Realizing goals, enhancing development

Binh Duong provincial planning for the period of 2021-2030, with a vision to 2050 (briefly called the Provincial Planning) has been approved by the Prime Minister as a legal framework and a particularly important premise for Binh Duong to plan its socio-economic development strategy from now until 2030 and beyond. Binh Duong expects that the Provincial Planning will help the locality surpass the middle-income trap, achieve sustainable development and rise to new heights.

Upholding achievements

With the high determination and will of many generations of provincial leaders, all-level authorities, sectors, localities, the business community and people from all strata, after nearly 28 years of construction and development, Binh Duong has reached over US$ 7,000 in per capita GRDP, ranking fourth in the country. This is 1.05 times higher than the average level in the Southeastern region and 1.73 times higher than the national average level, making Binh Duong become one of the localities with a high average income. Binh Duong has ranked third 3rd nationwide in terms of FDI attraction after Ho Chi Minh city and Hanoi.

Provincial planning paves the way for Binh Duong to overcome the middle-income trap and rise to new heights. In picture: Vietnam-Singapore Industrial Park II attracts many high-quality investors

Up to now, the province's traffic and urban infrastructure system has been invested in a synchronous way, with intra-provincial and inter-regional connection. This is reflected in Binh Duong's active participation in the Ho Chi Minh city belt road 3 project, the Ho Chi Minh city belt road 4 project passing through the province, directly integrated with major routes such as My Phuoc - Tan Van - Bau Bang, North Tan Uyen - Phu Giao - Bau Bang, DT743, DT746, National Highway 13, etc., creating a traffic system that connects industrial parks and linking the system of industrial parks to seaports and international airports, forming up a complete complex, further strengthening competitive advantages for Binh Duong

According to experts, the achievements of nearly 28 years of development have created an important foundation for Binh Duong to set up a high-quality integrated plan for the 2021-2030 period, with a vision to 2050. This plan aims at addressing shortcomings in the development process and unlock resources to help Binh Duong accelerate in the new era.

Surpassing middle-income trap

Along with its proud achievements, Binh Duong is facing the challenge of the middle-income trap. Therefore, overcoming this trap was set as a key goal from the first workshop held to develop the Provincial Planning. Binh Duong has built its planning on a development philosophy grounded in practical experience, which includes: creating an effective business and investment environment; building a humane, harmonious and sustainable society and establishing a dynamic and constructive local government. This philosophy has become the “guiding principle” for the Provincial Planning, with the primary goal of helping Binh Duong surpass the middle-income trap and become a high-income locality by 2030.

Production line at Cicor Vietnam Co., Ltd. in Vietnam-Singapore Industrial Park I

Vo Van Minh, Deputy Secretary of provincial Party Committee and Chairman of provincial People's Committee stated that Binh Duong expects the integrated plan to become a tool for resolving current “bottlenecks”, especially serving as a management tool to help it become the first in the country to overcome the middle-income trap. The province aims at leading in innovation, in collaboration with provinces and cities in the Southeastern region, become a driving force for national economic development with international stature.

To realize the aforementioned goal, Binh Duong has developed a strategy with six pillars to address different aspects, including: avoiding the trap of disrupted development through sustainable development; avoiding the ecological trap through green development; avoiding the dependency trap through open development; avoiding the inequality trap through inclusive development; avoiding the productivity trap through innovation-based development and avoiding the urbanization trap through integrated development. Binh Duong has materialized these strategies through concrete actions and projects under the Binh Duong Smart City project, focusing on four core elements to promote innovation and science-technology: people (workforce and creativity), technology (research and development), businesses (enterprises and their relationships) and foundational factors (environment, quality of life and infrastructure).

Binh Duong has set the goal for the 2021-2030 period to achieve the average economic growth rate of about 10% per year, with per capita GRDP reaching around US$ 15,800 by 2030. By 2030, the province's economic structure will consist of 64% of industry and construction, 28% of services, 2% of agriculture, forestry, and fisheries, and 6% of product tax minus product subsidies. The province’s urbanization rate will be 88%-90% and the province’s digital economy will account for 30% of GRDP. The province’s total population is expected to reach 4.04 million by 2030, with over 87% of the labor force trained.

It is believed that with the high determination of the entire political system and people from all people, Binh Duong will gradually realize the Provincial Planning, accelerating development, surpassing the middle-income trap, creating breakthroughs and reaching new heights in the new period.

Reported by Phuong Le-Translated by Kim Tin