(VOVWORLD) - Binh Duong province is attracting a growing number of real estate investors thanks to its location in the southern key economic area, and advantages concerning its land reserves and growth rate, and high market demands. It has high potential to become the largest real estate market in the south.
 Thanks to its advantages, Binh Duong boasts great potential for real estate investment (Photo: VNA)
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Binh Duong has recorded a strong growth in real estate over the past 2 years because it’s a leader in industrial development and has the advantages of already developed transportation infrastructure and easy access to Ho Chi Minh City and key southeastern and southwestern provinces.
Other factors attracting real estate investors are Binh Duong’s rapid economic growth and consistently strong attraction of other investment.
Dr. Nguyen Minh Hoa, Vice Chairman of Ho Chi Minh City’s Urban Planning and Development Association, said, “Binh Duong is located in the southern key economic region, the most dynamic and fastest growing region in Vietnam, comprising Ho Chi Minh City and 7 other provinces and cities.”
“Binh Duong has the region’s fastest urbanization rate except for HCM City, and has now completed a comprehensive urban infrastructure system. It also has 48 industrial parks, some of which are becoming very widely known. For a decade Binh Duong has topped the list of places in Vietnam attracting significant foreign direct investment (FDI). It should be noted, too, that Binh Duong has invested heavily in technical infrastructure to pave the way for the development of its real estate market.”
Binh Duong will prioritize the development of a railway system and expansion of its river ports and inland waterway ports to comprehensively meet socio-economic development needs.
It is completing a 64km highway linking the north and south ends of province. Another highway linking Ho Chi Minh City to Thu Dau Mot in Binh Duong and Chon Thanh in neighboring Binh Phuoc province is being extended and will eventually have a length of 70km.
Binh Duong will soon complete a BRT-bus system connecting Binh Duong to surrounding areas.
 The mock-up of Binh Duong New City Development Project (Photo: tuoitre.vn)
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Vietnam’s current opportunity to become a leading global production center has driven the development of new urban areas adjacent to Binh Duong’s industrial zones.
Investor Phan Cong Chanh recalled, “We have seen major manufacturers shifting global supply chains from China to other countries. The process of finding industrial parks in which to locate their factories and workshops to run production chains takes a couple of years, usually 3 years.”
“Vietnam has benefited greatly from this global shift which has caused the stocks of industrial real estate companies to soar over the past 2 years, attracting a large pile of idle capital from investors, especially individual investors,” according to Chanh.
All these conditions and developments have resulted in a thriving real estate market in Binh Duong for industrial, commercial, and housing purposes.
The first phase of the Binh Duong New City Development Project, consisting of approximately 1,300 houses and apartments, will be completed by 2025. The remainder of the project is scheduled for completion in 2027.
Vo Van Minh, Chairman of the provincial People's Committee, said the project, a cooperation between Becamex IDC and CapitaLand Development (CLD), the development arm of CapitaLand Group, will promote the development of Binh Duong’s trade and services.
Binh Duong will offer the most favorable conditions for investors to work together to deploy production and business activities in the province.
The plan is for Binh Duong New City to be the new political center of Binh Duong province. It will be a city of science, education, finance, and high-end services. The city is expected to attract international trade, boost the surrounding industrial parks, and become a smart, modern city qualified to be a centrally-run city.