Binh Duong is one of the leading provinces in terms of economic growth in Vietnam, renowned for its robust development in the manufacturing and processing industries. Here are some highlights of the province’s economy:
Economic growth: Binh Duong is considered one of the fastest-growing economic centers in Vietnam. The province has achieved impressive economic growth rates, significantly contributing to the national economic development.
Manufacturing and processing industries:Binh Duong is an attractive destination for both domestic and foreign businesses in the manufacturing and processing sectors. Its industrial parks and export processing zones attract a large number of investors and businesses, creating numerous job opportunities and boosting exports.
Infrastructure development: Binh Duong is heavily investing in infrastructure to support economic growth. This includes expanding transportation systems, providing electricity and water supply, as well as developing new industrial zones and urban areas.
Investment support policies: Binh Duong has implemented favorable policies to support investors, such as tax incentives or reductions, infrastructure support, and streamlined administrative procedures, aiming to attract investment and provide favorable conditions for businesses.
With strong growth in the manufacturing and processing industries, coupled with investment support policies and infrastructure development, Binh Duong continues to assert its position as one of the leading economic centers in Vietnam.
II. Geographic Location:
Binh Duong Province is located in the southern part of Vietnam, bordering Ho Chi Minh City and neighboring provinces such as Dong Nai, Binh Phuoc, Tay Ninh, and Lam Dong. Its strategic geographic location near Ho Chi Minh City has played a crucial role in the province’s economic development. Here are some specific points:
Proximity to Ho Chi Minh City: Binh Duong is close to Ho Chi Minh City, one of the largest economic centers in Vietnam. This proximity makes Binh Duong a vital transportation hub for the efficient movement of goods between production and consumption areas.
Developed transportation network: Binh Duong is connected to Ho Chi Minh City and neighboring provinces through a diverse and modern transportation network, including highways, main roads, and railways. This facilitates logistics activities and goods transportation.
Industrial development area: With its proximity to Ho Chi Minh City and favorable transportation infrastructure, Binh Duong has experienced significant growth in the manufacturing and processing industries. Industrial parks in the province attract many businesses to invest and expand their operations.
The favorable geographical location near Ho Chi Minh City has helped Binh Duong become one of the hotspots for manufacturing and business activities in Vietnam.
To the east, it borders Dong Nai province.
To the west, it borders Tay Ninh province and Ho Chi Minh City.
To the south, it borders Ho Chi Minh City.
To the north, it borders Binh Phuoc province.
Administrative map of Binh Duong Province – TTTFIC Group
Binh Duong Province is located in the Southeast region of Vietnam, within the key economic zone in the south. It serves as a vital gateway for trade with Ho Chi Minh City, the economic and cultural center of the country, boasting major national transportation arteries such as National Highway 13, National Highway 14, Ho Chi Minh Road, Trans-Asia Road, Beltway 3, Beltway 4, HCMC – Chon Thanh Expressway, and the Di An – Loc Ninh Railway. Moreover, its proximity to Tan Son Nhat International Airport and seaports, just 30 to 55 kilometers away, further facilitates comprehensive economic and social development.
III. Infrastructure:
Binh Duong has made significant investments in transportation infrastructure and industrial zones to create favorable conditions for businesses and promote economic development. Here are some highlights of its infrastructure:
Transportation infrastructure: Binh Duong has developed a diverse and modern transportation network, including roads, highways, and bridges. These routes connect industrial zones, residential areas, and neighboring provinces, facilitating goods transportation and population movement.
Industrial parks:
Binh Duong has constructed and developed numerous industrial parks with complete infrastructure and utilities, such as the Song Than Industrial Park, My Phuoc Industrial Park, and VSIP Industrial Park. These industrial parks not only provide modern production environments but also support services such as electricity, water, telecommunications, and other amenities for businesses.
Binh Duong plans to develop an additional 10 new industrial parks by 2030 and increase investment attraction from American, South Korean, and Chinese investors. This information was provided by Mr. Nguyen Trung Tin, Head of the Management Board of Industrial Parks in Binh Duong Province, at the task deployment conference on March 15,2024.
Binh Duong is also promoting the development of 10 new industrial parks by 2030. Among them, two industrial parks in Bac Tan Uyen district and Tan Uyen city will be established in the next two years, covering a total area of 1,000 hectares. The remaining 8 industrial parks in Bac Tan Uyen district, Dau Tieng district, and Phu Giao districts will be implemented by the end of 2030. The total area of these parks is over 6,000 hectares.
Other infrastructure projects: In addition to transportation and industrial projects, Binh Duong has invested in other infrastructure projects such as improving the electricity, water, and telecommunication systems, as well as constructing public facilities like schools, hospitals, and parks. These investments not only improve the quality of life for local residents but also attract and provide favorable conditions for local and international businesses to invest and develop in Binh Duong.
Attracting Investment in Industrial Parks in Binh Duong Province – TTTFIC Group
IV. Investment Attraction Policies:
Binh Duong has implemented various investment attraction policies to create favorable conditions for businesses, especially in the industrial sector. Here are some important policies that the province has applied:
Land provision and land-related incentives: Binh Duong provides land for businesses investing in industrial zones at competitive prices and favorable land use planning conditions. In addition, incentives such as land tax exemptions or reductions and favorable land leasing rates are applied to attract investment.
Tax incentives and tax-related benefits: Binh Duong applies policies of tax reduction and tax incentives such as exemption from import tax for equipment and production materials, reduction of corporate income tax, and personal income tax for employees with high qualifications working in invested businesses.
Infrastructure and service support: The province also provides support for infrastructure and other services to investing businesses, including electricity, water, telecommunications, and other utilities. This helps reduce the initial investment costs for businesses.
Streamlined administrative procedures: Binh Duong also focuses on simplifying administrative procedures related to investment, reducing time and costs for businesses.
Bau Bang Industrial Park – Binh Duong – TTTFIC Group
These policies have helped Binh Duong attract a large number of domestic and foreign businesses to invest, particularly in the industrial sector, thereby promoting economic development and creating jobs for the local population.
V. Major Industrial Parks:
Binh Duong has a range of large industrial parks, attracting numerous large businesses from both domestic and international sources. Here are some other notable industrial parks in the province:
My Phuoc Industrial Park (1, 2, 3, 4): My Phuoc is one of the largest and most developed industrial parks in Binh Duong. With continuous development, the My Phuoc industrial park has attracted many large businesses from both domestic and international sources, especially in the manufacturing and processing industries.
VSIP Industrial Parks (1, 2, 2A, 3):VSIP is a joint project between Vietnam and Singapore, known for its modern infrastructure and international standards. VSIP industrial parks in Binh Duong attract leading businesses from around the world, contributing to the province’s economic development.
Song Than Industrial Parks (1, 2, 3): Located in Di An City, Thuan An City, and Thu Dau Mot City, the Song Than industrial park is also an important destination for investors. With complete infrastructure and facilities, this area attracts many large businesses from various industries.
Bau Bang Industrial Park: Located in Bau Bang district, this industrial park also attracts many domestic and foreign businesses. With its favorable geographic location and developed infrastructure, Bau Bang is an attractive destination for investors.
These large industrial parks play a crucial role in attracting investment, creating employment opportunities, and contributing to the economic development of Binh Duong.
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