Binh Duong is focusing on completing infrastructure to attract investors by developing industrial zones and clusters, improving inter-regional traffic connections, meeting production requirements, and creating an appealing business environment.
Vietnam - Singapore Industrial Park 3 is expected to attract many high-quality foreign investment projects.
A large support for businesses
Recently, during a working session with leaders from Binh Duong province, Mr. Kim Hyun Ho, General Director of Kumho Tire Vietnam Co., Ltd., announced that the company established a factory in My Phuoc 3 Industrial Park in 2007. The initial investment for this project was $308 million, aimed at producing tires for passenger cars and pickup trucks. To date, the total investment has increased to $608 million, and the factory has been expanded by 6 hectares, boosting its production capacity to 12.5 million tires per year. The company is currently planning to continue investing in phase 3 expansion in early 2025, increasing the total investment capital to US$908 million and increasing the factory's capacity from 12.5 million tires to 17 million tires/year.
The Provincial People's Committee, along with various departments and branches, has consistently organized dialogue sessions with businesses and investors. During these sessions, provincial leaders emphasized that Binh Duong is committed to creating an optimal environment and providing the best conditions for the business community, including foreign enterprises, to operate smoothly and thrive. The meetings and discussions among provincial leaders, departments, branches, and localities in the province have been effective in addressing obstacles faced by enterprises in their production and business activities. These efforts have been well-received and highly appreciated by the business community and investors, leading to continued capital investment in Binh Duong. Namely, during the first 10 months of 2024, Binh Duong attracted US$1 billion 581 million in foreign investment capital, an increase of 21% over the same period in 2023. Currently, the province has 4,356 foreign investment projects with a total investment capital of over US$42 billion.
Provincial leaders state that improving the investment and business environment, as well as creating favorable conditions for the development of enterprises, is a key focus for Binh Duong. This effort is especially important during the current period, as businesses continue to face numerous difficulties and challenges due to global fluctuations. The support and collaboration from the province, various departments, and localities provide a strong foundation, allowing enterprises to feel secure in their production and business activities. This is also an important factor contributing to the socio-economic development of Binh Duong province.
Prepare good infrastructure
At Vietnam - Singapore Industrial Park 3, Lego Group (Denmark) invested in a project worth more than US$1.3 billion. Recently, right after holding the trial operation ceremony of the production plant (phase 1 and phase 1A, capacity of 30,000 tons of products/year), Lego Manufacturing Vietnam Co., Ltd. is increasing its recruitment of workers to ensure production meets signed orders. The company is busy with the final stages before the factory officially opens to supply products in early 2025.
Delegates visit Lego Vietnam Factory
Mr. Jesper Hassellund Mikkelsen, Senior Vice President of Asia Manufacturing at Lego Group and General Director of Lego Manufacturing Vietnam Co., Ltd., shared that the testing and calibration of plastic injection machines and packaging lines at the factory marked an important milestone, showing that the project is on schedule. The factory has completed about 90% of the construction volume. The company is focusing on completing the factory and installing equipment systems. “We are preparing to receive fire prevention and fighting license, operating license. We plan to conduct training at this factory early next year, followed by mass production,” said Mr. Jesper Hassellund Mikkelsen.
Binh Duong is concentrating on leveraging its strong transport and industrial park infrastructure, which facilitates inter-regional connectivity and meets the production and business needs of both domestic and foreign enterprises. The region is committed to creating favorable conditions for investors, aiming to improve cooperation efficiency and capitalize on opportunities presented by the fourth industrial revolution. A key focus is on preparing a skilled workforce to support the growth of high-tech industries and attract high-quality foreign investment.
Mr. Jesper Hassellund Mikkelsen said that the recruitment plan for the Lego Manufacturing Vietnam Co., Ltd. factory is progressing very well. Currently, the company has about 250 official employees, more than double compared to last year, and is expected to triple by 2025. The company has been successful in recruiting many Vietnamese talents, partly thanks to opening a recruitment office in Binh Duong and working closely with Eastern International University, where the company has a human resource training facility for the factory.
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Mr. Vo Van Minh, Deputy Secretary of the Provincial Party Committee and Chairman of the Provincial People's Committee, affirmed that Binh Duong has been implementing many solutions to utilize its existing potential to attract investment and develop the economy. In line with the principle that "The success of investors is the success of the province," Binh Duong has worked diligently to plan and create favorable conditions for the establishment and growth of industrial parks. These parks feature modern infrastructure that increasingly meets the production and business needs of both domestic and foreign enterprises. |
Reported by Ngoc Thanh - Translated by Ngoc Huynh
