Provincial business community to believe Binh Duong would continue to make breakthroughs

Following the progress of the 10^th Provincial Party Congress of the 2015-2020 tenure, provincial business community is having high expectations of new goals set by the Party Resolution as well as leadership capability of the new Provincial Party Executive Committee.

Being optimistic about set targets

In the 2015-2020 tenure, Binh Duong Provincial Party Committee set out some new economic targets: GRDP to increase averagely 8.3%/year (or 13.3% of GDP); provincial economic structure by 2020 to accomplish industry - service - agriculture corresponding to 63.2% - 26% - 3%; per capita GRDP to reach VND142.6 million in 2020; foreign investment attraction to reach over $7 billion.

According to many business managers in the province, Binh Duong is able to achieve and surpass these targets. After several years of renovation and development, Binh Duong has become one locality having the fastest economic growth of the country. Therefore, in the new tenure, provincial Party was rational to continue to set out these above targets.

The business community believed that Binh Duong would continue to made breakthroughs in the coming time. Image: Production activities at Chutex International Company in Song Than 2 industrial park, Di An town.

Many business leaders also believed that the target of index of industrial production (IIP) of 8.7%/year was quite modest. According to Pen Wu, CEO of Asama Japan International Group, after a long period of infrastructure development, investment attraction, the province has been an attractive destination to investors and one of the few localities owning a comprehensive infrastructure. That is a good foundation for the province to exceed IIP target of 8.7%/year.

In recent years, under the leadership of provincial Party, industrial sector of Binh Duong has grown steadily and played the key role in the economy. In 2015, provincial industrial production value was estimated at VND217,527 billion, increasing 16% year-on-year. There are now 39 countries and territories investing in Binh Duong. Starting from a poor province, Binh Duong has gathered many big domestic and foreign brands here to do business.

On the field of trade – service and urban, Binh Duong has made many breakthroughs. Many large retailers, like: AEON, Metro, Big C... have investments in the province. Some large urban construction groups have also cooperated to build up the province. Thus, the successful implementation of Party Resolution’s targets in the next 5 years will be more favorable.

Expectations of new leadership

Phan Le Diem Trang, Vice President of Binh Duong Garment Association, recalled her memory, 14 years ago, as opening May Quoc Te Company in Ben Cat town, here was just a deserted area making first steps of the industrialization process. But now, this place has many companies, urban face also changed significantly. The change is more obvious and faster on the whole province. “To achieve this, in addition to geographic, social advantages, the most important factor was the creative, dynamical leadership of Binh Duong”, said Ms. Trang.

Vietnam is integrating deeper into the world economy via joining a series of series of free trade agreements (FTAs). This also posts both advantages and new challenges. However, the business community believed that local businesses would successfully join FTAs under provincial Party leadership.

Tran Thanh Trong, Vice President of Binh Duong Enterprises Federation, said the new Provincial Party Executive Committee got many young, enthusiastic cadres. Therefore, despite of many integration challenges, the province has dynamical leading staff that can inherit experiences of previous leaders to reap much greater successes in the coming term.

Reported by Khanh Vinh – Translated by Ngoc Huynh