cay Truong IP promises to create more motivation to attract investment and develop the local industrial manufacture in the coming period.

Bau Bang is the locality approved for IP planning to increase 6.2 times compared to the currently operating area. In addition to Bau Bang IP and expanded Bau Bang IP, the district also has Tan Binh and Cay Truong IPs. Along with that, the Science and Technology IP project is opening up huge development opportunities. Current, FDI capital mainly invests in Bau Bang IP and expanded Bau Bang IP. So far, Bau Bang IP has attracted 149 projects with investment capital of over US$2.6 billion. The expanded Bau Bang IP has attracted 20 projects with nearly US$ 1.8 billion in investment capital. The development of IPs has helped Bau Bang district change its economic structure with industrial production getting more and more thriving.

Vo Thanh Giau, Chairman of Bau Bang district People's Committee said thst the district's economy has prospered and changed rapidly towards industry and services. Up to now, the district has attracted 1,463 projects, including 1,214 domestic investment projects with total registered capital of over VND 32.53 trillion, 249 FDI projects with total registered capital of over US$4.5 billion. These projects have been opening up many opportunities, contributing to increasing the production capacity of the manufacturing and processing and high-tech industries.

Maintaining growth momentum

With flexible production plans, along with good resilience of enterprises, especially FDI ones, this economic sector has emerged in difficult times, trying to adapt to the situation and maintain production and stabilize jobs for workers.

Overcoming difficulties and disadvantages, Bau Bang's socio-economic status still remains stable and effective. Accordingly, in 2023, the district's industrial and construction production value was estimated at reaching over VND 35.36 trillion, an increase of 20.83% compared to 2022. Regarding trade - services, the district’s total retail sales revenue of goods and services was estimated at reaching more than VND 9.87 trillion, an increase of 24.74% compared to 2022.

Mr. Giau said that in 2024, upholding the achieved results, Bau Bang will continue setting goals with specific targets, including strengthening  investment promotion in existing IPs. The district is implementing many solutions to mobilize all development investment resources to quickly improve the local infrastructure system, especially transportation infrastructure connecting to IPs.

“To successfully realize the goal of striving to soon become the northern industrial-urban center of the province, attracting large investors, Bau Bang is actively building a synchronous infrastructure system, with focus on transport, urban and industrial infrastructure. The district has also promoted administrative procedure reform; improved the investment and business environment, taken advantage of every opportunity to promote the local investment environment among new investors", said Mr. Giau.

Reported by Ngoc Thanh-Translated by Kim Tin