Striving for Double-Digit Economic Growth

Continuing its 2024 success, Binh Duong province will aim for sustainable development, focusing on key areas, to achieve double-digit economic growth in 2025.

Unlocking all available potential advantages

Binh Duong is considered one of the leading economic and industrial centers in Vietnam with outstanding advantages in strategic location, developed infrastructure, effective investment policies and a vibrant real estate market. With an enabling government, policies on preferential tax, land and business support and elevated international cooperation, the province has become a leading light in investment attraction.

Prime Minister Pham Minh Chinh inspects the Ho Chi Minh City - Thu Dau Mot - Chon Thanh Expressway project in Binh Duong province,  Feb 1, 2025

At the same time, digital transformation will continue to be upheld by all levels and sectors. The province has built two district-level intelligent monitoring and operation centers; strongly upgraded and undergrounded 40km of telecommunication cables on 21 routes; and piloted the coverage of 5G mobile communication networks at the provincial administrative center.

To make it better in the eyes of investors, Binh Duong has invested in infrastructure upgrading and operated many important intra-provincial and intra-regional transport infrastructure projects. Ring Road 3 and Ring Road 4 projects are being implemented along with many key infrastructure projects such as the Ho Chi Minh City-Thu Dau Mot-Chon Thanh Expressway. The metro line connected to Ho Chi Minh City is being strongly invested to enhance inter-regional connectivity and promote economic development.

The "industrial capital" of Binh Duong has many large modern industrial parks such as VSIP, My Phuoc and Song Than that have attracted domestic and foreign companies and created momentum for economic development and urban infrastructure. On that development path, the province has aimed to develop smart, sustainable urban areas, with master planning projects to 2030, thus offering an ideal living and working environment for residents and businesses.

Upholding its dynamism and creativity, Binh Duong has focused on unlocking all available potential advantages to achieve socioeconomic development goals. In 2024, the province's economy continued to grow impressively, with GRDP expanding 7.48% (higher than the 5% growth in 2023). GRDP per capita reached VND181.2 million, highest in the country. The economic structure was shifted in the right direction with the stable share of industry and services exceeding 90% of the GRDP.

Besides, the province’s FDI inflows have led the country thanks to many projects in Japan, South Korea, Singapore, the US and Germany. Top-invested fields include processing and manufacturing, logistics, trade and services, high technology, and industrial real estate.

Sustainable development strategy

In 2025, Binh Duong is determined to reaffirm its position as the leading economic and industrial center of the country with an attractive investment environment, synchronous infrastructure and sustainable development strategy. The province will develop smart urban areas, aim to become a centrally run city, gradually perfect digital government, digital economy and digital society, draw investment capital from many technology companies and startups, and develop green and circular business models to create a solid foundation for sustainable development. Specifically, the Provincial People's Committee defined the following important goals for 2025: GRDP growth of 10% or higher, led by the industrial growth of over 12% and the services growth of over 10%; GRDP per capita of VND195 million; strong economic restructuring, driven by the industry - construction sector that accounts for 65.01%, services for 25.20%, agriculture, forestry and fishery for 2.61%, and product taxes minus product subsidies increased for 7.18%; and import-export growth of at least 10%. At the same time, in 2025, Binh Duong province will continue to start and accelerate the construction of five key transport projects with a total investment of US$3.6 billion.

To achieve the above goals, Binh Duong is taking drastic actions with many innovative solutions. Accordingly, to be a "golden destination" for investors, Binh Duong will focus on reviewing and removing difficulties and obstacles for businesses; boost trade promotion and export expansion; address policy difficulties and complete key projects; speed up public investment disbursement from the beginning of 2025, eliminate ineffective projects, and prioritize resources for regional connectivity projects. In particular, the province is actively shifting the development of industrial parks (IPs) towards an ecological model to foster sustainable development and enhance competitiveness. It picked three key IPs in Bau Bang district for the ecological IP model, namely Bau Bang, expanded Bau Bang and Cay Truong. Converting these IPs to ecological destinations will help businesses develop towards industrial symbiosis, optimize resources, reduce environmental impacts and increase economic values.

“The provincial government will always support businesses to tackle difficulties with specific solutions, especially removing bottlenecks in administrative procedures, land and credit, and assist investors to carry out their projects successfully. With these efforts, we are confident that Binh Duong will not only maintain stable development but also enhance its position in the regional and national economy,” said Mr. Vo Van Minh, Chairman of Binh Duong Provincial People's Committee.

By Duy Anh, Vietnam Business Forum