Binh Duong's economic structure is shifting very quickly towards modernity.

Based on the Party's theoretical awareness, viewpoints and policies on developing a socialist-oriented market economy , over 25 years of construction and development, Binh Duong province has focused on transforming the development model, shifting from an underdeveloped agricultural economy, relying heavily on the state-owned economic sector to a multi-sector economy, taking the state economy as the leading force, taking the lead and the private economy, the foreign-invested economy as the main driving force in industrial - urban - service development.

Since the separation of the province in 1997, Binh Duong has chosen the industrial - urban - service model as a "springboard" for development. Binh Duong provincial leaders assigned Becamex IDC Corporation (the largest state-owned enterprise in the province) to cooperate with Sembcorp Industrial Parks Group of Singapore to form the VSIP model. This model is highly appreciated by the Central Government and has been spreading to many provinces and cities across the country.

Along with economic development, Binh Duong province always focuses on caring for and developing all aspects of social and cultural life, constantly improving living standards, improving the material and spiritual life of people living and working in the area.

Over the past 25 years, Binh Duong has made impressive changes, creating a favorable environment for investors, while taking state-owned enterprises as the leading role.

Binh Duong’s economic structure is shifting rapidly towards modernity; the economic growth model is increasingly based on science, technology, and innovation. In addition, Binh Duong has put people at the center, doing a good job of social security, while the government continues to create for consistent development…

Binh Duong's economic development results in recent years have been shown through extremely impressive figures. Specifically, by 2022, the total product (GRDP) in the province is more than 117 times higher than in 1997. The growth rate of the total product in the area at comparable prices in the period 1997 - 2022 reached 10.74%/year.

Binh Duong is also in the top of the country in attracting foreign investment capital with nearly 4,200 projects, registered capital of more than 40 billion USD; more than 64,970 domestic enterprises with total registered capital of 29.5 billion USD; 222 cooperative groups and 237 cooperatives. The average income per capita of Binh Duong province is also the highest in the country. The locality has no poor households according to the Central criteria and ranks 3rd in domestic budget revenue.

Comrade Nguyen Van Loi, member of the Party Central Committee, Secretary of the Binh Duong Provincial Party Committee, emphasized that for many generations, the Party Committee and people of Binh Duong have realized that economic development must be for the happiness of the people and no one must be left behind. At the same time, it is necessary to take the people as the center, the subject, the driving force and the goal of economic development. Development must be so that the people can enjoy.

Binh Duong today is mentioned as an industrial economic “phenomenon” of the whole country, a bright spot in the “economic quadrangle” in the South. To achieve that, Binh Duong has implemented many breakthrough policies in administrative reform. This is also the first locality to propose building a one-stop shop model in Vietnam and soon have a model of Industrial Park Management Board, the focal point to handle all paperwork for businesses.

It is known that Binh Duong is orienting industrial development towards modernity, intelligence, and environmental friendliness based on three basic pillars: Creative Government - Accompanying People - Active Enterprises. To do this, Binh Duong is forming green industrial parks to attract “clean” investment capital.

Despite these positive results, however, in the development process of Binh Duong, there are still many "bottlenecks" that need to be further resolved in the coming time. In particular, the locality recommends that the Government soon complete the policy framework on encouraging socialization by reviewing, amending and supplementing mechanisms and policies; adjusting and increasing the payroll for Binh Duong province.

Along with that, Binh Duong and the Southeast provinces will now plan an industrial, urban and service belt for the entire region. This region has advantages in international access, transportation advantages, a dynamic and creative region, contributing 45% to the budget, so it is necessary to invest in this region with large projects and works. Investment in the region aims to promote regions with comparative advantages for development, on that basis regulating the whole country./.

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