Earliest Story of Springtime: Developing the economy from 3 main pillars

The Prime Minister emphasized: "Binh Thuan must develop a green, fast, and sustainable economy."

Prime Minister Pham Minh Chinh suggested that Binh Thuan province must effectively utilize advantage on both sides of the North-South expressway to build economic zones and industrial parks. Photo: Dinh Hoa.

What is a green economy? According to the World Bank (WB), the definition of green economy is "economic development that ensures efficient use of natural resources, which minimizes pollution and impact on the environment.", enhancing resilience to natural changes, promoting the role of state management of the environment and natural resources in preventing natural disasters."

Most research in the world agrees that the trend of green economic development will focus on three main pillars: Industry, agriculture, and services. This is quite similar and reasonable to Binh Thuan's current policy of economic development based on 3 pillars associated with high technology application and building a value chain: "Industry - Tourism - Agriculture".

This development is suitable to local reality and the trends of the times. Binh Thuan has good premises and conditions for a green economy development with "favorable weather - land - people". It can be affirmed that although the local economy has been greatly affected by the COVID-19 epidemic, there have been many efforts to recover quite early on all three pillars: Industry, tourism, and agriculture. Gross domestic product (GRDP) in 2022 increased by 7.56%, and in 2023 it increased by 8.1%, at a high level in the country.

In the industrial pillar, a good growth rate was recorded, the industrial production value in 2023 reached 39,102 billion VND, an increase of 5.5% compared to 2022. The internal structure of the field continues to shift in to positive direction, attracting many large-scale industrial investment projects, especially energy projects. Notably, the Ministry of Industry and Trade has approved the investment policy of the Son My I LNG Gas Thermal Power Plant and Son My II LNG Gas Thermal Power Plant project with a total capacity of 4,500 MW, total investment capital of over 4 billion USD and the Provincial People's Committee has issued a Decision approving the investment policy of the LNG Terminal Project with a total investment capital of about 1.3 billion USD deployed in Son My I Industrial Park, Ham Tan district. These large-scale and important investment projects promote the development of the province's energy industry and commitment to protecting the environment (COP26 standards) towards a green economy of investors. In particular, two offshore wind power projects are promoting technical procedures (wind measurement), Thanglong Wind and La Gan, each of these green energy projects has an investment capital of over 10 billion USD.