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Part 2: Facilicating private economic development

Since the first days of construction and development, Binh Duong has identified private economy as an important resource in the cause of industrialization and modernization, gradually changing the local socio-economic image. On that right point of view, the province has realized many mechanisms and policies to promote the local private economic sector.

Constant growth

Provincial People's Committee, departments and sectors have consistently implemented the motto of “the government accompanies businesses, regularly meeting, listening, and solving their difficulties”. Also from that, a series of domestic and foreign private enterprises have come to Binh Duong for investment. Tens of thousands of businesses in the private economic sector have been established, creating jobs for tens of thousands of workers, greatly contributing to the local State budget revenue and development process.

Production at Southern “Thieu Nien Tien Phong” Plastic Joint Stock Company in Dong An Industrial Park

The domestic and foreign investment capital has contributed to the local development, creating about 45,000 jobs for laborers every year. Noticeably, right from the first months of 2021, with an open and attractive investment climate and the implementation of external activities by many flexible and appropriate forms, the province has continued reaching positive results in FDI attraction. In the first 5 months of 2021, the province has attracted more than US$ 1.25 billion in FDI capital, equivalent to 159% over the same period last year. The whole province has so far lured 3,974 FDI projects with total registered capital of US$ 36.5 billion from 65 countries and territories around the world. These impressive numbers have helped Binh Duong confidently enter a new period of development.

The province has attracted more and more large-scale private enterprises and economic groups. This economic sector is increasingly asserting its role with great contributions to the local economy, becoming a spearhead in a number of the local investment fields. Nguyen Duc Thuan, CEO of Thai Binh Investment Joint Stock Company (TBS), said that thanks to the attention and support of the local authorities at all levels, TBS has grown continuously with a system of 18 shoe factories, 3 sole factories, 8 bag factories across Vietnam, 2 factories in Myanmar and Indonesia, representative offices in the US, Hong Kong, China, Korea, 5 product development centers, creating jobs and stable income for tens of thousands of employees

Accompanying the development of the province, the effective operation model of Minh Long Ceramics Company I has been popularized and replicated, contributing to changing the image of the local ceramics industry. Minh Long I now leads the county in ceramics. This trademark also bears regional and international stature...

Further opening up opportunities

Vu Thanh Vinh, Deputy General Director of Southern “Thieu Nien Tien Phong” Plastic Joint Stock Company’s Production – Technology Department said that with the local support, the company has just won the national quality award. Along with expanding its factory with capacity to 60,000 tons products per year, the company has also bravely invested in state-of-the-art machines and equipment from Europe, bringing hi-quality products to consumers. In the coming time, the company will constantly strive to research, innovate technologies, use environmentally friendly and safe materials…, aiming to  bring the "Made in Binh Duong" brand name to the world in order to reciprocating the local support and expectations.

With an existing foundation in terms of economic development, Binh Duong is determined to gradually improve the quality of new development, attracting investment in association with production under the trend of advanced science – technology that is less labor intensive from now to 2030, building Binh Duong into an "innovation zone". This orientation is expected to develop Binh Duong into the locality with a broader innovation ecosystem, creating the foundation for the  more attractive investment climate, gradually becoming a smart production area, generating products with higher value and a healthy living environment, in which the role of private enterprises is indispensable.

The private economy is constantly growing, demonstrating its position in the market economy. They, the owners of private economic establishments, have not only enriched themselves and their families, but also made useful contributions to the general development of the province, creating jobs and increasing incomes for many workers.

Nguyen Hoang Thao, Vice-Secretary of provincial Party Committee, Chairman of provincial People's Committee committed that the province has always considered the satisfaction of the business community as a measurement for the efficiency of the local administration. The province has further created a fair, open, friendly and transparent investment climate; supported private enterprises, especially those with innovative startup, quickly deployed support policies from central level, grasped the operational situation of enterprises to promptly propose practical support solutions. (to be continued)

Reported by Tieu My-Translated by K.T