Due to geographic location and appropriate policies, industry has developed quite well in Binh Dinh province. In 2007, industrial production in the province totaled more than VND4.82 trillion, 30 percent higher than in 2006. In the first nine months of 2008, the figure approached VND4 trillion, a 16.2 percent increase compared to the same time of 2007, and this is 61 percent of what was targeted for 2008.
In Binh Dinh province, some sort of industrial or craft products is being made at nearly 20,000 locations, many using international standard quality management systems. Wood products, pharmaceuticals, minerals, granite and frozen seafood are competitive and are sold in Vietnam and exported to many countries.
Binh Dinh province is strengthening the position of its key industrial products in the domestic and export markets. In the first three quarters of 2008 the production value of some kinds of products increased compared to the same time last year with, for example, titanium ore up 26.3 percent, beer 4.2 percent, wood chips 4.2 percent, cardboard 24 percent, and electricity 72 percent.
To facilitate the development of industry and craft villages in the years to come, Binh Dinh province plans to create seven industrial zones on a total area of 2,300ha and 37 industrial groups on 1,525ha. So far the Phu Tai and Long My industrial zones have been built and they have attracted 126 investment projects, 92 of which are in operation with total materialized capital of more than VND1.06 trillion (the combined registered capital of these 92 projects is VND2.37 trillion). In the first nine months of 2008, the production value of these companies was estimated to be VND915 billion or 17.5 percent higher than the same period of 2007, and this was 25 percent of the industrial production value of the whole province. These companies employ 24,500 people.
Binh Dinh province is in the process of building infrastructure at the Nhon Hoa, Hoa Hoi, Cat Khanh and Cat Trinh industrial zones. The province is making plans to increase mining between now and 2010, industry to 2020 and electricity production to 2015, and it has a master plan to develop industrial zones and industrial groups until 2010 with a view towards 2020.
The plan that Binh Dinh authorities made to build the 12,000ha Nhon Hoi Economic Zone has been approved by the Prime Minister. Compared with other economic zones in the country, Nhon Hoi is to receive more priorities. Under the plan, this economic zone is to have an industrial area, a non-tariff area, a modern, new urban area, deepwater seaport service facilities and entertainment and tourism facilities. The Nhon Hoi Economic Zone is to connect with the center of Quy Nhon city via a bridge over the Thi Nai lagoon that is to be nearly 2,500m long. Binh Dinh province is to have clear and open policies that will likely attract both domestic and foreign investors to the Nhon Hoi Economic Zone.
To make use of the opportunities and cope with challenges that WTO (World Trade Organization) membership brought to Vietnam, industry in Binh Dinh province is involved with agricultural product processing, forest and aquatic products, textiles and garments, footwear for export and consumer goods. It encourages the manufacture of certain kinds of products in the fields of mechanical engineering, electronics, chemicals and high technology. Under its socioeconomic development plan to 2010 with a vision to 2020, industrial production in the province is to reach VND10.23 trillion by 2010. In terms of structure, industry and construction are to make up 37.4 percent of the provincial economy. Revenue from industrial product exports is by 2010 to reach US$300 million and account for 80 percent of the province's total export revenue. Targeted for 2020 is industrial production valued at VND46-53 trillion, industry and construction to account for 43 percent of the province's economy and revenue from industrial product exports to reach US$1.2 billion to account for 85 percent of the province's total export revenue.
The industrial sector will be attempting to reach the above targets and become a pivotal economic sector of the province in this time of industrialization and modernization.
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