The province used to have a poor starting point with rapid development, owning billion-dollar factories and smart cities

Recently, at the Conference to celebrate the 25th anniversary of the establishment of Binh Duong province, Assoc. Tran Dinh Thien, former director of the Vietnam Economic Institute, a member of the Prime Minister’s Economic Advisory Group affirmed: “Binh Duong is a miracle of Vietnam in terms of economic development and industrialization”.

According to Assoc. Tran Dinh Thien, Binh Duong is a province with a purely agricultural and poor starting point with extremely difficult development conditions. However, the province is located adjacent to the city. Since Ho Chi Minh City is a late province, Binh Duong has established the motto “breakthrough and progress” and “the principle of Gravity – water flows in the lowlands”.

In fact, the economic scale of Binh Duong when it was separated from the province was only 3,919 billion VND. But by 2021, the province’s economic scale will reach VND 408,861 billion, 104.3 times higher than in 1997. Along with that, the GRDP growth rate in the 1997–2021 period will reach 10.86%/year. Currently, Binh Duong’s average GRDP has surpassed Ho Chi Minh City, Hanoi, and Hai Phong, ranking third in the country.

The province used to have a poor starting point with rapid development, owning a billion-dollar factory and a smart city - Photo 1.

Growth rate of Binh Duong in the last 5 years (%), Source: Binh Duong Statistical Office.

For many years, Binh Duong has always had a growth rate higher than the average growth rate of the whole country.

In addition, from 2017, Binh Duong was recognized as the first province in the country to have no poor households according to the central standards. The poverty rate according to provincial standards is less than 1%. In 2019, 100% of communes will meet new rural standards, completing the set plan one year in advance. The urbanization rate has increased sharply, reaching 82% in 2020, more than 2.5 times higher than the national average.

In 2021, the province’s economic growth will reach 2.62%. This is the most positive growth rate in the Southern economic quadrangle (Dong Nai growth is 2.15%, Ho Chi Minh City is negative 6.72%, Ba Ria – Vung Tau is negative 6.26%). The current per capita GRDP in Binh Duong is nearly 7,000 USD/person/year, belonging to the group of 3 leading localities in the country.

Notably, the work of attracting foreign investment in 2021 reached nearly 2.7 billion USD, exceeding 48% of the plan. In 2021, the province has 4,026 projects with foreign direct investment capital with a total registered capital of 37.74 billion USD, ranking second in the country, just behind Ho Chi Minh City. HCM.

Some typical large investment projects in Binh Duong are: Project of Nitto Denko Co., Ltd. in Vietnam – Singapore Industrial Park (VSIP) II, registered capital of 186.2 million USD; The large-scale project of producing car tires, producing automobile airbags and other products in the expanded Bau Bang Industrial Park with the total investment capital of the first two phases by 2026 is more than 600 million USD of Kolon Industries (Korea);…

According to Prof. Dr. Nguyen Xuan Thang, Politburo member, Director of the Ho Chi Minh National Academy of Politics, 25 years after being separated from Song Be province, Binh Duong from a difficult province has made a breakthrough. to become one of the industrial centers – smart cities with dynamic development, strong international integration, linking with the provinces and cities of the southern key economic region.

“This is a miracle for a province with few natural resources, neither an airport nor a seaport,” said Prof. Dr. Nguyen Xuan Thang.

Binh Duong is currently a destination for domestic and foreign investors and businesses, especially strategic investors. The province is the most modern industrial production center in Vietnam, one of the few localities with many billion-dollar factories and production facilities.

Recently, LEGO Group has decided to invest in the world’s most modern manufacturing plant with their first carbon neutral technology with a total investment of more than 1 billion USD in Binh Duong. This shows that the province is a bright spot on the world industrial map.

Due to early recognition of the importance of urbanization as an important growth driver, the province has implemented an appropriate urbanization strategy: Building a new urban area, forming an Industrial – Service Complex – Urban, smart city development; step by step research and invest in model of industrial park – science – technology urban area, innovation zone in order to create new development driving force for the province in both medium and long term.

In addition, according to Binh Duong People’s Committee, the province will continue to cooperate with Eindhoven city (Netherlands), Brainport, EIPO organization, to implement the “Smart City Project”. This is considered an important motivation for the locality to recover after the recent Covid-19 wave. minh-20220421095247449.chn

According to Van Minh

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