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In 2024, Binh Duong strives for the Index of Industrial Production (IIP) to increase by 8.7%. To achieve the goal, Binh Duong has been and is implementing synchronized solutions for economic development, improving the investment environment, and supporting the business community in production and business.

Binh Duong provincial leaders visited and listened to the introduction at an exhibition booth on Vietnam electricity, energy, and automation 2024 in Binh Duong

Rational transition

Since the beginning of the year, the production and business situation of enterprises in Binh Duong province has seen many positive changes. Enterprises in the wood, textile, footwear, computer, electronic products and components industries are effectively utilizing the free trade agreements that Vietnam has signed to expand trade and export markets; many enterprises have export orders until the end of the first quarter of 2025. The province's industrial production index for the first 9 months of 2024 is estimated to increase by 6.31% compared to the same period in 2023.

However, according to the assessment of the Ministry of Industry and Trade, the industrial sector still faces many challenges due to the general difficulties of the global economy, along with the difficulty in accessing capital for businesses. Mr. Nguyen Thanh Toan, Director of the Department of Industry and Trade, said that in order to contribute to the completion of the industrial development target in 2024, the department will continue to proactively and effectively implement the support policies for businesses that have been approved by the Government and the Provincial People's Committee to resolve difficulties and obstacles in the production and business activities of enterprises, especially for the key export industries of the province, such as textiles, footwear, and electronic components..

Binh Duong has been implementing many policies to support businesses, such as creating favorable conditions for capital, infrastructure, human resource training, and trade connectivity; organizing specialized fairs and exhibitions to facilitate businesses' access to and application of new technologies. At the same time, Binh Duong is promoting cooperation programs with partners both domestically and internationally to share experiences, transfer technology, and expand markets.

Quality projects’ high hope

Mr. Truong Van Phong, Deputy Head of the Industrial Parks Management Board of Binh Duong, said that in the first 9 months of 2024, the total investment capital for construction of businesses in the industrial parks reached 4,278 billion VND, an increase of 38.1% compared to the same period in 2023. The industrial parks have leased 53.88 hectares of land, attracting 1.045 billion US dollars of foreign investment (accounting for 87% of the total foreign investment in the province in the first 9 months). Revenue of businesses in industrial zones reached 27 billion US dollars, exports reached 18.2 billion USD (accounting for 71.1% of the province's total export value in 9 months).

Production activities are seen at Foster Electronics Vietnam

Recently, Binh Duong has attracted more large-scale projects, applying high technology in important fields such as information technology, electronic industry, clean energy industry, renewable energy, and smart energy. Specifically, there is the project of D.Mag Vietnam Precision Technology Co., Ltd., operating in the fields of aluminum, iron and steel, and metal, with a total investment capital of 120 million USD. The project of the 2nd Factory of Paihong Vietnam LLC, operating in the field of fabric production with a total investment of 400 million US dollars. Recently, Becamex IDC and COEX Group (Korea) have signed a cooperation agreement committing to promote industrial and investment trade in Binh Duong province.

Binh Duong is focusing on investing in new-generation industrial parks, aiming for smart and green production. The Management Board of Binh Duong Industrial Parks continues to organize the implementation of the general construction planning tasks and projects (at a scale of 1/5,000) for the Dau Tieng Industrial Park and the specialized mechanical industrial park (Bac Tan Uyen 1 Industrial Park), according to the plan to be completed before October 30, 2024. To create new momentum to attract quality projects, Binh Duong continues to concentrate resources on investing in the construction and development of infrastructure for industrial parks in a modern and synchronized manner.

With the results and directions mentioned above, a bright picture is being created in attracting high-quality investment projects to Binh Duong, contributing to helping the province achieve its investment attraction and industrial growth targets in 2024 and the following years.

On September 9, 2024, the total foreign investment capital registered for new issuance, adjustment, and capital contribution to buy shares throughout the province reached 1.56 billion US dollars, an increase of 23% compared to the same period in 2023, achieving 88% of the 2024 plan. Industrial processing and manufacturing remains an attractive sector for foreign investors, with 109 newly registered investment projects, 114 capital adjustment projects, and 73 projects registered for capital contribution and share purchase, with a total investment capital of over 1.4 billion US dollars, accounting for over 91.37% of the total registered foreign investment capital in the first 9 months.

Reported by Ngoc Thanh – Translated by Vi Bao