The Development Potential of Binh Dinh
Binh Dinh is a province in the South Central Coast region of Vietnam. It is strategically located in the center of the North-South axis and is the closest and most convenient gateway to the East Sea for the provinces of the Central Highlands, Southern Laos, Northeast Cambodia, and Thailand.
The province’s terrain is relatively complex, sloping gradually from West to East, with a significant elevation difference of about 1,000 meters. Binh Dinh boasts a diverse range of landscapes, including mountainous, hilly, and highland areas, as well as plains and coastal regions.
Quy Nhon Beach, Binh Dinh: A beautiful coastal city with a rich cultural heritage and stunning natural landscapes.
Binh Dinh offers numerous advantages for socio-economic development, including well-connected transportation infrastructure by road, rail, sea, and air. Phu Cat Airport and Quy Nhon International Seaport are playing an increasingly vital role in the region’s economic growth strategy.
The province has a large area of land dedicated to industrial development, a long coastline, a vast territorial sea, and abundant mineral resources. Binh Dinh also has potential for renewable energy development, including hydropower and wind power. These factors provide a solid foundation for the province to thrive in ocean-based economics, high-tech industries, agro-fisheries processing, renewable energy, and logistics and tourism services.
With a forest coverage rate of 58%, Binh Dinh is well-positioned to establish and develop a carbon credit market, enabling local businesses to obtain green certificates for their production and export activities. The province is also a leading center for wood product manufacturing and export in Vietnam.
Thap Banh It, a unique tower structure in Binh Dinh, showcases the province’s cultural and historical richness.
According to the Binh Dinh Provincial Planning for the period 2021–2030, with a vision towards 2050, the province aims to become one of the leading developed provinces in the North-Central and South-Central regions by 2030. It aspires to be a center for manufacturing, services, tourism, and culture in the South of the region, as well as a prominent hub for ocean-based economics, advanced technologies, and cultural innovation in Vietnam.
By 2050, Binh Dinh is envisioned to continue its leadership in the Central region, with a GRDP per capita and urbanization rate higher than the national average. The province aims to solidify its position as a center for ocean-based economics, science and technology, artificial intelligence applications, tourism, and regional connectivity, linking the North-Central and South-Central regions with the Central Highlands and the East-West Economic Corridor.
A Snapshot of Binh Dinh’s Socio-Economic Activities
During a working session on the province’s industrial production, trade, and the implementation of national industry planning in the fields of energy and minerals, the Binh Dinh provincial authorities reported encouraging economic results.
Specifically, in the first seven months of 2024, business and production activities in Binh Dinh province witnessed a strong recovery, with each month showing improvement over the last, and growth surpassing the planned targets.
There are currently 169 industrial production projects under investment in the province, with a total capital of VND 77,767 billion. These projects are expected to come into operation in 2024, including 12 key projects. In the first seven months of 2024, 25 projects were put into operation, with a total investment of approximately VND 4,133 billion.
Fishing for bigeye tuna, one of Binh Dinh’s prominent economic activities, contributing to the province’s growth.
The industrial production index for the first seven months of 2024 increased by 9.8% compared to the same period last year (a rise of 8.5% nationwide). Notably, the manufacturing industry grew by 10.50%, electricity production and distribution increased by 0.91%, water supply and waste treatment rose by 12.11%, and mining activities expanded by 13.24%. The manufacturing industry, which accounts for over 85% of the total industrial output, continues to be the main driver of growth in the province’s industrial sector.
In terms of trade, Binh Dinh’s export turnover for the first seven months of 2024 is estimated at USD 982.6 million, a surge of 14.9% compared to the same period last year, achieving 59.6% of the annual plan (USD 1,650 million). Import turnover during this period is estimated at approximately USD 250.5 million, a slight increase of 0.2% over the same period.
The Binh Dinh Provincial People’s Committee aims for an industrial production index growth rate of 7.5% to 7.7% in the last five months of 2024, resulting in an annual growth rate of 8% to 9% compared to 2023 (meeting 100% of the annual plan). For 2025, the IIP is projected to reach 8.5% to 9.5%, and for the period 2021–2025, the IIP is estimated to attain 8%.
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