Binh Dinh: Striving to Become Developed Province in Central Region

In 2022, in the context of many negative impacts, with prices of many products increasing, especially raw materials and fuel prices, which will greatly affect production, people's lives, livelihoods and implementation of resolutions of Party Committees at all levels, but with the determination of the Party Committee, authorities and people in the province, the socio-economic situation of Binh Dinh has made positive achievements.

Binh Dinh province is home to many investment projects

Many positive results

Last year, the province's economic situation continued to improve. GRDP increased by 8.57%, the highest growth rate ever and higher than the growth rate of 8.02% of the whole country. In which, agriculture, forestry and fishery increased by 3.26%; industry and construction increased by 8.55%; services increased by 12.61%, and Taxes less subsidies on products (net indirect taxes) increased by 6%. GRDP per capita was VND 70.7 million.

The economic structure continues to shift in the right direction. Agriculture, forestry and fishery accounted for 27.37%; industry and construction accounted for 30.05%; services accounted for 38.16%; and taxes less subsidies on products accounted for 4.42%.

In particular, the province has attracted a number of investment projects with large registered capital: the project of a high-tech emulsion and thin film factory of Kurz Group of USD 40 million; Long Son Iron and Steel Complex project VND 53,500 billion, Long Son Port project (phase 1) VND 5,700 billion, etc. The whole province has attracted 01 FDI project with registered capital of USD 4 million, 80 domestic projects with a total investment capital of VND 19,394 billion. There are over 1,200 newly established enterprises with registered capital of over VND 10,000 billion, an increase of 27.4% in the number of enterprises and a decrease of 17.7% in registered capital.

The agriculture sector is quite comprehensively developed. The structure of crops and livestock continues to be transformed in the direction of commodity production. The province has established a number of concentrated production areas in the direction of safety and application of high technology, large-scale agricultural production models, associated with enterprises, operating under the market mechanism.

The field of socio-culture and education continues to be paid due attention. The social security and social welfare regimes are fully implemented according to regulations. Political security, social order and safety are maintained.

In addition, the National Target Program on New Rural Development has been effectively implemented. The province currently has 87/113 communes recognized as meeting new rural standards, reaching the rate of 77% of communes. There are 7 communes meeting the advanced rural village standards, 5/11 district-level units completing the task of building new rural areas.

The trade and service industries continued to maintain and develop. Total retail sales of goods and social service revenue in 2022 increased by 19.2% over the same period.

Export activities continued to be promoted, reaching USD 1,550 in 2022 (up 16.3% over the same period). Goods transported through the seaport reached 13.68 million TTQ (up 0.4% over the same period).

Tourism activities after a period of decline have recovered and developed. In 2022, tourists to the province reached over 4.12 million, an increase of more than 2.8 times over the same period, tourism revenue reached VND 13,119 billion, an increase of more than 7.5 times over the same period.

Currently, Binh Dinh is continuing to direct and speed up the progress of site clearance and construction of works and projects: the North-South Expressway to the East, the section through the province; the remaining sections in the coastal road; extended Dien Bien Phu road to Diem Van urban area; routes connecting to the coastal road; projects in Quy Hoa Science and Education Urban Area; Phu Phong weir and works in the fields of culture and history. Total social development investment capital in 2022 reached 44.14% of the plan. Disbursement rate of public investment ranked top in the country, reaching 90.97% compared to the assigned capital plan of VND 9,349.3 billion VND.

Synchronously implementing solutions, ensuring the success of the set goals

In 2023, Binh Dinh province will continue to synchronously implement solutions to ensure national defense - security and social security; promoting 05 pillars of growth: (1) industrial development; (2) tourism development; (3) development of port and logistics services, including seaports and airports; (4) agriculture, forestry and fishery development based on high technology; (5) urban economic development associated with the process of urbanization. The province will effectively solve 03 breakthroughs: (1) creating a drastic change in the investment environment, improving local competitiveness to attract investment; (2) training and improving the quality of human resources, especially information technology, technology, tourism, high-tech industry, to meet the needs of the economy; (3) building and perfecting the system of socio-economic infrastructure, especially traffic infrastructure, in order to promote the growth of the North; determined to successfully realize the goal of building and developing Binh Dinh into one of the leading developed provinces in the central region.

In 2023, the province plans to organize many investment promotion activities in major markets such as Japan, Germany, Thailand and Korea, with the goal of attracting 60 new projects, in which priority is given to the attract projects with modern technology, high intellectual content, and environmentally friendly, efficiently using resources and having products with competitive advantages.

In addition, the province will focus on inviting a group of small and medium-sized investors with clean and high technology from Japan, Korea, the United States, Australia, New Zealand, Israel and European countries to speed up filling Nhon Hoi Economic Zone and other industrial parks and industrial clusters of the province, promoting the development of supporting industries, infrastructure and attached services.

Currently, the province is soon completing the Binh Dinh Provincial Plan for the period of 2021 - 2030, with a vision to 2050, and submitting it to the Prime Minister for approval as a basis and development orientation in the following years. In an orientation to 2030, Binh Dinh will become a developing province in the leading group of North Central and Central Coast regions with an average growth rate of 8.5% or more in the period 2021-2030. GRDP per capita by 2030 is VND 204 - 213 million /person, equivalent to USD 7,500 - 7,900 (at current prices).

In addition, the province's economy will strive to develop faster, more sustainably and greener, based on the following pillars: industrial development, tourism, port services and logistics, agriculture, forestry and fishery with high technology application, urban economy associated with urbanization. The province regards sustainable development as a top priority. Binh Dinh will become the center of processing industry, manufacturing, services and tourism of the Central Coast - Central Highlands, the country's major center for marine economic development, national and international tourist destination with a synchronous and modern infrastructure system.

Along with that, the province will successfully implement the goals of digital transformation, innovation, strongly improving the business investment environment, becoming an attractive destination for investors. Provincial competitiveness index will be among the highest in the country. Binh Dinh will strive to have a synchronous and modern socio-economic infrastructure network, an urban system developed in the direction of a smart city, conveniently connected to the economic centers of the region. In which, Binh Dinh will focus on developing a modern Quy Nhon urban area in terms of space and architecture, exploiting the potential and special advantages of landscape and climate in the area along Thi Nai lagoon; planning to build a new administrative center of the province in Nhon Hoi economic zone. Binh Dinh will also implement sustainable poverty reduction, improve people's material and spiritual life, protect the environment, preserve and promote well the cultural identities and beauties of the ethnic groups; and ensure national defense, security and social order and safety.

With a vision to 2050, Binh Dinh continues to be in the leading group in the Central region with a GRDP per capita and an urbanization rate higher than the national average. Binh Dinh will be an important center of science and technology, innovation and application of artificial intelligence in Vietnam. Sustainable economic development is based on the following pillars: Processing and manufacturing industry, information technology industry and AI; high-quality tourism; organic agriculture and efficient logistics system. The province will implement digital transformation goals according to the National Digital Transformation Strategy, continue to be an attractive destination for large domestic and foreign investors. Businesses in the province will develop strongly with high competitiveness in the market. Traditional cultural values are preserved and promoted effectively. National defense and security are firmly guaranteed.

With determination to improve the investment environment, the province has made innovations in investment management and attraction, from considering enterprises as an object of management to a customer and an object of service. The province actively invites and searches for capable investors, in which priority is given to projects that create jobs and increase incomes for workers. The provincial government is committed to accompanying businesses throughout the project implementation process with the best support from all levels and sectors.

Source: Vietnam Business Forum