3:36:59 PM | 18/11/2015
Binh Dinh possesses great advantages in transportation because it is a gateway to the Highlands and the southern provinces of Laos. With the geographic advantage, along with completed infrastructure, open investment environment, dynamic provincial government, and active co-operation with investors, Binh Dinh has quickly become a hot spot on Vietnam's investment map.
Attracting investment with comprehensive infrastructure
Binh Dinh is one of the few localities with special geographic location and comprehensive transport system including: roads, national rail, air and sea ways, of which the highlight is the Quy Nhon Seaport. The province has focused on improving the transport system including transport systems connected to Quy Nhon Port and Phu Cat Airport, which are the two fulcrum to promote the economic development of the province. Besides, in recent years, the province has mobilized many new investments to upgrade the irrigation infrastructure, electricity and water supply, trade, tourism, health, education and training, postal- telecommunications, and banking to meet the needs of people and businesses. In particular, the formation of Nhon Hoi EZ, Thi Nai Bridge Quy Nhon-Song Cau Road has contributed to the rapid development of Binh Dinh and the province has gradually became the nucleus of the key economy of the central region, of which tourism has become increasingly important.
To develop the socio-economy and complete the infrastructure to attract investors in the country, Binh Dinh has invested to build more strategic roads such as Quy Nhon-Song Cau Road, Quy Nhon-Tam Quan Road, and the route of the West side of the province as well as upgraded and expanded the Roads 1A, 1D, 19, 19B, and Phu Cat International Airport, Dieu Tri Station, and Thi Nai's pier and yacht harbours. In addition, the province has focused on building and improving infrastructure systems for tourism at the Cham monuments such as Twin Towers, Canh Tien Tower, Duong Long Tower; restoring the Emperor Monuments; and upgrading and expanding Quang Trung Museum to attract more tourists.
Thanks to the investment in infrastructure and planning, Binh Dinh has made a powerful lever that helps attract foreign and domestic investment to the province in recent years. As of December 10, 2015, the province has more than 319 domestic projects licensed, with total investment of more than VND 30,450 billion and 61 FDI projects with total registered capital of US$1.798 billion.
In the future, based on overall planning, Binh Dinh province will upgrade and expand Quy Nhon Port; investing in Nhon Hoi deepwater port; upgrading the De Gi and Tam Quan Port for international domestic transport; and investing in the infrastructure services associated with that logistics system in accordance with the Resolution of the National Assembly XIX. Along with the upgrading of Highway 1A, the province will upgrade Highway 1D from Long Van to Central Bus Station, Highway 19, Highway 19C; investing in the routes connecting Phu Cat Airport to Nhon Hoi Economic Zone and the Quy Nhon Complex of VSIP Canh Vinh (Van Canh), creating new momentum for the development of southern Binh Dinh. The province also will upgrade the Phu Cat Airport to an international airport by 2016 and accelerate the relocation of Quy Nhon Station as well as promote Dieu Tri to be the largest station of the country. Along with that, the province will soon complete the logistics system of Quy Nhon Port. First, the province will create a logistics system at the two points from the bay (Van Canh) of Quy Nhon Port, from Phuoc Loc (Tuy Phuoc) to Highway 19, and from Highway 1A to Quy Nhon Port, forming a transportation system to ensure the province's merchandise exports of the Highlands through Quy Nhon seaport services.
Creating momentum for economic development
In addition to the difficulties caused by the impact of the global economic downturn recently, the economy of Binh Dinh is also rife with "bottlenecks" that have not been cleared. The province has not had a big business as the flagship to drive development in other industries and sectors; the infrastructure system between Binh Dinh and neighbouring localities has not been completed to promote the strengths of the province; though being located in the key economic region of Central and East-West economic axis, the province is far from the major economic centres of the country.
To remove the "bottlenecks" to promote Binh Dinh as a thriving economy of the region, the province will focus on promoting and implementing a number of large projects to create a driving force for the economy. Specifically, the province will accelerate the implementation of the Nhon Hoi Petrochemical Plant; by 2020, the project will be completed and put into operation in the first phase, with a capacity of liquid products of 10 million tons per year (including 50 percent of refined petroleum products and 50 percent of petrochemicals). Besides, the province will promote some projects like the industrial park project of the AMATA group and the complex project of the Becamex IDC and the VSIP.
Mr Ho Quoc Dung, Chairman of Binh Dinh People’s Committee, stressed that to get in tune with the integration process and the reform of the country, Binh Dinh has made breakthroughs in socio-economic development. However, not satisfied with what has been achieved, the provincial leaders are still actively implementing economic development plans and promoting investment, especially attracting large projects to develop the economy of the province. They all aim to create driving force to help the economy of Binh Dinh to "take off", along with robust development of the provinces and cities nationwide, contributing to the overall growth of the country's economy.