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Part 1: Dynamism and effectiveness in economic development

Looking back the journey of 35 years of renovation, 24 years of re-establishment, Binh Duong has always reached unanimity on the policy of ensuring economic development in association with social progress and equality. This has helped the province take fruits in economic development with  the country’s highest per capita average income. One of the province’s key tasks throughout many terms is to closely combine rapid and sustainable economic development with the development of culture and people, ensuring social welfare, quickly narrowing the rich and poor gap between urban and rural areas, improving people's material and spiritual lives.

Proud achievements

Along with national development, Binh Duong has had a strong transformation to become one of the country’s leading localities in terms of State budget collection, export turnover, foreign investment attraction, per capital average income…According to the General Statistics Office’s survey on local living standards in 2020, which covered nearly 47,000 households across 63 cities and provinces, Binh Duong currently has the highest income, about VND 7 million per person in one month.

Binh Duong's industrial economy has developed strongly, creating many jobs and increasing incomes for laborers. In picture: Production at Tan Nhat Co., Ltd in South Tan Uyen Expanded Industrial Park

In 2020, despite being heavily affected by Covid-19 pandemic, the province's economy still grew well. The GRDP per capita was VND151million per year. Thus, each person in the province had an average income of VND 12.5 million per month, higher than the country’s average level. The local labor structure shifted strongly from agricultural production to industrial manufacture and services

Nguyen Hoang Thao, Vice-Secretary of provincial Party Committee, Chairman of provincial People's Committee said that despite having many difficulties, Binh Duong's economy over the past years still maintained growth. The lives of the local people have been improved. In order to achieve economic achievements, in which there is the highest per capita average income in the country, the province has always reached unanimity on the policy of ensuring economic development in association with social progress and equality.

Comprehensive development

Binh Duong is still changing constantly. In addition to promoting infrastructure construction, drastically improving the investment climate, facilitating enterprises ‘production-business and strongly attracting  FDI capital, the province determined that industrial manufacture will continue being a key economic sector with many priority policies in order to gain the appropriate shift of the local economic structure. The province has become a place with industrial development. The province’s economic growth is always higher than the country’s average level. As a result, the province has obtained great achievements on socio-economic development. The local economic structure has strongly changed towards industry - services – agriculture. The local urban image has been formed clearly.

In 2020 and the first months of 2021, when the economy was greatly affected by Covid-19 pandemic, Binh Duong has still completed the "dual tasks" excellently. The province has ranked among the country’s top localities in economic growth with social welfare ensured. The province has also absorbed many strategic projects. In the first four months of 2021, the province’s index of industrial production surged 7.75% against the same period last year.

In order to create a breakthrough in economic development, Binh Duong has made great efforts in improving the local investment climate, facilitating the development of economic sectors. Among the local economic sectors,  the foreign investment sector has got thriving. Although Covid-19 pandemic had a strong impact on investment activities, the province in the first months of 2021 still attracted over USD 1.25 billion, or 159% compared to the same period last year. The province has so far ranked third nationwide in FDI attraction with total capital of USD 36.5 billion (after Ho Chi Minh City and Hanoi).

Along with industrial manufacture, the province’s sector of trade and services has also developed, creating many jobs and raising incomes for people. Although being narrowed in term of the proportion in the local economic structure,  agricultural sector has still reached growth in value. The local farmers have stabilized their lives, got rich on their own land and greatly contributed to the local overall achievements (to be continued).

In the 2020-2025 term, Binh Duong will strive to increase its gross regional domestic product (GRDP) by 8.5 - 8.7% per year. The  proportion of industrial manufacture and services will account for the 90% of the local economic structure. The province’s index of industrial production (IIP) will grow by over 8.7% per year. The province’s total retail sales revenue of goods and services will reach the growth of 14 - 15% per year. The province will also strive to gain the average GRDP per capita of VND 210million - VND215 million by 2025; obtain the annual growth of 8% in State budget collection; attract over US$ 9 billion in FDI capital. The province’s  total social investment capital will account for 33%-34% of the GRDP.

Nguyen Hoang Thao, Vice-Secretary of provincial Party Committee, Chairman of provincial People's Committee: The province's view of sustainable economic development does not stop at one tenure but goes throughout the local development process with new ways in line with reality and development trend. Each landmark of the province’s success has further strengthened the trust of the people, the business community and investors. The results achieved by Binh Duong in the past years and the first months of 2021 have not only made it become a locality with fast, strong and sustainable socio-economic development, but also continued improving the material and spiritual lives of the people.

Reported by Ngoc Thanh-Translated by K.T