The model, which was initiated by Becamex IDC Corp, will play an important role in building industrial parks, training, attracting high-quality human resources as well as fostering scientific and technological research and supporting enterprises in terms of innovation, said Nguyen Van Loi, the southern province's Party chief.

The provincial leader said the project is anticipated to contribute to the general planning of the province towards the goal of becoming an innovative and smart region.

According to Loi, Binh Duong aims to become a smart city, a modern industrial center and a leading locality in terms of innovation and creativity by 2030, adding that local urban areas will develop in a sustainable manner.

Regarding the development of an innovation ecosystem, Binh Duong has implemented many policies, including Project 826, which offers support for local small and medium-sized startups until 2025, he went on.

Maximum conditions have been created for businesses and institutes in building infrastructure and services to promote startup ideas and experiment technologies such as a start-up support center of Thu Dau Mot University, an agricultural start-up incubation of the University of Water Resources' branch in Binh Duong and a world trade center in Binh Duong New City.

Binh Duong Province is promoting cooperation between the State, entrepreneurs, and institutes to encourage organizations to invest in science and technology development which is effective for local socio-economic development, he said.