IPs play important role in economic development

The Resolution of the 7^th provincial Party Congress for the 2000 and 2005 period specified that industrial development continued being a breakthrough phase in the shift of economic structure, contributing to promoting the local economic growth and improving locals’ lives. Hence, during the period, industrial parks (IPs) further played an important role in the local economic development.

More IPs developed

Under the Party’s renewal policies, Binh Duong reached rapid development in terms of industrial manufacture, significantly contributing to the local economic growth in the period of 2000 and 2005. Thanks to constant and quick industrial development plus the shift of economic structure towards industrialization and modernization, Binh Duong has become one of the country’s top localities in socio-economic development with a variety of IPs and industrial compounds (ICs) formed up.

A glance of VSIP Binh Duong

During the period, the province set up additional 9 IPs, bringing its total number of IPs to 16 with more than 3,200 hectares in total. These IPs also absorbed 1,890 domestic projects capitalized at more than VND9.3trillion and 606 FDI ones totaling nearly US$2.26billion. From its success in IPs development, Binh Duong is considered as one of the Southern key economic zone’s main localities.

In a bid to promote the regional development, provincial Party Committee and People’s Committee decided to build an industrial-service-urban complex, in which its cornerstone is the development of IPs, ICs, residential areas and high-class services. This will help the province increase State budget collection, effectively manage and use land under the local overall plan.

With an open mechanism of administration, there was a sharp increase in the number of industrial manufacture facilities in the province. In 2000, the province had a total of more than 3,000 industrial manufacture facilities. The figure in 2005 amounted to more than 5,000, mainly in TDM city and districts in the southern region of the province. Noticeably, enterprises in IPs continued playing an important role in the local industrial development.

Creating momentum for industrial development

Also during the period, IPs were actually a driving force for the province to obtain robust economic growth. The province’s industrial growth was two higher times compared to the country’s average level. There was a high growth in some industries of food, beverage, mechanism, chemicals, garment…Thanks to good development and management, province-based IPs absorbed a large number of laborers with the annual increase of incomes.

The province also paid more attention to fostering home industries, especially traditional crafts in order to generate jobs for locals, increase their incomes, make the shift of the local labor and economic structures. The province’s traditional crafts on pottery, lacquer…also had a lot of changes in production technology, improving the quality of products and their competitiveness.

Possibly speaking, Ips continued being a lever for the province’s development between 2000 and 2005. The development of industrial manufacture in general and IPs in particular during the period further created a momentum for the province to gain greater successes in the following years.

Reported by Khanh Vinh-Translated by K.T: http://baobinhduong.vn/en/

TBIP news

Binh Duong Attracts US$25 Billion in FDI

The southern province of Binh Duong has so far attracted 2,713 foreign-invested projects with a total capital of around US$25 billion, including US$16 billion distributed to 1,635 projects that are underway in industrial parks (IP).

According to deputy head of the Binh Duong Committee for Industrial Park Management Board Bui Minh Tri, the FDI projects, mostly small and medium-sized ones, have employed over 360,000 locals.

Since early this year, more than US$618 million of FDI has been invested into the construction of factories in IPs, he added.

Meanwhile, Director of the provincial Department of Planning and Investment Nguyen Thanh Truc revealed that the province has nearly fulfilled the yearly target for FDI attraction, adding that a total of over US$1.1 billion in FDI has been licensed to be invested into 126 new projects and 68 projects currently underway.

The number of new projects located in IPs across the provinces stands at 99, worth US$709 million, and 46 projects underway added US$276 million in investment capital, Truc said.

So far, the province has constructed 28 IPs covering more than 9,000 hectares. In the next five years, the number of IPs is expected to increase to 34 taking up a total area of 14,790 hectares.

A 300 hectare IP in Bau Bang district will also be built to host firms in the support industry for the apparel sector, as part of efforts to take advantage of investment flow after the Trans-Pacific Partnership is signed.

Currently, the province, one of the major industrial hubs in the south, is prioritising FDI projects utilising high technology and located in IPs to ensure environmental protection, said Tri.

(TBIP News)

NDO/VNA: http://vccinews.com/