Upholding inner strength

Binh Duong has excelled at upholding internal and external forces in economic development. For internal force, the domestic investment sector has made regular contributions to the local economic development process, creating a bright economic picture of the locality at present.

This is a production line of Vinamilk

Increase in both quality and quantity

With its policy rolling out the red carpet to absorb investment together with favorable position, Binh Duong has lured more and more enterprises. This has ensured a process of shifting economy from an agricultural locality to a key industrial locality of the southeastern region.

In 1996, the whole province had a total of nearly 700 domestic enterprises. The figure has so far amounted to 18,000 enterprises with a total investment capital of more than VND136,506bln.

The domestic investment sector has not only increased in both quality and quantity, but also played an important role in promoting the local economic growth. In 1996, the sector’s industrial production value was only VND3trillion. The figure increased to more than VND57.38trillion in 2014 or 30.6% of the province’s total industrial production value.

Noticeably, the sector has reached a diversification in business and production scopes, ranging from lacquer, porcelain, sculpture to garment-textile, footwear, food processing, pharmaceutics…

The above robust growth has come from the efforts by the local administration in putting domestic enterprises in the central position of the development. The local administration has also excelled at management function, facilitating domestic enterprises’ development, thereby creating a faith in them.

Integration heightened

For integration and development, the domestic investment sector in the province has created a breakthrough in innovating equipment and technologies. Many domestic enterprises, namely Minh Long I Porcelain Co.Ltd., Thai Binh Shoes Joint Stock Co., Hoa Sen Steel Group…, have bravely invested in the state-of-the-art technologies and equipment to have enough capability of competing in foreign and domestic markets.

The sector has also had a good preparation for better integration and competitiveness. Noticeably, Southern Rubber Industry Joint Stock Company, or Casumina commissioned a steel radial tire factory in Tan Uyen town with a total investment capital of VND3.38 trillion in April 2014. The Casumina radial factory has the annual production capacity of 350,000 tires and it has so far created jobs for 1,200 laborers.

Vietnam Dairy Products Joint Stock Company or Vinamilk also opened two factories worth more than US$200mln in Binh Duong. They are now the most modern dairy factories in Asia, helping domestic customers use hi-quality dairy products with competitive price while exporting Vietnam’s hi-quality dairy products into foreign countries. Their birth has contributed to enhancing the position of Vietnam’s dairy industry in the world.

Along with Casumina and Vinamilk, many other domestic enterprises in the province, including Thien Nam Investment and Development Joint Stock Company, Dong Hung Joint Stock Company, Thai Binh Shoes Joint Stock Company…, have made great contributions to the process of affirming Vietnamese trademark.

Reported by Ve Giang-Translated by K.T