Planning and investment, the leverage of economic development in Binh Duong Province

Binh Duong Provincial Department of Planning and Investment has recently promoted its internal power and non-stop creativity to fulfill its assignments designated by the Party and the people. The department has made significant leverage for economic status of BinhDuongProvince to gain today achievements.

Foundation for development created

On December 31 70 years ago, President Ho Chi Minh signed Order No. 78/SL to set up Committee of Researching Plans for Nation Construction which is the origin of today Planning and Investment bodies. The order was strategically made to promote determination and responsibility of officials and Party members of department of planning and investment.

Local department of planning and investment has promoted industrialization and modernization locally after years of unification. In the face of challenges, the department has rationally called up investments for provincial development, prominently proved after the date of re-establishment of BinhDuongProvince.

The department’s role has been elevated in the face of new economic development. For years, the department has promoted tremendous potentials to make a largest land of investments nationwide out of a land of poverty.

By newest statistical data, local department of planning and investment has by December 15 attracted over US$ 2.9 billion gaining 294% of the year’s planning for 2015 and 92% higher than previous term in 2014 including 199 projects of US$ 2 billion of investments and 132 projects of additional US$ 844.5 million. BinhDuongProvince was ranked thirdly nationwide regarding foreign investment luring in the year after Bac Ninh of US$ 3.46 billion and Ho Chi Minh City of US$ 2.99 billion.

From the beginning of the year, projects from 30 nations and territories have been set up in BinhDuongProvince. Samoa investments led the listing with 11 new projects and 5 projects of adding capital of US$ 1.1 billion, accounting for 39% of total investments into the province for the year. By accumulation until December 15, 2015, BinhDuongProvince has 2,573 available foreign investment projects with total registered capital of US$ 23.3 billion including 1,525 projects investing into industrial parks at US$ 15 billion, accounting for 64.4% of total direct investments into BinhDuongProvince. Evaluating the foreign investment resources in 2015, Nguyen Thanh Truc, the Director of Planning and Investment of the province said that large investments have been made to auxiliary industries, particularly to commodities of advantages in Vietnam upon joining the Trans-Pacific Partnership (TPP).

Apparently, contributions of department of planning and investment into the cause of socio-economic development in the province have been tremendous, creating solid foundation for Binh Duong Province to earn such good appearance of industry, urban, trade, and services like today.

Dynamic and creativity

Tran Thanh Liem, the Deputy Secretary of Provincial Party Committee cum Chair of Provincial People’s Committee asserted that the preliminary and significant breakthroughs of the province lie within the effective investment calling and the promotion of potentials. Infrastructures and services and simple administrative procedures are all available in BinhDuongProvince to create spacious investment environment through years.

The initiatives of infrastructures and administrative reforms are not new but their application and resolution of barriers against enterprises. Besides, Binh Duong Provincial People’s Committee has regularly organized meetings wit enterprises to listen to them and resolve their related questions and absorbed their recommendations. By doing this, the obstacles have been resolved at the soonest. This has created trust among enterprises on investing into BinhDuongProvince.

Tran Van Lieu, Director of Binh Duong Industrial Parks Authority informed that 28 local industrial parks have been harmoniously invested into to win great satisfaction. This is the major factor for Binh Duong Provincial Department of Planning and Investment to gain such success for the past time. For the time to come as TPP becomes official, foreign investments would be flowing strongly to Vietnam, particularly to commodities of advantages within TPP.

Reported by Khanh Vinh – Translated by Vi Bao