10 per cent economic growth for 2025 is an ambitious and challenging target for Bình Dương Province.

BÌNH DƯƠNG — A target of 10 per cent economic growth in 2025 is a challenging but also important task for Bình Dương Province, Deputy Chairman of the Provincial People's Committee, Bùi Minh Thạnh said.

Achieving this goal requires strong participation from all levels of government, businesses and people, in order to maximise the potential and strengths of the locality, he added.

One of the important factors affecting Bình Dương's growth target is the global economic situation. The openness index of Việt Nam's economy is 165 per cent of GDP, one of the highest levels among emerging economies.

This means that Việt Nam, and Bình Dương in particular, is vulnerable to global economic fluctuations, such as trade wars and changes in supply chains.

In addition, the shortage of high-quality labour is also a worrying factor.

Bình Dương is one of the leading industrial localities in the country but it is facing great challenges as the province's industry is still mainly processing and assembling and has not created high added value.

This makes the province vulnerable to changes in the global supply chain.

Bình Dương lacks both high-quality labour suitable for modern industries and unskilled labour.

The province is implementing many important transportation projects to promote economic growth. However, this process faces many barriers, such as compensation procedures, site clearance and contractor selection, causing the risk of delay.

The economic situation this year is forecast to continue facing many uncertainties, especially the risk of a new trade war between major economies, exchange rate pressure and the shift of investment capital flows away from developing markets.

Therefore, the economy of Việt Nam and Bình Dương Province is directly affected by global fluctuations. Enterprises are facing difficulties in securing raw materials for production, finding export orders and increasing the value of industrial products.

Thạnh emphasised that, in the face of the above challenges, Bình Dương is implementing many synchronous solutions to ensure the achievement of the 10 per cent growth target, such as focusing on developing transport infrastructure, social infrastructure and attracting high-quality investment. The province needs to maximise resources from the state budget and social capital to invest in development as well as promote selective foreign direct investment (FDI), prioritising high-tech and environmentally friendly industries.

To develop synchronous infrastructure and promote investment, the province is completing and implementing a plan for the whole province from now until 2030, with a vision to 2050, including increasing investment in new industrial parks and industrial clusters.

The province will also speed up the progress of site clearance and construction of key projects to connect inter-regional traffic.

The province will focus on supporting businesses, improving the business environment, and reducing administrative procedures to create favourable conditions for businesses.

At the same time, the province aims to develop high-quality human resources, investing in vocational education, and training human resources to meet the requirements of key industries such as semiconductors, automation, and artificial intelligence.

The province will also develop policies to attract experts and highly skilled workers to work in Bình Dương. — VNS