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Speaking at the 5th meeting of the Coordinating Council for the Southeastern Region, Prime Minister Pham Minh Chinh urged local authorities to continue upholding their strengths while focusing on solutions to overcome obstacles, unlocking development resources. In particular, he emphasized the importance of transportation projects that enhance connectivity, attracting investment resources and focusing on resolving "bottlenecks" that will drive development for the Southeastern region.

Growth considered as top priority

Yesterday afternoon (December 2), Prime Minister Pham Minh Chinh chaired the 5th meeting of the Coordinating Council for the Southeastern Region in Ba Ria - Vung Tau province. The meeting was attended by Nguyen Van Nan, Politburo member and Secretary of Ho Chi Minh city’s Party Committee; leaders from various ministries and sectors, as well as local leaders from the Southeastern region. From Binh Duong province, the delegation included Nguyen Van Loi, Member of the Party Central Committee, Secretary of provincial Party Committee and Head of provincial National Assembly deputy delegation and Nguyen Loc Ha, Member of provincial Party Standing Committee and Vice Chairman of provincial People's Committee.

An overview of the meeting

In his report, Minister of Planning and Investment Nguyen Chi Dung, on behalf of the Standing Committee of the Region’s Coordinating Council stated that the Southeastern Region's Gross Regional Domestic Product (GRDP) growth rate in 2024 was expected to reach 6.38%, which is lower than the national average (estimated at 6.8%-7%) and ranks fourth among the six economic regions in the country. The region's GRDP in 2024 was estimated at VND 3,565.94 trillion, with an average GRDP per capita of VND 187.38 million/year, the highest among the economic regions and higher than the national average. The total State budget revenue for 2024 was estimated at VND 733.1 trillion, accounting for about 42.2% of the national total, an increase of 3.6% compared to the target set by the Prime Minister. The region's export value was expected to reach US$ 115.7 billion, making up 31% of the national total. The southeastern region continued leading the country in both the number of projects and the total foreign direct investment (FDI) capital implemented (as of October 31, 2024), with 21,174 projects and more than US$ 189 billion. As of November 30, 2024, the region's public investment disbursement reached VND 54,060 billion, achieving 36.61% of the set target.

At the conference, Prime Minister Pham Minh Chinh emphasized that the purpose of the meeting was to focus on reviewing and evaluating the implementation of tasks agreed at the 4th meeting, drawing lessons from leadership and management to improve the process after each session. This would contribute to the successful realization of the Resolution from the 10th Conference of the 13^th Party Central Committee and promote the development of the southeastern region with the goal of achieving double-digit growth that is comprehensive, inclusive and sustainable with high quality in the coming period. While this is a significant challenge, the opportunities are also plentiful, representing both a responsibility and an obligation to the southeastern region, which is a key economic area with substantial contributions to the nation."The region must prioritize growth as the top task for 2025, focusing on revitalizing the three main growth drivers: investment, exports and consumption. Attention should also be given to fostering new growth engines such as the digital economy, knowledge-based economy, and circular economy. Moreover, there should be a focus on developing high-quality human resources in fields like semiconductor technology, artificial intelligence (AI)...", the Prime Minister stressed.

Binh Duong aims for growth of 10% or more

In his report at the conference, Nguyen Loc Ha, Vice Chairman of Binh Duong provincial People's Committee stated that the province's economic growth in 2024 was expected to reach 8.01%, ranking second among the six localities in the southeastern region. The average GRDP per capita was VND 182.6 million, an increase of VND 13.8 million compared to 2023. The province's State budget revenue was estimated at VND 71,234 billion, achieving 110% of the target set by the Prime Minister. Binh Duong has attracted more than US$ 2 billion in foreign direct investment, surpassing its target. The province’s export turnover was expected to reach US$34.5 billion while import value was US$ 24.5 billion, showing significant growth compared to 2023 and exceeding targets. The province continued maintaining a trade surplus of over US$10 billion.

Prime Minister Pham Minh Chinh conducts a survey of the proposed route for the Ho Chi Minh City - Thu Dau Mot - Chon Thanh expressway

Binh Duong province has identified its key tasks for 2025, with a target to achieve the economic growth rate of over 10%. The province aims at reaching VND 94,000 billion in State budget revenue and VND 36,000 billion in public investment expenditure. The province plans to invest in its transportation infrastructure, including roads, railways, waterways, overpasses and interchanges, to ensure seamless connectivity with Ho Chi Minh city and the system of seaports and international airports. Several priority projects will be focused on in 2025. The province will also further invest in completing intra-provincial transportation routes to ensure synchronized and uninterrupted connectivity.

Regarding the mobilization of investment resources for regional connectivity projects aimed at achieving breakthrough growth in 2025, Binh Duong province has proposed to the Prime Minister, ministries and central sectors to allow the province and other localities in the region to retain 100% of the revenues generated from land development as well as 100% of any budget revenues exceeding the government's target. The province also seeks permission to issue local government bonds, project bonds, or other capital mobilization methods that do not depend on the public debt ceiling. This would support investment in metro networks and rail infrastructure within the province. Additionally, the province has recommended adjusting the revenue-sharing ratio during the 2026-2030 budget stability period, proposing that at least 40% of the revenue will be retained by the province. This would provide the province with sufficient resources to drive breakthrough growth, overcome the middle-income trap and achieve the growth targets outlined in the Politburo’s Resolution No. 24-NQ/TW, dated October 7, 2022, regarding the socio-economic development, national defense and security of the southeastern region until 2030, with a vision toward 2045.

Reported by Minh Duy-Translated by Kim Tin