Võ Văn Minh, chairman of the provincial People’s Committee, speaks at a meeting on Wednesday to discuss Bình Dương Province’s socio-economic development for 2025. — VNA/VNS Photo

HCM CITY — The southern province of Bình Dương is committed to improving its investment climate to remain an attractive destination for domestic and foreign investors, a provincial official said.

Speaking at a meeting on Wednesday, Võ Văn Minh, chairman of the provincial People’s Committee, highlighted the province’s advantageous location, modern infrastructure and favourable investment climate as key factors in attracting investors.

In 2024, its Gross Regional Domestic Product (GRDP) growth reached 7.48 per cent, up from 5 per cent in 2023, with an average per capita GRDP of VNĐ181.2 million (US$7,100), which leads the nation.

Its total import-export turnover surpassed $60 billion, with a trade surplus of over $10 billion last year. 

The Industrial Production Index rose by 7.6 per cent, reflecting a shift from labour-intensive industries to high-tech sectors.

As of January, Bình Dương has attracted over $42.5 billion in foreign direct investment (FDI) across 4,429 projects from 65 countries, while also focusing on domestic investment of a total of VNĐ819 trillion from 74,704 enterprises.

Double-digit growth

The locality has set an ambitious target this year to achieve a GRDP growth rate of over 10 per cent, according to Minh.

To meet its targets, Bình Dương plans to continue driving digital transformation, promoting a green economy and enhancing its competitiveness, he said.

This will involve substantial investments in technology, infrastructure and the development of a skilled workforce.

“These initiatives are essential for positioning Bình Dương as both an industrial hub and a prime destination for domestic and foreign investors,” he said.

The province aims to leverage its existing strengths while adapting to the evolving economic landscape to ensure sustainable growth in the coming years, he added.

It will focus on investing in regional transport infrastructure, and developing industrial sectors, services, education and healthcare, according to Minh.

By 2030, the province aims to become a centrally governed city and a leading development hub in Southeast Asia, focusing on science, technology, and innovation.

Factory relocations

In response to concerns from enterprises regarding the relocation of factories to industrial zones, Hà Văn Út, director of the Department of Industry and Trade, said that this initiative aims to enhance the industrialisation and modernisation of Bình Dương. 

Trương Thị Thúy Liên, vice president of the Bình Dương Leather and Footwear Association, said that businesses are apprehensive about relocation costs, especially after recently stabilising post-COVID-19. 

She urged the province to implement supportive policies and provide timely information about which enterprises must relocate.

Nguyễn Liêm, president of the Bình Dương Wood Processing Association, expressed support for the relocation policy but stressed the need for reasonable support measures. 

He suggested piloting the relocation process with a few enterprises to gather insights before broader implementation.

Provincial People’s Committee chairman Minh, said: “This initiative is a key priority requiring consensus among stakeholders.”

While the province encourages relocation, it will only require those enterprises that do not meet specific criteria to move, he added.

He called for thorough assessments and expert consultations to ensure the feasibility of the relocation process.

The province is also preparing for relocation by planning modern industrial zones and housing for workers, he added.

In addition, investments are being made in transportation infrastructure to facilitate this transition. 

Appropriate policies will also be established to incentivise relocation efforts, according to Minh. — VNS