In Q1, 2018, Binh Duong further reached good results in FDI capital. The province continued mobilizing important resources to serve the local socio-economic development as well as contributing to the national cause of industrialization and modernization.
Further being a bright spot in FDI attraction
Binh Duong constantly took measures to improve the local investment climate over the past time. The province was very flexible to remove enterprises’ obstacles, creating the best conditions for them to work. Upon this, province-based enterprises minimized costs, helping them enhance their competitiveness.
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Production of Kumho Tire Co.Ltd. at Ben Cat town-based My Phuoc Industrial Park
In a recent meeting between provincial leaders and South Korean investors, Park Noh Wan, Consulate General of South Korea in HCM city has spoke highly of the efforts by provincial leaders in organizing dialogues with foreign investors, helping them remove their obstacles in production-business. This is also one of favorable conditions for South Korean investors to boost their investment in the province in the coming time.
With the local administration’s flexibility plus great advantages in terms of infrastructure, investment preferential policies…, Binh Duong has continued being an attractive destination for investors.
According to a report by the Foreign Investment Agency under the Ministry of Planning and Investment, Vietnam in Q1, 2018 lured additional US$5.8billion, down 24.8% compared to the corresponding period last year. As of March 20, US$3.88billion was disbursed from FDI projects nationwide, up 7.2% compared to the same period last year. Binh Duong is still a bright spot in terms of FDI attraction. Particularly, over the past three months, Binh Duong ranked third nationwide in FDI attraction with a total registered capital of US$565million only after HCM city and Hai Phong.
Prior to that, according to a report by provincial People’s Committee, in 2017, the whole province last year attracted more than VND45.5trillion in domestic capital, up 52%; more than US$2/7billion in FDI capital, beyond 87% of the year’s plan, up 75% compared to 2016. The majority of projects in the province soon went into operation after being licensed…
Auxiliary industries absorb more FDI capital
Binh Duong has till now drawn more than US$30.6billion in FDI capital, ranking nationwide in FDI attraction after HCM city. FDI capital flowing into province-based industrial parks accounts for nearly 70% of the province’s total FDI capital.
Noticeably, the province has strongly absorbed FDI capital into processing, manufacturing industries and hi-tech ones. Particularly, the province’s processing and manufacturing industries have attracted 2,406 valid FDI projects capitalized at more than US$19billion.
Mitsuhiro Mori, Chairman of Consulate General of Japan in HCM city affirmed that together with preferential investment policies, Binh Duong’s infrastructure investment acceleration is seen as a necessary step at foreign investors’ expectation. Upon this, Binh Duong will continue being an attractive destination for Japanese investors, especially ones operating in the hi-tech, service and urban fields…
Tran Thanh Liem, Vice-Secretary of provincial Party Committee said that the province will further bend on improving the local investment climate, boosting support for businesses. Particularly, the province will focus on mobilizing all resources to perfect the local socio-economic infrastructure; realize a plan to expand industrial parks, create clean land fund to absorb more investors…One of the province’s main tasks are to strengthen dialogues in order to opportunely remove investors’ obstacles, thereby helping minimizing costs, boosting their competitiveness.
Possibly speaking, FDI capital is an important resource to strengthen the province’s industrial-service-urban development. Hence, boosting FDI attraction is one of the province’s major tasks. Amid the country’s FDI attraction facing a sign of decrease, Binh Duong’s result in this field in Q1, 2018 continues being a good sign for the development process of the province in particular and the whole country in general.
Reported by Khanh Vinh-Translated by K.T
