Attracting investment and developing industries

In Binh Thuan , industry is identified as one of the three pillars of the economy, thereby creating an important driving force to promote the socio-economic development of the locality…

Boosting investment attraction efforts.

Currently, 8 out of 9 industrial parks in the province have implemented infrastructure investment, with some parks having been basically completed, such as Phan Thiet Industrial Park Phase 1, Phan Thiet Industrial Park Phase 2, Ham Kiem Industrial Park I, Ham Kiem Industrial Park II, and Song Binh Industrial Park. In addition, Binh Thuan province has 27 out of 36 industrial clusters established according to the plan, of which 15 have already begun infrastructure investment. Over the past period, the province's industrial parks have attracted 85 secondary projects (including 59 domestic investment projects and 26 foreign investment projects), while the industrial clusters have invited approximately 175 investment projects. This doesn't even include the three large-scale projects recently approved for investment in Binh Thuan: Son My LNG Terminal (registered capital of VND 31,434 billion), Son My II Thermal Power Plant (over VND 49,500 billion), and Son My I BOT Thermal Power Plant (nearly VND 47,470 billion).

In developing its energy sectors, Binh Thuan also considers attracting and developing LNG-fired power plants... (Illustrative image).

Along with mobilizing resources to invest in infrastructure for this sector, the locality also focuses on encouraging investment and developing industries. For example, with the energy industry, the province has implemented many comprehensive solutions to effectively exploit its potential, aiming to make Binh Thuan a national-level energy center. To date, there are 47 power plants in operation (including 4 thermal power plants, 7 hydropower plants, 9 wind power plants, 26 solar power plants, and 1 diesel power plant) with a total capacity of 6,523.21 MW and a total designed electricity output of 31 billion kWh/year...

For the agricultural, forestry, and fisheries processing industry, in addition to increasing the attraction of projects, the locality also encourages businesses to invest in research and development, innovate production technology, apply advanced quality management systems, and create more jobs for rural workers... According to the Binh Thuan Industrial Parks Management Board, to date, there are 19 projects in the industrial park participating in production and business in the agricultural, forestry, and fisheries sectors, and most of them have gone into operation, creating jobs for nearly 2,900 workers.

Continue developing industries.

According to the plan, the locality will continue to review, adjust, and supplement land use planning, creating more land reserves to attract industrial development projects in Binh Thuan. At the same time, it will promote the planning of a high-tech industrial park in a suitable, convenient, and attractive location to attract investment and strive to establish a modern high-tech industrial park after 2025.

Alongside this, the province will continue to attract investment to develop the energy industry into a key economic sector driving local economic growth, especially prioritizing the development of offshore wind power, LNG-fired thermal power, and pumped-storage hydropower research. The goal is to achieve an average annual growth rate of 14.5% in the value of electricity production and distribution by 2025, accounting for 60-65% of Binh Thuan's industrial structure. Regarding the mining and mineral processing industry, the province will closely coordinate with central ministries and agencies to effectively promote investment, attracting investors with capabilities, experience, advanced technology, and environmentally friendly practices. This will aim towards the deep processing of titanium ore, as well as strengthening domestic and export markets for processed titanium ore products.

In the coming period, the locality will also focus on attracting investment to create a breakthrough for the processing industry of agricultural, forestry, and aquatic products, linked to the province's characteristic and strong products, and creating high added value. Furthermore, it will encourage businesses to research and invest in developing new products and deeply processed products through joint ventures, partnerships, and cooperation to jointly invest in and exploit potential and advantages for higher efficiency. Simultaneously, it will develop the production of raw materials and auxiliary materials for the textile, garment, leather, and footwear industries, as well as the production of electrical equipment, electronic components, and new materials. It will also attract the development of high-tech industries, software industries, environmental industries, mechanical industries, shipbuilding and repair for offshore fishing, or the production of construction materials, electricity and water supply, waste and wastewater treatment… all aimed at achieving the goal of sustainable industrial development.

In the coming period, Binh Thuan also plans to innovate and improve the effectiveness of investment promotion activities, introducing and promoting the province's potential, strengths, and investment incentive policies. This will focus on attracting strategic investors with strong financial resources and modern green technologies, especially in the energy, processing, manufacturing, mechanical engineering, electronics, and supporting industries, in order to effectively exploit the local potential and advantages.

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