Clothes are produced at the Japanese firm Toyotsu Vehitecs Viet Nam in Binh Duong Province’s My Phuoc 3 Industrial Zone. Total registered value of foreign direct investment (FDI) flowing into the southern economic hub was US$6.1 billion in the first 10 months of 2018. — VNA/VNS Photo Quach Lam

To reach the targets for economic growth for the 2016 – 20 period, the southern province of Binh Duong will focus on eight major works this year to encourage new investment.

Provincial authorities will urge site clearance and facilitate construction work to improve the investment climate and help the private sector to develop.

The province will open industrial parks and zones to welcome new investment trends, said Mai Hung Dung, deputy chairman of Binh Duong People’s Committee.

In addition to efforts to improve the quality of urban management, Binh Duong will conduct research and invest in multi-mode transportation, and move polluting facilities in residential areas to industrial zones and parks.

Dung said the province will also improve the province’s public investment and accelerate construction of major work, and focus on training of human resources for the Industry 4.0 era.

The province has set 12 targets for sustainable economic growth, with major growth focused on the service sector.

It will also continue to invest in infrastructure, with the aim of turning Binh Duong into a first-grade city, thus contributing to efforts to improve the living standards of Binh Duong residents and to build Binh Duong into a smart city.

Binh Duong has targeted a GRDP (Gross Regional Domestic Product) of 8.4 – 8.6 per cent this year and per capita income of VND140 million (more than US$6,030).

The province’s socio-economic development attained significant growth last year. The province fulfilled 27 of 29 targets set by the provincial authority for 2018.

The Binh Duong Province’s Department of Planning and Investment also reported significant improvement in the investment environment, with total foreign investment (FDI) of more than $1.6 billion in the first 10 months of 2018, bringing total FDI registration in the province to $31.75 billion. —VNS