Binh Duong Province was officially separated from Song Be Province on November 6, 1996. During the 15-year development process, the province has three towns and four districts. To date, the province has made remarkable achievements in its socio-economic development process, becoming one of economic locomotives of the country.
Located in the quadrangular area of the southern key economic zone, Binh Duong is one of localities owning the most potential for economic development in the country. The province has made impressive breakthroughs for its 15-year development process. These days, locals live in the atmosphere of a big event to mark the 15th founding anniversary with various activities held across the province. Each resident feels proud for the province’s achievements contributing to the country’s development.
Twenty years ago, not many people thought that Binh Duong could become one of the country’s leading industrial centres. At that time, it was just an agricultural province. In the first years of the 1990s, Binh Duong was still a poor province, focusing on agricultural development and industry and services sectors only accounted for a small ratio. However, open policies for industrialisation and modernisation have created momentum for the province’s economic development. It has paid attention to infrastructure development and improving business environment, which helps to attract foreign investors. A large number of factories and companies have been set up, luring labourers from different localities nationwide. Industry and service sectors have gradually made up a bigger ratio in the local economic structure.
In 2006-2010 period, despite facing many difficulties due to global economic downturn, Binh Duong still gained important political and socio-economic achievements. Over the past five years, the province reached an annual average GDP growth of 14 per cent, double the country’s level. Industrial production accounted for 63 per cent and services 32.6 per cent of the province’s economic structure; meanwhile, agriculture made up just 4.4 per cent. The province earned an industrial production value of 20 per cent per year between 2006 and 2010; in which, foreign firms dominated with 64 per cent and domestic ones with 36 per cent. Binh Duong has built 28 industrial parks, of which, 24 have put into operation attracting more than 1,200 enterprises. Site clearance of Binh Duong Industrial – Service – Urban area Complex has been almost finished. The province has offered favourable conditions for both local and foreign investors. This has contributed to make it turn the agriculture locality into one of the country’s leading industrial centre.
Binh Duong is considered “a promising land” for foreign investors, particularly in the areas of industrial production and services. Annually, the province is always ranked among the top localities in Vietnam for high provincial competitiveness index (PCI).
The good results after the 15-year development process is a driving force for the province’s target to become a centrally-governed modern industrial and service centre. To date, Binh Duong has seen remarkable achievements in its socio-economic development compared to 1997 when it was set up. With its great potentials, Binh Duong is one of the most dynamic economic centres in the southern region. It is among localities gaining the highest economic growth. The province has increased the ratio of industrial production and services in its economic structure and surpasses the goal in tax collection. Infrastructure development is considered as the province’s top priorities with a system of modern industrial parks. In the near future, Binh Duong would develop into a key industrial and service hub of the south eastern region.
Binh Duong has also actively prepared conditions for its global economic integration. Binh Duong new city covering a site 1,000ha will be the province’s economic, social and cultura centre. Eastern International University of 26ha, invested by Becamex IDC, at the new city can train 24,000 students per year for different majors. Singapore’s Mapletree Group has invested USD400 million into a high-tech park of 400 ha in the province. All of these factories will be a momentum for the province’s fast and sustainable ecnomic development in the next years.
With the advantages, Binh Duong sees good prospects for economic development in the future. The province has showed its strength and confirms the confidence to become a Singapore-model city in Vietnam.
Hong Hanh
Vietnamese
