The southern province of Binh Duong has set an ambitious target this year to achieve a gross regional domestic product (GRDP) growth rate of over 10%.
Speaking at a recent meeting, Vo Van Minh, Chairman of the provincial People’s Committee, highlighted the province's advantageous location, modern infrastructure and favourable investment climate as key factors in attracting investors.
To meet its targets, Binh Duong plans to continue driving a digital transformation, promoting a green economy and enhancing its competitiveness, he said.
This will involve substantial investments in technology, infrastructure and the development of a skilled workforce.
These initiatives are essential for positioning Binh Duong as both an industrial hub and a prime destination for domestic and foreign investors, he said.
The province aims to leverage its existing strengths while adapting to the evolving economic landscape to ensure sustainable growth in the coming years, he added.
The locality is committed to creating a supportive environment that fosters innovation and attracts further investment.
It will focus on investing in regional transport infrastructure, developing industrial sectors, services, education and healthcare, according to Minh.
Nguyen Thanh Toan, Director of the Department of Planning and Investment, said the province's projected GRDP growth for 2025 is expected to reach 10%, driven by industrial growth exceeding 12% and service sector growth surpassing 10%.
The province’s economy is estimated to exceed 572.4 trillion VND (22.82 billion USD), resulting in an average GRDP per capita of over 195 million VND.
Significant transformations in economic structure are projected, with the industrial and construction sectors expected to comprise 65% of the economy.
This year the services sector is anticipated to rise to 25.2%, while agriculture, forestry and fisheries are projected to account for 2.61%.
The export-import turnover is expected to grow by at least 10% annually, with exports anticipated to reach 38 billion USD and imports expected to total 26.8 billion USD.
Total investment capital is estimated at 179.798 trillion VND, with public investment playing a crucial role, amounting to 36 trillion VND this year.
Dr Tran Du Lich said the increase from nearly 8% in 2024 to 10% in 2025 poses a significant challenge for Binh Duong.
The province should continue to create an attractive investment climate, innovate its industrial model and enhance its transportation infrastructure, he said.
Experts recommended the province set up a steering committee to achieve its growth targets. The committee would oversee designated agencies and implement necessary tasks.
It should prioritise addressing challenges in public investment, accelerating disbursement processes and increasing revenue from land allocations and public land auctions, and should consider issuing green bonds to mobilise sustainable funding for strategic infrastructure and renewable energy initiatives./.
