Binh Duong is always one of the country’s prominent localities in terms of attracting foreign direct investment (FDI). Notably, from the beginning of the year to March 15, the province lured US$1.9 billion in FDI capital, up 310% over the same period last year or 88.8% of the year’s target. Amid the complicated developments of the pandemic, the above results have confirmed the efforts by the province in economic management, improving the quality of the investment climate, and accompanying enterprises.
Investors with full confidence
In a recent meeting with the European Chamber of Commerce in Vietnam (EuroCham), European investors have affirmed their trust and long-term attachment to Binh Duong by further expanding investment. According to Jean-Jacques Bouflet, Vice-Chairman of EuroCham, Binh Duong is one of the leading localities in flexibly adapting and opportunely controlling Covid-19 for economic recovery and construction of the image of a safe investment destination. Binh Duong is among top three localities in cooperation with EuroCham in Vietnam. EuroCham members are ready to share experiences in strong fields while further expanding investment in Binh Duong.
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With an obvious orientation in investment attraction and existing advantages, Binh Duong is self-confident to further become an attractive destination for domestic and foreign investors. In picture: Production activities at Bonfiglioli Vietnam Company in Ben Cat town-based My Phuoc 3 Industrial Park
Binh Duong is drastically implementing two tasks of long-term Covid-19 prevention-control, socio-economic recovery and development. In the first quarter of 2022, the province's socio-economic situation is having many positive changes with optimistic signs. Notably, the province's FDI attraction results in the first months of the year accelerated strongly, contributing to the overall result of the whole country’s FDI attraction and being a driving force for the province's socio-economic development in 2022 and the following years.
According to a report by provincial Department of Planning and Investment, from the beginning of the year to March 15, the province lured US$1.9 billion in FDI capital, up 310% over the same period last year or 88.8% of the year’s target. As of now, the whole province has had 4,041 FDI projects with a total capital of US$ 39.3 billion. Mai Ba Truoc, Director of provincial Department of Planning and Investment said that in the first quarter of 2022, the province’s FDI attraction has increased three times over the same period and reached 88.8% of the year’s target. This is a good sign for the province’s FDI attraction amid the complicated developments of Covid-19 pandemic. The new FDI projects are consistent with the investment attraction orientation set out in the province's industrial development plan, developing a number of important economic sectors such as processing and manufacturing industries…The province’s prominent results in FDI attraction has significantly contributed to the local overall economic growth "picture". The belief of the business community about opportunities and potentials in the province is increasing gradually.
FDI capital quality further increasing
It can be affirmed that the FDI sector has made great contributions to the local State budget revenue and technology transfer, job creation as well as skill training for workers. Investment capital resources still focus on processing and manufacturing industries, accounting for 86% of the local total FDI capital. There are a number of large-scale projects capitalized at over US$ 1 billion. In the first months of 2022, although there are still difficulties, due to Covid-19 pandemic, the inflow of FDI capital has still continued pouring into Binh Duong strongly with better quality.
Notably, the province has absorbed a number of large-scale, high-quality projects in the first months of 2022, including the US$1.3 billion project of Lego Manufacturing Vietnam Co., Ltd. (Denmark) in VSIP III; the project of Binh Duong smart city development cooperation support service with investment capital of US$ 500 million by investors of BD New City Pte. Ltd. (Singapore); Canh Song Co. Ltd.; Capitaland VN Real Estate Services Co.Ltd. in Thu Dau Mot city; the VSIP III project invested by VSIP Industrial Park Joint Venture Co. Ltd. with investment capital of US$ 285 million in Tan Uyen town’s Hoi Nghia ward and North Tan Uyen district’s Tan Lap commune; the real estate project of Gamuda Land Binh Duong Co., Ltd. with investment capital of US$ 54.8 million in Thu Dau Mot city…
Vo Van Minh, Vice-Secretary of provincial Party Committee, Chairman of provincial People's Committee affirmed that the province’s results in FDI attraction in the first months of the year have emerged many bright spots, which are expected to facilitate the local attraction of FDI inflow in 2022 and the following years. The province is focusing on supporting enterprises, taking the improvement of the investment climate as a space for development in order to gradually recover and regain the momentum of economic growth, determining to complete the set goals in 2022. Binh Duong is focusing on building a smart city and a sci-tech industrial park to become an ideal destination for investors to work and live. In addition, the province is also making efforts to perfect infrastructure facilities, expand and develop high-quality industrial parks to create a new motivation for the local growth. Binh Duong determines that attracting FDI capital will continue playing an important role. The province will also further improve the quality of investment, selectively absorbing investment inflow in accordance with the local development orientation. To attract quality FDI capital and set up strategic orientations in the coming time, the province will continue improving the local investment climate so that Binh Duong will always be a safe, attractive and stable destination for foreign investors.
Vo Van Minh, Vice-Secretary of provincial Party Committee, Chairman of provincial People's Committee affirmed that the province’s results in FDI attraction in the first months of the year have emerged many bright spots, which are expected to facilitate the local attraction of FDI inflow in 2022 and the following years. The province is focusing on supporting enterprises, taking the improvement of the investment climate as a space for development in order to gradually recover and regain the momentum of economic growth, determining to complete the set goals in 2022. Binh Duong is focusing on building a smart city and a sci-tech industrial park to become an ideal destination for investors to work and live. In addition, the province is also making efforts to perfect infrastructure facilities, expand and develop high-quality industrial parks to create a new motivation for the local growth.
Today (March 19), a series of important socio-economic events, including ceremony handing over investment certificates to foreign investors; inauguration and ground-breaking ceremony of some social housing projects invested by Becamex IDC; groundbreaking ceremony of the 1,000-ha Vietnam - Singapore Industrial Park (VSIP) III in Tan Uyen town and North Tan Uyen district with total investment of nearly VND6.5 trillion will take place in Binh Duong.
The inflow of FDI into Binh Duong has continued surging sharply, helping the province maintain its position as one of the country’s leading provinces in terms of FDI attraction. As of now, Binh Duong has continued ranking second nationwide in FDI attraction (after Ho Chi Minh City) with 4,041 projects capitalized at US$39.3 billion. In 2022 and the whole period of 2020-2025, Binh Duong will continue insisting on the priority target of attracting investment from developed countries, the world's leading potential partners with modern management level, with focus on calling for high-tech industries that less labor intensive, environmentally friendly with high added value...
Reported by Ngoc Thanh-Translated by Kim Tin
