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Along with attracting foreign investment, the private economic sector in Binh Duong has also developed strongly in terms of quantity, scale, and business areas. This economic area has made important contributions to the process of economic restructuring and social life in the locality.

Significant contributions

For over 40 years of formation and development, up to now, Cuong Phat Co., Ltd. (Thuan An city) has more than 500 workers, producing dozens of high-end porcelain products for export to many markets around the world. Currently, the company has applied advanced technology in the production of high-end ceramics, both in the blending and firing processes. These two crucial stages have been equipped with modern and automated equipment, ensuring consistent quality of the product lines. The company also has its own secrets to create special glazes that enhance the aesthetic value of the products. As a result, the company maintains an average annual growth rate of over 10% and exports revenue of nearly 10 million USD per year.

Mr. Ly Ngoc Bach, General Director of Cuong Phat Company Limited, shared that besides favorable conditions for trade and production in the local area, the company always receives support and assistance from various levels and departments of Binh Duong province. The company strives to choose a suitable organizational scale for its business in accordance with its conditions. The company has invested appropriately in technology, paid attention to training and improving skills for workers, and effectively implemented social welfare for employees.

Private enterprises contribute significantly to the overall development of Binh Duong. In the picture: Production line at Viet-Nhat Electronics and Refrigeration Co. Ltd.

For the company Viet-Nhat Electronics and Refrigeration Limited Liability Company (Ben Cat City), after more than 15 years of establishment, the company has completely mastered the technology of producing high-quality electronic and refrigeration products by focusing on researching new production technologies and investing in modern production equipment. As a result, the company's production and business activities have achieved high efficiency, with an average annual revenue of about 200 million USD. Mr. Dang Quoc Viet, General Director of Viet - Japan Electronics and Refrigeration Company Limited, confidently stated that the achievements obtained in the past period are a great encouragement for the company to complete the development plan for the 2020-2025 phase, aiming to accelerate digital investment, apply artificial intelligence and e-commerce in the near future.

Up to now, Binh Duong has more than 70,000 private enterprises with a registered capital of over 700,000 trillion dong, increasing more than 100 times compared to the number of enterprises in Song Be province in 1986 - the year when our Party initiated and led the renovation campaign. The private economic sector currently contributes about 40% of the province's GDP, while also contributing to ensuring the growth of industrial production value and export value of the locality, ranking among the top in the country every year.

Not only successful in business production, private enterprises and entrepreneurs in Binh Duong always accompany the government in solving many social issues, caring for improving the material and spiritual life of workers; actively participating in gratitude activities, poverty reduction programs, charitable social work for the community, building new rural areas and increasingly bonding with the working class and farmers, contributing to strengthening the unity of the entire nation in the current task of building and defending the country.

Firm entrance to digital era

Private economic area in Binh Duong is not only dynamic in production and business, sensitive in capturing market trends, but also actively invests in technological innovation to enhance production and business efficiency. Especially, in the current digital age, this economic area has proactively invested in applying the digital transformation process in production, goods consumption, and market development.

TBS Group Investment Joint Stock Company is a typical example. Established in 1989, TBS Group has become a diversified manufacturing and investment conglomerate in Vietnam with 10 industrial complexes, over 30 factories, operating in the fields of leather shoe production, handbag production, investment, commercial business, real estate and industrial infrastructure, ports and logistics, with a workforce of up to 50,000 people. In recent times, alongside continuous investment in innovative production technology, TBS Group has also invested millions of USD to complete digital infrastructure and digital transformation with the SAP system. According to Mr. Nguyen Duc Thuan, Chairman of the Board of Directors of TBS Group, the early investment and operation of the SAP system have brought significant efficiency to the company in production management, market capture, investment orientation, and significant reduction in management costs. Meanwhile, the management work of the company's leaders can be continuous and immediate regardless of time and space, thus creating strong growth momentum for the unit in recent times. In the company's ongoing new projects, the latest technologies are always chosen, and artificial intelligence is applied to achieve optimal efficiency in production and business.

Mr. Mai Hung Dung, Member of the provincial Party Committee, Deputy Permanent Chairman of the provincial People's Committee, emphasized that in recent times, with appropriate support policies, the number of private economic enterprises in the province has been increasing. Binh Duong regularly supports private enterprises in participating in the production network, value chain of the region, supporting joint ventures, partnerships, participating in industry clusters, and cooperating in investment and development of industrial clusters. It is hopeful that in the coming time, the private economic sector in Binh Duong will become increasingly strong.

The goal of Resolution No. 45/NQ-CP dated March 31, 2023 of the Government states: Strive to have about 1.5 million businesses nationwide by 2025, including 60,000 - 70,000 medium and large-scale enterprises; by 2030, there will be at least 2 million businesses; form and develop many strong private economic conglomerates with potential and competitiveness in the domestic and international markets; improve the quality and efficiency of business operations in the private economic sector, striving to achieve a contribution of around 55% of private sector economic region to GDP by 2025 and 60 - 65% of GDP by 2030.

Reported by Tuan Anh – Translated by Vi Bao