A corner of an industrial park in Thuận An City, Bình Dương Province. — VNA/VNS Photo

Bình Dương Province is planning a pilot project to establish two free trade zones in Dĩ An City and Bàu Bàng District as part of the transition to a new growth model for the province.

Creating the free trade zones is expected to ramp up economic growth in the area following the province’s master plan for the 2021-2030 period. According to a representative from the Bình Dương Department of Industry and Trade, the province's growth model is shifting from a reliance on traditional industries to a modern industrial model and the digital economy.

These free trade zones will be designed with the goal of becoming regional and international trade hubs, supporting exports and providing logistics and financial services.

This will help Bình Dương not only maintain its position as one of the provinces with the largest foreign investment in the country, but will also improve the quality of investment, particularly in high-tech sectors, supporting industries and services.

To expedite and effectively implement the free trade zone development plan, Bình Dương intends to establish a high-level steering committee with the participation of key agencies, including the Department of Planning and Investment, the Department of Industry and Trade and other relevant groups.

This steering committee will be responsible for overseeing and assisting in resolving any issues that arise during the project’s implementation.

According to Phạm Văn Xô, Chairman of the provincial Import-Export Association, the construction of the two free trade zones will create opportunities for export-import businesses and open up new paths for processing industries, supporting industries and financial and logistics services in Bình Dương.

Domestic businesses will get the chance to access new technologies, foreign investment and international markets through preferential policies and free trade mechanisms.

Notably, the free trade zones will create favourable conditions for the robust development of supporting industries. This is an area Bình Dương is focusing on to reduce reliance on imported materials and strengthen domestic production capacity.

The promotion of logistics, financial services and international trade within the free trade zones will also help Bình Dương attract more multinational companies and expand access to international markets.

This will drive new growth for the province and enhance the competitiveness of Việt Nam’s economy in the context of global integration. — VNS