The synchronous implementation of the province’s development plan on trade-services network till 2015 and orientations towards 2020 is creating a motivation for the evolution of the two sectors.

Trade-services on acceleration

Binh Duong’s population of over 1.7 million, more than 17,000 domestic and foreign businesses operating in the province, and its annual revenues from retail sales and services totaling VND 90 trillion (US$4.3 billion) plus its favorable geophysical position and traffic system are factors prompting investors, especially in the domains of trade and services to come to the province.

Apart from two big foreign retailers, namely Big C and Lotte, the Japanese retail giant Aeon will be present in the province. This is the second shopping center of the Japanese retail giant with a total investment capital of US$95mln. The center is near to VSIP 1 in Thuan An town with a total area of 6 hectares.  

Many modern trade centers have loomed large across the province, satisfying the local people’s demand for shopping. In picture: Becamex Trade Center in TDM city

According to Yasuo Nishitohge, General Director of AEON Vietnam Co.Ltd., the Binh Duong-based Aeon trade center has fulfilled its main infrastructure and is expected to be put into operation in Q4 2014. As surveyed, the province’s purchasing power has always reached a growth of over 24% a year. Hence, Binh Duong is the second locality after HCM city selected by the Japanese retail giant to carry out its strategy of developing 20 trade centers in Vietnam till 2020.

Along with economic growth, Binh Duong has a great demand for entertainment. Realizing this, the Japanese Dream Infinity Co., which is specialized in providing recreational services like bowling and games at trade centers, has implemented its project in Thuan An town. The company now intends to cooperate with the Japanese Tokyu Group to further make investment in Binh Duong New City.

Possibly speaking, the operations of the two trade-services enterprises will contribute to satisfying the local people’s demand for shopping and entertainment, thereby promoting the evolution of the local hi-quality trade and services sectors.

Banking, hi-quality medical, educational services; veterinary and agricultural promotion services…are also one of Binh Duong’s highlights during the development process. Monetary and financial field in the province has still kept its attraction to enterprises. So far, the whole province has developed 65 credit organizations, 10 people’s credit funds and 111 transaction offices.

Besides, post and telecommunications services in the province have regularly been upgraded. The province’s logistics service has also absorbed many big investors like Singapore’s Sebcorp, Japan’s Tokyu, Malaysia’s Setia…In terms of tourism, the quality of services in tourist accommodation has been improved. Becamex and The Mira hotels are capable of organizing big events…The province’s retail system has also continued reaching a strong development with 95 traditional markets, 11 supermarkets and 5 trade centers.

Binh Duong has mobilized all sources to carry out plans in a synchronous way for sustainable trade-services development. That’s reason why the province’s trade-services sectors were very attractive to investors over the past time.

Making potentials come true

In fact, Binh Duong has taken flexible measures in line with each development period. The province now encourages hi-tech, high value added projects with low risk of environmental pollution while focusing on hi-quality services, promoting the local spearheading industries.

Currently, Binh Duong is not only known as a locality with an annual growth of 15%, well-built infrastructure, social welfare ensured, international and regional standard education, national defence-security maintained, but also as an urban center with many potentials in terms of trade and services.

Towards the above target, Binh Duong has attached special importance to regional linkage in the local policies on economic development while solving a series of other social issues, speeding up trade-services sectors in accordance with the province’s development strategy in the 2011-2013 period with the respective proportion of 61.5%, 35% and 3.5% in industry, services and agriculture. The province’s objective by 2015 is to further shift the local economic structure with the respective proportion of 59%, 38% and 3% in industry, services and agriculture.

Possibly speaking, the province’s initial results in trade-services development are still modest, but they will be an important premise for the province to further implement a strategy on trade-services development in a synchronous and civilized way.

Reported by Truc Quynh-Translated by K.T