Binh Duong province has reached stable growth for many consecutive years. The province has also gained many breakthrough results and absorbed more investment projects in the local process of smart city development, which is seen as a right and effective way.
Vigorous growth
In the 2016-2019 period, the province’s annual Gross Regional Domestic Product (GRDP) growth rate reached 9.5%. The province’s GRDP value was VND192trillion in 2016 and VND250trillion in 2019 with industry-construction and services accounting for 97%, agro-forestry-fisheries 3%. The average GRDP per capita was VND124.2million in 2016 and more than VND146.9million in 2019, 3 times higher than the average level of the whole country.
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This is a production line of TPR Vietnam Co. in VSIP
The province’s economic structure has also gained fast shift steps towards the growth of industry and services. In the 2014-2018 period, the province’s industrial production-construction value achieved the growth of 25%-35% while services saw the growth of 15%-25%. All showed that industrial production-construction have played a main role in the local economic development.
One of bright spots in the local economic picture is that Binh Duong has continued being an attractive destination for foreign investors. FDI sector has further played a crucial role in the local economic development. As of now, the whole province has absorbed valid 3,753 FDI projects with total registered capital of US$34.23billion. Most of them focus on manufacturing and processing industry. Many FDI projects in this field with great capital include Sharp Manufacturing Co.Ltd. in the VSIP II-A with total registered capital of US$135million; Nitto Denko Co.Ltd. with US$186.2million; Lacquer Craft Vietnam Co. with US$98.3million…The manufacturing and processing industry has continued driving the local economy.
The province has implemented a program on improving investment attraction for the 2016-2020 period with focus on absorbing the world’s economic corporation. The province has given priority to luring hi-tech industries that are less labor intensive and more environmentally friendly. Moreover, the province has paid special importance to promoting auxiliary industries, taking part in the global value chains. All will be a fever for the province to draw foreign investors, contributing to promoting industrial manufacture in general and economic growth of the whole province in general.
Effective way
Binh Duong has been listed as one of the Intelligent Community Forum (ICF)’s Smart21 Communities for two consecutive years and is also the first city in Vietnam to become a member of the ICF.
Mai Hung Dung, member of provincial Party Standing Committee, Permanent Vice-Chairman of provincial People’s Committee, Head of the Executive Board of Binh Duong Smart City said that the above events are of great significance for the local integration and sustainable development. Especially, they have affirmed the province’s smart city development as an effective way in line with the global trend, opening up opportunities for cooperation with more than 180 smart cities around the world. They have also helped the province create a breakthrough in FDI attraction and been the foundation for the development of services, hi-tech production in the future towards increasing the value of business and improving the quality of people’s life.
The successful organization of the Asian Economic Cooperation Forum (Horasis) 2018 and 2019 has opened up opportunities for the province to promote its image among international partners, improve its management capacity and scientific and technological level; promote economic, trade and investment cooperation between Vietnam, Asia and the world.
The Binh Duong World Trade Center has recently became a member of the World Trade Centers Association (WTCA). As a member of the WTCA, the province will have many opportunities to promote international cooperation, connecting domestic enterprises with businesses around the world. All will create a momentum for the province on the way of integration and sustainable development, building up a smart city…
Reported by Phuong Le-Translated by K.T
