According to provincial planning for the period of 2021-2030, with a vision to 2050, Binh Duong has identified industry as the main growth driver. Accordingly, Binh Duong has focused on modernizing existing industries, increasing the localization rate of auxiliary industries and developing high-tech industries to participate in the global value chain; developing modern, eco-friendly industries that apply high technology; making the manufacturing and processing industry become a key pillar of the local economy.
Formation of high-tech industry ecosystem
The integrated planning of Binh Duong province specifies: Innovating the growth model towards smart development, green development, based on the development of science and technology and high-quality human resources, maximizing development resources, harmonizing external and internal forces, focusing on the digital economy, green economy, sharing economy, circular economy and creative culture as the central drivers of growth. To achieve these important objectives, the plan outlines directions, sets five key tasks and breakthrough stages of development, including regional cooperation for development; innovation of the development ecosystem; development of society and human resources; development of a green Binh Duong; development of dynamic spaces. Industry continues being the main growth driver of the province.
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East International University is establishing an innovation ecosystem to train high-quality human resources that meet the needs of the transformation brought about by the fourth Industrial Revolution in Binh Duong
In terms of industrial development orientation, Binh Duong focuses on modernizing existing industries, increasing the localization rate in auxiliary industries and developing high-tech industries to participate in the global value chain such as machinery, industrial equipment, telecommunications electronics equipment, remote control devices, integrated circuit devices, electronic chips, new materials, chemical engineering, pharmaceuticals, cosmetic chemicals…Binh Duong is developing modern, eco-friendly industries that apply high technology, aiming at making the manufacturing and processing industry become the main pillar of the economy.
Focusing on sustainable, in-depth industrial development, Binh Duong is determined to realize the goal of becoming a modern industrial hub. In the coming time, Binh Duong will continue prioritizing the development of industries with high added value and gradually increase the localization rate of products. Binh Duong is building a smart city and a science and technology industrial park, making it an ideal destination for investors to work and live. Additionally, Binh Duong is also striving to improve infrastructure and develop industrial parks to enhance inter-regional traffic connections within the southern key economic region, especially major routes connecting with airports and seaports, to shorten time and reduce transportation costs.
According to Mr. Lee Jung Won, Project Director of WTC Consulting, COEX (South Korea), Binh Duong’s appeal lies in its convenient traffic infrastructure, well-built industrial parks and comprehensive supporting services. Foreign businesses investing in Binh Duong have the option to lease land or ready-built factories. Binh Duong has become a preferred destination for investors. South Korean enterprises support Binh Duong’s new orientation in attracting investment, particularly in high-tech industries. The recent achievements in investment attraction present an opportunity for Binh Duong to continue promoting its image to attract investment from major corporations.
Innovation for industrial development
To prioritize and improve the province's industrial sector, Binh Duong has been establishing several industrial parks and multi-sector industrial compounds. In investment attraction, Binh Duong has selected investors with a long-term vision who strongly apply high technology while ensuring environmental protection, creating a balance between socio-economic development and green growth. This contributes to building Binh Duong into an internationally recognized smart city.
Binh Duong has continued attracting selective investment, focusing on projects with high intellectual content, high-tech and environmentally friendly practices. To date, many industrial and auxiliary industrial projects from major global corporations have been implemented in the province. Notable examples include projects by Kolon Group (South Korea), Polytex Far Eastern (Taiwan, China), Tetra Pak (Singapore), Mitsubishi (Japan), Procter & Gamble (USA), Kumho (South Korea), Messer (Germany) and Lego (Denmark)…The most prominent project is Lego's green project, the first carbon-neutral toy factory, which is attracting many corporations and businesses to explore and commit to investing in green, environmentally friendly projects based on high-tech applications in Binh Duong in the coming time.
Mai Hung Dung, Member of provincial Party Standing Committee and Permanent Vice Chairman of provincial People's Committee stated that Binh Duong is striving to develop new ecosystems, smart industrial ecosystems, with innovation and science and technology as the driving forces and the development of high-quality human resources as the focus. This is based on the province's development philosophy: "Effective investment environment - Harmonious humane society - Dynamic and constructive government”.
It is evident that the process of accelerating industrialization and urbanization has left significant marks on Binh Duong's development journey. Reflecting on today's achievements gives Binh Duong optimism about its future position. The province is reaching for broader, farther-reaching prospects, visions and strategies, with stronger motivation to successfully realize its goals in this new period of development.
Reported by Ngoc Thanh-Translated by Kim Tin
