Binh Duong has been one of the prominent localities of the country in terms of FDI attraction. Notably, during the first months of 2021, despite negative impact of the COVID-19, Binh Duong attracted an estimate of over 1.25 billion USD, equaling 159% compared to the same period in 2020. Accumulated up to now, Binh Duong has been ranked 3rd in the country in terms of FDI attraction (after Ho Chi Minh City and Hanoi). The above results are remarkable, and affirm Binh Duong's efforts in administrative reform, quality improvement of investment environment and determination to assist businesses.
In order to retain the momentum of industrial production growth, Binh Duong focuses on in-depth industrial development, promoting the production of processing, manufacturing industries and high-tech industries.
Motivation right from beginning of the year
Most investors from countries and territories owning high capital and technology capability, such as Japan, Korea, Singapore, Taiwan, are already present in Binh Duong. Notably, the province's FDI attraction results over the past 5 months have occupied the leading position, making an important contribution to the overall result of the country's FDI attraction, socio-economic development of the province in 2021 and following years.
According to a report of provincial Department of Planning and Investment, as of May 15th 2021, total registered FDI capital reached over 1.25 billion USD, equaling 159% over the same period in 2020, reaching 69.57% target for 2021. In which, 27 projects were granted new investment registration certificates, equaling 52% over the same period last year. Total registered investment capital reached over 36.5 billion USD, accounting for about 9% total investment capital of the whole country.
Mai Ba Truoc, Director of provincial Department of Planning and Investment, said that FDI sector has made a great contribution to state budget revenue and actively contributed to technology transfer, job creation as well as skill training for workers in the province. In the first months of 2021, amidst numerous difficulties, foreign investors found that Binh Duong was still a good land for long-term development.
To focus on processing and manufacturing
Across the province, foreign investors have invested in 17 industries and fields, in which the processing and manufacturing industries take the lead. Among 27 new projects, there were 23 projects in processing and manufacturing industries with a total capital of nearly 965 million USD, accounting for 77.08% total registered FDI capital in the province.
Some large projects in processing and manufacturing industries registered for new investment and made adjustment to increase capital, such as: razor factory of Project & Gamble Indochina Company in Dong An Industrial Park with a registered additional investment capital of 44.8 million USD, the total investment capital after the increase is 247.8 million USD; Paper factory of Cheng Loong Binh Duong Paper Company at Protrade International Industrial Park with registered capital increase of 100 million USD, total investment capital after increase is 1.1 billion USD; synthetic fiber production project of Polytex Far Eastern (Vietnam) Company in Bau Bang Industrial Park with a registered additional investment capital of 610 million USD, the total investment capital after the increase is 1,370 billion USD…
Nguyen Thanh Toan, Director of Department of Industry and Trade, said that in the coming time, the province would focus on developing the processing, manufacturing and auxiliary industries, prioritizing high-tech and high-tech industries, information technology, electronics, clean energy, renewable energy, and smart energy, step by step forming a chain of clean industry, technology goes hand in hand with environmental protection. In addition, the province encourages businesses in the province to put more effort into high-value-added stages combined with smart and automated production processes.
Speaking at a ceremony to grant investment certificates phase 1-2021, Nguyen Hoang Thao, Deputy Secretary of Provincial Party Committee, Chairman of Provincial People's Committee, emphasized: “Assisting businesses and improving the investment environment is always the most important goal of all levels and branches in the province. Although FDI attraction has gained remarkable initial results, the province determine to set higher goals. The province is focusing on business assistance, considers improvement of investment and business environment as a stimulus for development, in order to gradually recover and regain the momentum of economic growth, determines to complete the set goals for the whole year 2021.
Binh Duong is completing the New City - the province's political, economic and cultural center, to become an ideal destination of investors. In addition, the province is also making efforts to improve infrastructure and develop industrial zones to connect inter-regional traffic in the southern key economic region. Binh Duong always creates favorable conditions for foreign investors to do effective and long-term business in the province. The success of businesses is also the success of the province.
In the period of 2020-2025, the province has set targets of FDI attraction in order to maintain its advantages. Accordingly, the province is striving to achieve registered FDI capital attraction in 2021-2025 of over 9 billion USD. In FDI attraction, the province will choose high-tech projects that employ less labor and bring high added values. In which, the province determines that industry will still be the key sector of provincial economic development in the coming years.
Reported by Ngoc Thanh - Translated by Ngoc Huynh
