In 2025, Binh Duong aims for a growth rate of 10% or more. The province has identified manufacturing, processing industries and infrastructure investment as key sectors and driving forces to propel economic development and achieve the local goals.
Comprehensive preparation
Nguyen Thanh Toan, Director of provincial Department of Planning and Investment stated that Binh Duong is striving to achieve a Gross Regional Domestic Product (GRDP) growth rate of at least 10% in 2025, with the industrial sector growing over 12% and the service sector increasing by more than 10% compared to 2024. The province aims for an economic scale exceeding VND 572.442 trillion, a per capita GRDP of over VND 195 million and an annual import-export growth rate of at least 10%. Export turnover is expected to reach approximately US$ 38 billion while import value is expected to obtain US$ 26.8 billion.
Experts predict that in 2025, the global economy will continue facing unpredictable fluctuations. Strategic competition among major economies is expected to intensify; global supply chains will continue being affected while inflation shows signs of cooling, risks persist together with internal challenges such as digital transformation, sustainable development, improvement of workforce quality...Despite these challenges, Huynh Thanh Van, CEO of S Furniture in Tan Uyen city believes that Binh Duong’s industrial growth and export targets for 2025 are entirely achievable. He points out that the local businesses' order volumes are significantly more promising than in 2024. Specifically, S Furniture expects to achieve a growth rate of 25%–30% in 2025.
The solid preparation of wood industry enterprises is one of the key factors in helping the entire sector meet its 2025 targets. Companies are focusing on digital transformation, integrating digital solutions into production and business operations to cut costs and reduce product prices. The application of modern manufacturing technologies not only lowers labor costs, but also enhances product quality".
Businesses are also highly focused on environmental issues, emphasizing green transformation and sustainable growth. “Green transformation is now a mandatory requirement from customers and export markets. Without this shift, businesses will face significant risks”, said Huynh Thanh Van. Jesper Hassellund Mikelsen, General Director of Lego Manufacturing Vietnam in Vietnam-Singapore Industrial Park III stated that the company is making great efforts to put its factory into operation as scheduled in April 2025, maximize opportunities, expand production and business activities, contributing to Binh Duong's development. He expects that once operational, the factory will not only generate economic values for the company and the province, but also drives the growth of auxiliary industries, promoting the local sustainable development.
Implementing synchronous solutions
Assoc. Prof. Dr. Tran Dinh Thien, former Director of the Vietnam Institute of Economics believes that the double-digit growth target serves as a strong motivation for Binh Duong. However, he cautions that the province should not pursue growth at all costs, but focus on sustainable development in the coming phases. He emphasized the need for alignment, agreements and commitments between the central and local governments as well as policy reforms to facilitate growth objectives.
According to economic expert Dr. Tran Du Lich, in order to achieve its industrial growth targets and overall economic objectives, Binh Duong must focus on institutional breakthroughs and an improved investment environment. The province should restructure industrial sectors within industrial parks, enhance value-added contents and align industrial park restructuring with urban development. This approach will also drive growth in the trade and service sectors. Additionally, Binh Duong should proactively collaborate with local commercial banks to implement a bank-business linkage mechanism to stimulate investment and consumption. The province should also utilize State budget to support interest rate subsidies for businesses investing in technology innovation and startups in the technology sector.
According to the business community, Binh Duong has significant development advantages, especially since provincial master plan for the 2021–2030 period, with a vision toward 2050, has been approved by the Prime Minister. This approval will facilitate Binh Duong’s ability to attract both domestic and foreign investment projects in many aspects.
Under the Government’s requirements, all-level authorities and sectors must focus on ensuring that the national GDP growth rate reaches at least 8% in 2025, with ambitions for double-digit growth under more favorable conditions. This target is higher than the National Assembly’s goal of 6.5%–7%, with an effort to achieve 7%–7.5%.
Reported by Tieu My-Cam Tu-Translated by Kim Tin
