"The key" to Binh Duong's double-digit growth

Part 1: Aspiration to breakthrough

With the goal of achieving an economic growth rate of 10% or more in 2025, Vo Van Minh, Vice Secretary of provincial Party Committee and Chairman of provincial People's Committee has urged departments, sectors and localities to have a strong determination, make great efforts and take decisive actions with a new spirit and momentum from the first day, first month of 2025.

Accelerating from early this wear

Amid the vibrant atmosphere of welcoming the 2025 Tet (Lunar New Year) festival, many key projects in Binh Duong continued resonating with the sound of excavators, bulldozers and concrete pouring…On the construction sites, contractors are mobilizing manpower, machinery and equipment to speed up the construction process in order to complete the highest-priority tasks and projects in 2025.

Nguyen Van Thang, Head of Binh Goi Bridge project (part of the XL4 contract for the Component 5 of the Ho Chi Minh City Belt Road 3 project) said that everyone, from workers to engineers, is fully aware that this is a key project, so they are all making their utmost efforts to meet progress milestones. Although everyone wants to return home for Tet with their families, due to the collective work and with the spirit of "overcoming the sun, conquering the rain" and "three shifts, four crews", the staff, engineers and workers are all happily staying to work through the holiday to ensure the project's progress is on track. So far, the construction of Binh Goi Bridge has achieved more than 65% of the planned progress. It is expected that on April 30, the construction team will complete the bridge's span from the Binh Duong side to the side of Cu Chi district in Ho Chi Minh city.

On the afternoon of February 5, during a meeting with leaders of several departments and sectors regarding the implementation and progress of key investment projects for 2025, Vo Van Minh, Vice Secretary of provincial Party Committee and Chairman of provincial People's Committee, gave specific directions for each project. Emphasizing the significance of accelerating the completion of key transportation projects that connect regions and create momentum for regional development as well as providing a “boost” for Binh Duong to achieve double-digit growth in 2025, provincial People's Committee Chairman has instructed all departments and sectors to assign tasks under the principle of "clear objectives, clear people, clear tasks, clear timelines, clear responsibilities, clear products, clear results" while adhering to proper procedures and legal regulations on public investment, construction and bidding. He stressed the need to strictly adhere to the legal procedures for public investment, construction and bidding. The goal is to make the highest effort to complete key projects in the province as soon as possible. The urgency at the beginning of the year, with a proactive spirit will serve as a driving force for the next months.

Creating momentum for breakthrough growth

Over the past time, despite the severe impact of the unpredictable global political and economic development, Binh Duong has remained resilient and steadfast in overcoming difficulties. By the end of 2024, the province's average per capita income reached VND 181 million, the highest in the country; the urbanization rate reached 85%; foreign direct investment attracted over US$ 42 billion, ranking second nationwide and it maintained a trade surplus of over US$ 10 billion. Key infrastructure projects, especially those improving regional connectivity, continued receiving focused investment and development. These are encouraging results that reflect the tremendous efforts and determination of the entire political system, the business community and the people of the province.

However, as Binh Duong enters 2025, the province faces a mix of opportunities and challenges. The global situation is still expected to be volatile, with intense strategic competitions among major countries, disruptions to global supply chains, inflation showing signs of easing, but still carrying significant risks and internal economic challenges such as digital transformation, sustainable development and improvement of human resources quality…In this context, with unity and determination, Binh Duong has set an ambitious goal to achieve double-digit economic growth in 2025. This is a challenging target, but it also reflects the province’s strong aspiration to rise and break through, demonstrating its resolve to continue leading and solidifying its position as one of the country’s economic engine.

Binh Duong has developed a growth scenario with an economic growth target of 10% or more in 2025, with the industrial sector growing by over 12% and the services sector growing by over 10% compared to 2024. The province’s economic scale is expected to reach over VND 572,442 billion, with per capita GRDP exceeding VND 195 million. The structure of the economy is expected to undergo significant shifts, with the industrial-construction sector making up 65.01% in commerce-services, 25.2% in agriculture, forestry, 2.61% in fisheries, 7.18% in product taxes excluding product subsidies The province aims for export and import turnover to increase by over 10% per year, with exports reaching around US$ 38 billion and imports totaling US$ 26.8 billion. Total social investment capital is expected to reach VND 179,798 billion, an increase of at least 11%, representing 31.4% of the province's GRDP. Total budget revenue is forecast to exceed VND 80,000 billion while local total State budget spending is expected to reach VND 52,488 billion.

To achieve the highest possible economic growth for the province, Mr. Minh has instructed all-level authorities and sectors to effectively, substantively, comprehensively and consistently implement the Government's resolutions, socio-economic recovery and development programs. They are to promptly advise provincial People's Committee in issuing and rapidly deploying effective policies to support production and business, attract investment and unlock resources. Mr. Minh emphasized that with the approach of achieving breakthrough growth for sustainable development to drive the "era of rise", Binh Duong is determined to overcome challenges and strive to achieve double-digit growth in line with the common goals of the Southeastern region and the entire country. The province aims at promoting robust and comprehensive socio-economic development, improving the quality of life and happiness for the local people.

To strive for the highest possible economic growth in 2025, provincial People's Committee has instructed all-level authorities and sectors to focus on six key solution areas, including the group of tasks related to building and implementing policies for economic stability and growth; the group of tasks on public investment leading private investment; the group of tasks for attracting strong investment resources; the group of tasks for business development and creating a favorable business environment; the group of tasks for training human resources and improving the quality of life for people and the group of tasks for restructuring and streamlining the administrative apparatus.

Reported by Ngoc Thanh-Translated by Kim Tin