Binh Duong Province and the Southeast region have become attractive destinations for world-leading corporations in recent years. This has facilitated the gradual formation of modern industrial park-urban areas and specialized industrial parks, laying the groundwork for sustained industrial development.
Billion-dollar projects in the Southeast region
Since its establishment in 1991, Ba Ria - Vung Tau Province has established nearly 20 industrial parks with many large investors. In particular, the fields of petrochemical industry, processing and manufacturing, and wind power are prioritized by the province to develop in order to realize the goal of becoming a national marine economic center.
From 2015 to 2020, a series of large FDI projects such as Long Son Petrochemical Complex with an investment capital of more than US$5 billion, Hyosung Polypropylene (PP) Production Plant and LPG underground storage with over $1.3 billion, Marubeni paper mill costing more than $200 million and a number of other projects were started, putting Ba Ria - Vung Tau Province on the map of provinces and cities with super large industrial projects in the country.
Benefiting from the oil and gas industry, Ba Ria - Vung Tau Province is not in a hurry to attract investment projects with outdated technology and labor shortages. Since 2018, the province has advocated selectively attracting FDI capital, only accepting high-quality projects, clean technology, environmentally friendly projects, producing products with high added value.
Current expert evaluations indicate substantial remaining capacity for development and investment within the province. The province achieved notable investment success in 2024, securing 57 new investment projects and capital expansions for 30 others, culminating in a total investment of $2.01 billion and VND42.01 billion marking a 2.1-fold growth over the previous year. Preliminary results for the first quarter of 2025 are also encouraging, with total attracted and augmented investment capital reaching VND53,698 billion, achieving 39.8 percent of the planned target.
Up to now, Ba Ria - Vung Tau Province has 500 foreign investment projects with a total registered investment capital of $34.39 billion, 703 domestic investment projects with a total registered investment capital of VND435.91 billion.
The Ba Ria - Vung Tau Provincial Party Committee has recently issued Plan No. 435/KH-TU to implement the Politburo's Resolution No. 57-NQ/TW which focuses on driving breakthroughs in science and technology, innovation, and national digital transformation. By 2030, the province aims to develop advanced capabilities and competitiveness in select key areas of science, technology, and innovation, with enterprise-level technology and innovation performance exceeding the national average.
The province also promotes an entrepreneurial spirit in science, technology, innovation, and digital transformation, complemented by policies designed to support and attract both domestic and international startups.
New generation FDI capital pours into VSIP
Binh Duong Province has achieved notable success in developing integrated industrial park–urban area complexes through its partnership with Singaporean investors. A prime example is Vietnam–Singapore Industrial Park (VSIP) model, which combines industrial, urban, and service components. Initiated in 1996 with the launch of the first park in Thuan An—backed by the Vietnamese and Singaporean governments—VSIP has since become a hallmark of the province's success in attracting foreign direct investment (FDI).
To date, VSIP developments in Binh Duong—including VSIP I, II, and III—have drawn hundreds of projects, with total investment reaching tens of billions of USD. These projects primarily span high technology, manufacturing, logistics, real estate, and supporting services.
Between 2019 and 2024 alone, Binh Duong attracted more than US$14.3 billion in FDI, including $6.8 billion in newly registered capital—representing 47.7 percent of the total. Over the past 25 years since its re-establishment, the province has secured nearly 4,300 investment projects worth approximately $40.6 billion, making it the third-largest FDI recipient nationwide, after Ho Chi Minh City and Hanoi.
The VSIP model has since been replicated across various provinces and cities, serving as a symbol of effective bilateral cooperation and enduring friendship between Vietnam and Singapore.
Beyond industrial infrastructure development, Binh Duong has pursued a strategic vision of integrating industrial parks with urban and service zones. A standout example is the Binh Duong Industrial – Service – Urban Complex, spanning over 4,000 hectares and anchored by the new Binh Duong City at its core.
According to Chairman Vo Van Minh of the Binh Duong Provincial People's Committee, local leaders have recently introduced breakthrough initiatives to strengthen foreign direct investment attraction. The province has proactively enhanced its investment climate by ensuring policy transparency and expanding international partnerships.
In 2024 alone, Binh Duong attracted over $2 billion in FDI, ranking second nationwide after Ho Chi Minh City. This achievement reflects the province’s strategic focus on developing green and next-generation industrial parks—laying a strong foundation to draw high-quality investors in high-tech sectors, the digital economy, and artificial intelligence.
Regarding the Project on developing social housing and workers' housing for the period 2021-2025, with a vision to 2030, statistics show that over 53 percent of the province's population are workers from outside the province. The construction of social housing is one of the province's social security policies, which is very important, both helping workers settle down and promoting socio-economic development.
In the wave of developing new-generation industrial parks in Binh Duong, attracting Lego Group from Denmark with an investment capital of more than $1.3 billion to build a factory in VSIP III Industrial Park in Tan Uyen City and Bac Tan Uyen District in 2022 has marked an important step forward in attracting green, sustainable and globally influential investors. This is Lego's first carbon neutral factory project in the world, applying modern technology and operating on renewable energy, thereby demonstrating Binh Duong's increasing attractiveness to new-generation FDI capital flows.
