Many solutions to attract quality foreign direct investment (FDI) flows are being promoted by Binh Duong. Particularly, Binh Duong still focuses on creating favorable conditions for investors, promoting the advantages of a stable investment environment with favorable location while improving competitiveness from improving the production-business environment, labor resources, infrastructure facilities...
Opportunities from potential markets
Since early this year, Binh Duong has tried to stimulate high-quality investment capital flows from potential markets, namely Germany, Australia, the United States and Japan to seek new investment opportunities and partners...Specifically, the province has continuously paid attention to and effectively tapped relationships with investment promotion focal points, especially large markets that are always given special attention by the province.
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Binh Duong regularly organizes meetings with global enterprises, calling for investment from them. In picture: A German investment promotion conference has just been held in Binh Duong
Sharing about investment cooperation opportunities with businesses in Sydney city, Australia in a recent trade promotion seminar, promoting and introducing investment opportunities in Binh Duong province, Nguyen Loc Ha, Member of provincial Party Standing Committee, Vice-Chairman of provincial People's Committee said that Binh Duong is always considered as one of Vietnam’s leading industrial production centers with a diverse supply chain, innovative and scientific-technological area. He called on Australian enterprises to invest in the local priority fields, including high-tech, auxiliary, information technology industries, high-tech agriculture, industries using renewable and environmentally friendly energy resources as well as investment in trade - service development, construction investment, infrastructure development and high-quality human resources...
Tapping new opportunities, especially right after Vietnam upgraded its partnership with a series of major economies such as the US, Japan, Korea, China, Australia..., Binh Duong is proactive to visit these countries to call for investment, especially promote cooperation between Binh Duong, localities and enterprises from other countries. At investment promotion sessions, provincial leaders always emphasize Binh Duong's orientation to become an area of innovation and science with new development projects to build digital government, digital economy and digital society, building a new ecosystem to promote development under the trend of the 4th industrial revolution.
In addition to attracting investment capital, the province is always committed to creating a transparent and friendly business environment for investors. This creates conditions for projects to be implemented quickly while ensuring long-term sustainability and effectiveness. Binh Duong province has been coordinating with the World Bank (WB) to build industrial parks (IPs) under the Eco-IP model with the application of green energy, solar energy, water circulation, intelligent operation management...
Improving the quality of new capital flows
Expressing his desire to find a suitable business location in Binh Duong province, Dr. Peter Reimer, Senior Manager of the health sector of Heraeus Group, shared that the group is tending to expand its investment to Vietnam and Binh Duong are an impressive destination to explore investment opportunities. Heraeus Group, with its headquarters in the Federal Republic of Germany, has been present in the global market for a long time, with 20% of its activities in the Asia-Pacific market. The group is specialized in researching and manufacturing ultra-precise microelectronic and mechanical devices for medical, surgical and orthopedic fields.
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Binh Duong is always active and proactive in promoting and calling for investment in potential markets. In picture: Provincial leaders witnessing the signing ceremony of a memorandum of understanding on investment cooperation between Becamex IDC and Chinese partners in December 2023
Currently, there are 65 countries and territories registering to invest in Binh Duong. Among them, countries and territories in Asia, including Japan, Taiwan, Singapore, Samoa, Korea..., account for more than 75% of the province’s total investment capital. This shows that the province needs to have more effective solutions to attract FDI enterprises from more developed areas.
At the German investment promotion conference in Binh Duong that took place in mid-March, Alexander Ziehe, Chairman of German Business Association in Vietnam said that Binh Duong is a successful province in FDI attraction and industrial development. The association has spoken highly of Binh Duong’s successful factors to find opportunities for cooperation and development.
Alexander Ziehe also proposed issues that Binh Duong needs to improve to strongly attract high-quality FDI capital in the coming time. Accordingly, the province needs to complete a traffic infrastructure system with connectivity, simplify administrative procedures, customs procedures, import and export clearance and carry out preferential investment tax policies for enterprises when expanding business investment. The province also needs to pay attention to sustainable factors such as net emissions, rooftop solar energy systems to meet green production...
Binh Duong is assessed to continue being a destination for foreign investors. In 2024, focusing on attracting and "improving the quality" of FDI capital is still one of the province's key goals. According to Le Thanh Toan, Deputy Director of provincial Department of Planning and Investment, in 2024, the province will further restructure the local industrial network, upgrade existing IPs to become the smart ones to focus on modernizing industrial sectors. In addition to promoting infrastructure construction, Binh Duong drastically improves the investment environment, creating favorable conditions for enterprises to work.
Towards sustainable development, Binh Duong is giving priority to creating favorable conditions for attracting investment and implementing cooperation in new and potential fields such as digital economy, green and circular economy, innovation and clean energy.
Reported by Ngoc Thanh-Translated by Kim Tin
