Binh Thuan - An Desirable Destination for Investment

DNHN - With outstanding development potential, along with support from the Government and functional agencies, Binh Thuan has attracted special attention from domestic and foreign investors.

Comprehensive planning system

Binh Thuan is focusing on developing high-tech industry, tourism and agriculture, contributing to improving competitiveness and satisfaction of people, businesses and investors.

Binh Thuan province planning announcement ceremony
Binh Thuan province planning announcement ceremony.

Diverse and modern transportation system

Binh Thuan has a strategic geographical location, connected to neighboring provinces and cities by a diverse and modern transportation system. The North-South expressway section passing through Binh Thuan province has been completed and put into operation, connecting Binh Thuan with the key economic region in the South, shortening the distance, creating momentum to attract economic development, and ensuring national defence and security. This expressway helps reduce the travel time from Ho Chi Minh City to the tourist centre of Phan Thiet - Mui Ne to only about 2-2.5 hours. The North-South railway line, the section passing through Binh Thuan province, is about 180 km long, running along the North-South direction and passing through most of the districts in the province, with 14 railway stations, of which the main station is Binh Thuan station. Currently, the exploitation of railway transport has not yet fully exploited its potential because the road routes connecting to the station are not convenient, and the scale of goods is still small.

According to the planning of the Vietnam Seaport System, by 2020, Binh Thuan Seaport with the function of a local general port (type II) will include a port with 4 wharf areas: Phan Thiet, Phu Quy, Vinh Tan and Son My. Currently, Phan Thiet, Phu Quy and Vinh Tan ports are in operation, with 17 wharves with a total length of 1,695m, including 09 general cargo berths with a length of 1,595m; and 01 liquid cargo berth with a length of 100m. Son My port is being planned and attracting investment. The volume of goods passing through Binh Thuan Seaport in 2021 was 13.28 million tons, including 2.52 million tons of liquid cargo and 10.72 million tons of general cargo, bulk cargo. Currently, Vinh Tan International Port is used as a general cargo port; Phan Thiet and Phu Quy ports both transport goods and passengers. Until now, no international passenger ships have called at Binh Thuan port.

In addition, Tuy Phong Petroleum and LPG Wharf specialises in importing petroleum. Due to the terrain characteristics, the river system of Binh Thuan province has the characteristics of a narrow and steep riverbed, the ability to exploit the waterway transportation system is very limited, so inland waterway routes and lines have not been formed. Currently, waterway transport is only exploited in the downstream areas (river mouths) to transport goods and passengers. There are currently 04 fishing ports and 05 storm shelters for fishing vessels in the province, including the Phu Quy Island regional area. Due to historical characteristics, some military airports in Binh Thuan province are no longer in use. Currently, the Phan Thiet Airport project is being invested and constructed, expected to be completed and put into operation in 2023-2024.

Suitable investment solutions

According to statistics, by 2020, Binh Thuan province had 09 industrial parks (IPs) planned with a total area of 3,003.43 ha, of which 08 IPs had completed infrastructure, and 1 IP was implementing investment preparation procedures and land clearance. These IPs focus on the industries of mining, seafood processing, textiles, wood, energy, etc. The rate of industrial parks that have come into operation with centralised wastewater treatment plants meeting environmental standards is 100%.

The system of seaports, tourism, and the marine economy is the spearhead in the economic development of Binh Thuan
The system of seaports, tourism, and the marine economy is the spearhead in the economic development of Binh Thuan.

In addition, there are 36 industrial clusters (ICs) planned in the province, of which 28 ICs have been established, 15 ICs have infrastructure investors as enterprises, and 1 IC is invested by the Phan Thiet Industrial Cluster Development Centre. Currently, there are 04 ICs with relatively complete infrastructure investment. These ICs mainly serve small and medium-sized industries, aiming to create conditions for local businesses to develop.

One of the important natural resources of Binh Thuan is the sea, with a coastline of 192 km, and offshore is Phu Quy island (including a large island and some small islands with a total area of 1,791.25 ha, of which the large island is 1,734.73 ha, located 56 nautical miles to the East - Southeast of Phan Thiet). The climate conditions with little rain and storms create favourable conditions for Binh Thuan to develop marine economic sectors such as fishing, aquaculture, and seafood associated with the development of the processing industry; developing tourism into a spearhead economic sector with large-scale, modern, and classy urban - tourism - service projects and complexes; developing seaports in combination with the formation of large-scale industrial parks; developing coastal economic zones.

With natural conditions and abundant natural resources, Binh Thuan can develop its socio-economy sustainably in the coming period. However, to do that, the province needs to have reasonable policies and solutions to exploit and use resources effectively, while protecting the environment and improving the quality of life for people. That is a big challenge, but also an opportunity for Binh Thuan to affirm its position and role.

To affirm its position and role, Binh Thuan needs to make the most of its natural resources, especially the sea, to develop and spearhead economic sectors, create products with high added value, enhance competitiveness, and integrate internationally. Binh Thuan also needs to invest heavily in infrastructure, science-technology, education-training, health-social security, environmental protection, and improve the quality of life for people. Binh Thuan needs to maintain and promote friendly relations and cooperation with localities in the country and abroad, especially neighbouring countries, countries with great investment and trade potential with the province.

Binh Thuan is a province with a lot of potential and strengths to develop its socio-economy, affirming its position and role in the region and the world. The province needs to have reasonable, creative, innovative, synchronous, and effective policies and solutions in line with the reality and development trends of the times to create new, outstanding, and sustainable steps, contributing to building a rich, civilised, modern, and livable Binh Thuan.

Quang Duy – Van Nguyen

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