Part 1: Strong engagement, driving development
With the goal of achieving double-digit growth in 2025, Binh Duong has identified the promotion of its strengths as the main driving force and a key factor in mobilizing all resources, laying a solid foundation for sustainable and comprehensive development.
Maximizing potential and strengths
Binh Duong has identified the goal of achieving double-digit growth in 2025 as a challenging task, but also one that presents many opportunities based on its existing foundations. With an open economy, Binh Duong is implementing a specific and synchronous strategy to seize opportunities, overcome challenges and realize this goal.
According to Bui Minh Thanh, Vice Chairman of provincial People's Committee, the province's target of 10% economic growth in 2025 is a challenging-but-significant task. Achieving this goal requires strong engagement from all-level authorities, citizens and the business community to maximize the province’s potential and strengths. "The Government has assigned Binh Duong the task of achieving 10% growth in 2025. The province is determined to find effective solutions to realize this goal, fulfill its aspirations and strongly ignite the growth momentum of both the nation and the Southeastern region. Currently, Binh Duong is formulating an implementation plan with specific tasks and solutions for each sector, industry and locality. In the immediate future, all-level authorities and relevant units must, based on their assigned functions and responsibilities, strictly implement directives to achieve this target. In particular, ensuring direction and administration must be specific and tasks must be focused, responsibilities must be clear and goals must be completed to contribute to the overall growth of the country. Of course, there needs to be synchronous and effective coordination of all-level authorities and sectors as well as the cooperation of the community and people", Mr. Thanh expressed his determination.
One of the key factors affecting Binh Duong's growth target is the global economic situation. Currently, Vietnam's economic openness index stands at 165% of GDP, one of the highest among emerging economies. This means that Vietnam, including Binh Duong, is highly susceptible to global economic fluctuations such as trade wars and supply chain shifts.
Dien Quang Hiep, General Director of Minh Phat 2 Co., Ltd. in Thuan An city stated that the global economy in 2025 is expected to present both opportunities and challenges. The challenges include the risk of a "new trade war", exchange rate pressures, trade defense measures, increasing competition in both export and domestic markets…With a highly open economy, Binh Duong in particular and Vietnam in general are directly affected by global fluctuations. The global economic situation, especially U.S. policies, will have a significant impact on Vietnam’s economy. However, this also presents an opportunity to explore new markets and expand foreign trade. The key is to be well-prepared to adapt to changes and maximize the opportunities ahead.
Unlocking business resources
From the forecast that the world economy will face many difficulties and challenges, the production and export activities of the province’s processing, manufacturing, assembly, electronics, mechanical industries...have also identified and predicted challenges in finding raw materials, export orders and increasing product production value.
Mr. Hiep stated: “Binh Duong, one of the country’s leading industrial hubs, is facing significant challenges, especially in the export sector as its industries are primarily focused on processing and assembly, without generating high added values. This makes the province's industries and businesses more vulnerable to shifts in global supply chains and trade defense measures. We hope to receive support in trade defense solutions, strengthening supply chain connections between foreign-invested enterprises and local manufacturers to meet development demands and mitigate risks related to raw material supply. Additionally, we also look forward to the swift implementation of infrastructure projects to enhance logistics development”.
According to Pham Thi Xuan Trang, Chairwoman of Binh Duong Textile and Garment Association, for garment enterprises, a high-quality workforce with skilled expertise and appropriate professional qualifications is an urgent issue that needs support. This is essential to meet order demands, ensure product quality and enhance competitiveness. Meanwhile, Le Nhu Thach, Vice Chairman of Binh Duong Real Estate Association has proposed the need to promote connection with Ho Chi Minh city, which not only helps attract strategic investors, but also creates a favorable environment to retain a high-quality workforce, meeting the needs of long-term socio-economic development.
Mr.Thach has also suggested the province to implement more practical and effective support policies for businesses, including tax incentives, investment in synchronous and modern digital infrastructure as well as creating the most favorable conditions for the high-tech industry to thrive, contributing to the province’s digital transformation and innovation efforts.
Bui Minh Thanh, Vice Chairman of provincial People's Committee stated that Binh Duong is implementing provincial Master Plan for the 2021-2030 period with a vision to 2050, ensuring progress and quality as set forth. The province continues enhancing resource and environmental management while focusing on revenue generation from land funds to allocate resources for public investment projects. Additionally, Binh Duong is pushing for stronger decentralization to effectively implement the 2021-2025 five-year public investment plan and the 2025 plan, aiming at creating breakthroughs in infrastructure development.
Reported by Tieu My-Translated by Kim Tin
