Thanks to targets defined early, Binh Duong quickly started its plan on socio-economic development right after the 7th provincial Party Congress concluded. As a result, many major targets on economic growth were finished earlier than planned.
Strong shift of economic structure
The 7th provincial Party Congress put forward the local main targets on socio-economic development for the 2000 and 2005 period, including the annual GDP growth rate at 13%-14%; the average income per capita in 2005 at VND15million-VND16million; economic structure till 2005 with 61%-62% in industrial production, 27%-28% in services and 10%-11% in agricultural production; FDI attraction at more than US$1.5billion; industrial production value at a growth of 28%-30%. Many other targets were also set at high level in order to promptly develop Binh Duong into one of the country’s top localities in terms of economic growth.
Under the Resolution of the 9th National Party Congress and the Resolution of the 7th provincial Party Congress, Binh Duong took a series of solutions for socio-economic development. The province attached special importance to traffic infrastructure development. Thanks to this, only after a short time, highways running through the province were upgraded. District-level streets and rural traffic systems across the province were also improved constantly. Whilst, the province’s southern urban and rural areas continued being fostered with high speed, which was ensured under the local basic development plan.
Possible speaking, after five-year implementation of the Resolution of the 7th provincial Party Congress, the province continuously reached economic growth at high speed. The province’s economic structure was shifted towards the reduction of agricultural production and the growth of industrial production, services along with State budget collection on rapid increase, strong investment in infrastructure, investment attraction with obvious changes. Till late 2005, the local economic structure was 62.8% in industrial production, 29.2% in services and 8% in agricultural production. The average income per capital of locals was VND16.4million.
Investment attraction, exports with acceleration
Under the Party’s renewal policies in industrialization and modernization, Binh Duong obtained rapid growth in industrial production, significantly contributing to the local economic growth during the 2000-2005 period. The province also developed additional 9 industrial parks (IPs), bringing the total number of IPs herein to 16 with more than 3,200 hectares in total. Besides, province-based IPs absorbed 1,890 domestic projects capitalized at more than VND9.3trillion and 606 FDI ones totaling nearly US$2.26billion.
The province’s annual export turnover also grew by 42.4% during the 2000-2015 period. In 2005, the province secured US$3billion in export turnover, 5.8 times higher than 2000. The province’s export market was also expanded to 150 countries, up 30 compared to the period before 2000. Meanwhile, the province’s import value was US$7.8billion, representing the annual average increase of 37%.
Moreover, the province attracted more than VND16trillion in domestic capital and 705 FDI projects capitalized at more than US$2.6billion. The province was also very successful when up to 93% of projects and 100% of FDI capital focused on industrial production during the period. Most projects were mainly in districts of Thuan An, Di An and Ben Cat.
Early fulfilling the set targets on economic growth during the 2000-2005 period not only helped Binh Duong successfully realize the Resolution of the 7th provincial Party Congress, but also reshaped the local socio-economic situation. All contributed to improving the lives of people from all strata in the province. In addition, amble resources for development in the period were also the premise for the province to successfully carry out the set targets in the following years.
Reported by Khanh Vinh-Translated by K.T
