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Together with its favorable geographical position, Binh Duong province has strongly committed in accompanying enterprises by creating the most advantageous conditions from mechanisms and policies to infrastructure construction, attracting investment attraction..., thereby promoting the local private economy.

Rebound from private economy

In order to have a Binh Duong today, the local leaders and strategic makers have come up with many daring solutions, including the policy of “rolling out the red carpet to welcome investors”, to enhance the local position and power over the past 25 years. Noticeably, leaders of the province over periods created favorable conditions for the local private economic sector to develop. The province strengthened the direction, administration and implementation of tasks and solutions of the Government, ministries, sectors. Along with the efforts by the local authorities at all levels, industries, businesses and people, Binh Duong province has continued reaching positive changes in socio-economy development, especially industrial manufacture that is in the top group of the whole country.

Production activities at Dai Thien Loc Joint Stock Company

In the southern key economic zone, Binh Duong has so far emerged as a locality with the fastest economic growth, especially in FDI attraction. The province now has a synchronous and modern technical infrastructure system together with regional and inter-regional traffic connectivity, facilitating the local industrial development and plan on building new urban areas, attracting and creating favorable conditions for businesses to develop.

Explaining about more and more Japanese investment capital pouring into Binh Duong, Yamamoto Kazuhito, General Director of Taisei Bijutsu Printing Co., Ltd. said that the "marketing" of former investors who have done business with Binh Duong is a motivation for Japanese investors to believe more in the local investment climate. “Twelve years ago, when arriving in Vietnam to explore investment, we traveled to many localities and decided to stop in Binh Duong. At that time, Binh Duong was the leading locality in the implementation of the economic open policy in comparison with other localities. When just registering the project here, we were welcomed by leaders of the province, departments, and sectors, enthusiastically supported in procedures and preferential policies. For that reason, not only our enterprise, more and more Japanese enterprises have also developed and expanded their resources in Binh Duong ”, shared Mr. Yamamoto Kazuhito.

Not only FDI enterprises, domestic ones such as Minh Long I, Dai Thien Loc, Truong Thanh, Vinamit ...are also growing constantly, bringing with the "vision" of Binh Duong with dynamic development.

Established on July 11, 2001, Dai Thien Loc Joint Stock Company was just a small enterprise with a charter capital of VND6 billion and 30 employees in the first phase. After 20 years of development, the company has successfully built a major steel and corrugated iron brandname in Vietnam and the region. According to Nguyen Thanh Nghia, General Director of Dai Thien Loc Joint Stock Company, provincial People's Committee has directed departments, sectors and functional units to deploy solutions to support businesses, facilitating their development. Accordingly, provincial People's Committee, departments and sectors consistently implemented the motto of “the government accompanies enterprises for many years. Upon this, after 20 years of development, the company with solid foundations, has determined to expand its factory with advanced technologies from Europe, meeting orders with increasing quality…

Tran Thanh Trong, Chairman of provincial Mechatronic Association said that the development of the private economy is a factor  guaranteeing  the maintenance of  high economic growth, generating State budget revenue, participating in solving a series of social issues such as job creation and human resource development… in the socialist-oriented market economy. In the new period, he also expected that  the province will continue creating favorable conditions for the local private economy to further grow, creating more local brand names so that the sector’s contributions will be more important and more obviously.

Choosing steady path

Nguyen Hoang Thao, Vice-Secretary of provincial Party Committee, Chairman of provincial People's Committee said that Binh Duong is one of the country’s top localities in industrial development. Over the past years, Binh Duong continuously improved the investment climate, enhanced competitiveness and enhanced support for the development of enterprises through perfecting the local socio-economic infrastructure system. Provincial leaders are always interested in promptly solving enterprises ‘difficulties, facilitating their development. In the new period, rapid and sustainable development is the top requirement for each decision and every action of the province. Together with socio-economic development, Binh Duong is determined to build a more modern living environment while attaching importance to preserving and solving environmental problems towards sustainable development for a smart city.

The province has further given priority to attracting investment projects in auxiliary, hi-tech industries with high added value; fostered services on finance, logistics, support for industrial and hi-tech agricultural production; especially promoted new industries on the basis of modern technology. The province has always focused on building up a strong business community; paid attention to creating favorable conditions for innovative start-ups, improving the accessibility and application of modern sci-tech achievements into production. Accordingly, from August 2020, the province issued a program to support businesses in improving their competitiveness, applying advanced quality management systems, protecting intellectual property rights ...

Noticeably, the province’s construction of a science and technology industrial park will create a platform for the local innovation playground. The industrial park will play the role of building a nuclear foundation that creates innovation based on regional knowledge and supports innovation ecosystems. It will also assist foreign companies, promoting the development of high-tech industries in the region while setting up a support system to "nurture" technology companies and attract foreign ones, giving a boost to the business community in the region.

Binh Duong is a province with a foresight, clearly showing in the local economic development strategy, smart city project development. Over the past years, the province achieved important achievements in investment attraction. The province needs to further improve the quality of investment, select investment technologies in accordance with the local development orientation. Slowing down to take a longer, more steady, stronger step is the path that Binh Duong needs to take…, said. Assoc. Prof. Dr. Tran Dinh Thien, member of the Prime Minister’s Economic Advisory Group.

Reported by Tieu My-Translated by K.T