Endowed with diverse potential advantages, Binh Phuoc province achieved remarkable growth of processing and manufacturing development in the past years, accounting for about 90% of the industrial production value and contributing significantly to the overall sectoral growth.
Mr. Nguyen Anh Hoang, Director of the Department of Industry and Trade, said, within the regional landscape of the Southern Key Economic Region, especially three industrially developed neighboring provinces (Binh Duong, Dong Nai and Tay Ninh), Binh Phuoc really has much potential in the eyes of investors interested in the processing and manufacturing industry. First, the development of three neighboring provinces has helped narrow the geographical gap between Binh Phuoc and the country's economic and logistics hubs of Ho Chi Minh City and Ba Ria - Vung Tau. Binh Phuoc is also developing inter-regional connectivity infrastructure and the region's reputation on the international investment map is also covering the province.
Second, previous regional development plans anticipated ripple effects of industrial belt development from the hub of Ho Chi Minh City to provinces on Belt No. 3 such as Binh Phuoc. In this process, Binh Phuoc always emerged and affirmed as a processing destination for locally and nationally specific agricultural products such as cashew nuts, pepper and latex. Currently, Binh Phuoc is really a destination to such a shift of processing and manufacturing industry.
Third, in processing and manufacturing development, Binh Phuoc emerged as a major downstream processor of local products. The province managed to link local production facilities, trace origins of products and apply processing technologies. Importantly, the province has a strong foundation for developing supporting industries for garment and textile, leather and footwear and agricultural mechanics.
Fourth, Binh Phuoc has reserved enough land for new investment waves as well as prepared necessary and sufficient conditions for projects fitting its requirements and regional movement to ensure the sustainable development of Binh Phuoc in the integration trend.
By fully tapping and promoting these potential advantages, in recent years, the processing and manufacturing development of Binh Phuoc province has achieved impressive growth, accounting for about 90% of the province’s industrial value and a major share of exports and imports. This also partly proves the insight of provincial leaders when choosing processing and manufacturing industry, in which supporting sectors play a major role. Developing more than 200 processed and manufactured product lines expressed a great effort of the whole province and the industry in the past years. This is the basic foundation for Binh Phuoc to join global product value chains, promote the development of downstream agricultural product processing, pave the way for the successful construction and development of key local agricultural brands. If this can be done, Binh Phuoc will affirm its own position in the overall development of the Southeast region.
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The development of processing and manufacturing industry in Binh Phuoc province has achieved impressive growth, accounting for about 90% of local industrial value. |
Mr. Hoang said, to boost processing and manufacturing development, the Department of Industry and Trade of Binh Phuoc will develop the province's main agricultural product brands in the international market. First of all, cashew nuts will be brought to the global value chain before it expands into other key products. The province will invest in about US$500 million supporting industries to create about 100 product lines, increase the export value by extra US$300 million and become a basic foundation to promote intra-regional connectivity of supporting industries. The province will strive to increase companies engaged in supporting industries, manufacture supporting products, ensure the balance of structures and production stages of supporting products within each industry (garment and textile, leather and footwear, mechanics, electricity and electronics) and quickly increase the value of supporting products given priority for development by the Government.
Duc Binh
Vietnamese
