The Country’s Highest-Earning Province: A $1.5 Billion Investment for a Future Centrally-Governed City by 2030

Binh Duong Province, located in the key economic region of Southern Vietnam, serves as a vital trade gateway between Ho Chi Minh City and its neighboring provinces.

In almost 30 years since its re-establishment (from January 1, 1997), Binh Duong has transformed from a poor province to a thriving economy. Its GRDP increased from 3.9 thousand billion VND to over 487 thousand billion VND in 2023, a nearly 125-fold increase.

In 2023, the province achieved a remarkable GRDP per capita of 172.5 million VND, 1.7 times higher than the national average, ranking it 5th out of 63 provinces and cities. The economic structure has undergone a positive shift, with industry and services accounting for nearly 90% in 2023.

Binh Duong is a leading destination for foreign investment in Vietnam. As of August 2024, it has attracted over 4,300 FDI projects with a total investment of more than 41.8 billion USD, ranking 3rd in the country, after Ho Chi Minh City and Hanoi.

The province has made significant strides in administrative reform, digital transformation, and improving the business investment environment. It ranks 2nd in the country and tops the Southeast region in the Provincial Governance and Public Administration Performance Index (PAPI).

According to the General Statistics Office, Binh Duong is Vietnam’s richest province, with a GRDP per capita of 172 million VND per person per year. In 2023, it had the highest per capita income in the country, reaching 8.29 million VND per person per month.

Binh Duong currently has the most cities in Vietnam. It comprises five directly governed municipalities: Thu Dau Mot, Di An, Thuan An, Tan Uyen, and Ben Cat.

Recently, Prime Minister Pham Minh Chinh presented the approved master plan for Binh Duong Province for the 2021-2030 period, with a vision towards 2050.

By 2030, Binh Duong aims to become a centrally governed city and one of the most dynamic and comprehensive development centers in Southeast Asia. It aspires to lead in science, technology, and innovation, boasting a modern industrial and service-oriented economy.

The province’s vision for 2050 is to establish itself as a regional and international hub for industry, services, and urban development. It strives to be a driving force for the country’s economic growth, with a solid economic foundation and high competitiveness. The goal is for its residents to enjoy a high quality of life, with income levels on par with those of developed countries.

During the ceremony announcing the master plan for Binh Duong Province for 2021-2030, with a vision towards 2050, the Provincial People’s Committee granted investment certificates and investment registration decisions to eight domestic and foreign enterprises, with a total investment of approximately 1.5 billion USD.

The projects that received investment registration decisions at the event included the Bac An Tay urban area project with a total investment of over 451 million USD, the Dong An Tay urban area project with 550 million USD in investment, a riverfront apartment and commercial complex project with an investment of over 141 million USD, and the Rach Bap ICD port project with a total investment of more than 57 million USD.

The projects that were granted investment registration certificates were as follows: a 120 million USD project for the production of aluminum, iron and steel, and metals by D.MAG VN Precision Technology Company; a 400 million USD capital supplement project for fabric production by Paihong VN Co., Ltd.; a 51.5 million USD project in the field of warehousing and factory leasing by investor Sembcorp Infra Services; and a 38 million USD project for the production of bicycle accessories by Tektro Technology Corporation.