Thanks to the open and dynamic investment environment, synchronous infrastructure, in which all resources mobilized for building and developing industrial zones and clusters to meet the production and business requirements of domestic and foreign businesses, Bau Bang district is making a breakthrough, improving its competitiveness in attracting foreign investment.
Far Eastern Polytex Company (Vietnam) invests in Bau Bang Industrial Park with a total investment of US$1 billion 370 million.
Investment attraction is becoming more and more effective
The top goal of Bau Bang district is to continue maintaining the achievements of disease prevention control, creating strength to successfully implement the socio-economic development goal in 2022. With flexible production plans, effective control of Covid-19, enterprises, especially FDI enterprises in the district, are maintaining stable business production, creating added value of products, contributing to the economic growth of the district.
The complicated Covid-19 pandemic greatly affected investment promotion and attraction activities in Bau Bang district. However, with flexible and effective solutions, the district attracted a large number of enterprises to invest in, expand factories, workshops, sustain the chain of business production activities.
In the first quarter of 2022, Bau Bang district attracted 14 new registered projects, including 7 domestic investment projects with total registered capital of nearly VND 8,335 billion, 7 foreign investment projects with a total registered capital of over US$318 million, 2 projects of capital addition worth US$13 million. According to People's Committee of Bau Bang district, up to now, the district has attracted 1,257 projects, of which domestic investment has 1,042 projects with a total registered capital of over VND 40,451 billion, foreign investment has 215 projects with a total registered capital of nearly US$4.66 billion.
Vo Thanh Giau, Chairman of Bau Bang District People's Committee, said that going through a difficult time due to the Covid-19 pandemic, Bau Bang district is now making efforts to control the disease and mobilize all resources for economic recovery and development. In particular, the district continues to reform administrative procedures, resolve difficulties, create the best conditions for businesses to develop sustainably; solve planning procedures, land procedures, complete infrastructure, attract investors to industrial parks of the district... As a result, in the first quarter of 2022, the district's economy attained good results, socio-economic indicators increased compared to last year, especially investment attraction is more active and effective.
To increase growth opportunities
Thanks to effective policy of investment attraction, Bau Bang has more and more foreign investment projects with large amounts of investment capital in the district. Most FDI capital is mainly invested in the Bau Bang Industrial Park and the expanded Bau Bang Industrial Park. In particular, there are many large projects in the first quarter of 2022, such as: Factory 2 project - Paihong Vietnam Company (Samoa) of producing fabrics of all kinds (non-dyeing, washing) with an investment capital of US$ 35 million; A.J. Plast Vietnam (Thailand) of producing two-way directional membranes (BO membranes) with an investment capital of about US$33.3 million; DRS Vina factory (Korea) of producing steel wires with investment capital of US$29 million; factory of Industrial Company (Hong Kong) of manufacturing and processing plastic beads, plastic components and molds with an investment of US$15 million...
One of the successes in attracting investment is the flexibility of the district leaders in administrative reform and infrastructure development. Besides, the district is asking functional units to effectively implement solutions to drastically improve the investment and business environment. In particular, in order to facilitate the development of domestic enterprises, attract FDI, Bau Bang district continues to accelerate the simplification, shorten the time of solving administrative procedures related to investment for enterprises, prepare clean land fund for enterprises to implement projects; mobilize resources for social infrastructure to meet the rapid development of industry and urban areas in the area.
Simon Lin, representative of Ampacs International Company in Bau Bang district, said that after a period of being affected by the Covid-19, as soon as the province well controlled the disease and returned to "new normal" condition, the company determined their goal, which is to accelerate production. Thus, in last months of 2021 and the first three months of 2022, the company's revenue has increased again. So far, the company has received a lot of large orders. "We have always had great support from the local authorities. I think, with attractive open policies, Bau Bang district will attract more investors to seek more opportunities for cooperation," said Simon Lin.
According to Vo Thanh Giau, with a favorable location, spacious and airy premises, and preferential policy mechanisms, the district's industrial zones have been creating a strong attraction for investors. As a result, the appearance of the district is growing stronger and better. In addition to Bau Bang Industrial Park, Bau Bang Industrial Park expanded, the district also has Tan Binh Industrial Park, Lai Hung Industrial Park and Cay Truong Industrial Park also received investment in infrastructure, are ready to welcome enterprises coming to open factories.
In addition, the science and technology industrial park project is opening up huge development opportunities for the district. The district's economy has flourished and moved rapidly towards industry and services. In order to continue building and developing infrastructure, creating motivation for industrial growth, attracting effective investment projects, in the coming time, Bau Bang district will continue to mobilize all investment resources to build a synchronous and modern infrastructure system combined with industrial - service - urban development.
Reported by Ngoc Thanh – Translated by Ngoc Huynh
