Amidst the post-Covid-19 global economic difficulties, Binh Duong remains an attractive destination for investors, including domestic investors – a crucial economic component in the current development strategy.
A promising land for investors
On its development journey, Binh Duong has effectively exploited its potential and upheld its advantages for breakthrough. According to Nguyen Thanh An, Deputy Director of provincial Department of Planning and Investment, Binh Duong has consistently built an open and attractive investment environment, creating maximum convenience for investors. Upon this, Binh Duong has strongly attracted both domestic and foreign investors.
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Many domestic enterprises have invesedt in modern machinery and technology to improve their
competitive capacity, meeting development requirements. In picture: Production at Nhi Binh Plastic Joint Stock Company
The evidence of supportive and cooperative efforts is clear when investors choose Binh Duong for their projects. The interaction between businesses and authorities is smooth and transparent, leaving investors to feel satisfied from first steps. Authorities in Binh Duong have efficiently performed their advisory roles, quickly granting investment licenses and answering procedural questions, meeting investors’ needs promptly. During the process of implementing projects, if any difficulties arise, the province’s relevant sectors coordinate with investors to resolve issues opportunely, facilitating the execution of projects.
Furthermore, Binh Duong consistently invests in comprehensive infrastructure systems, including electricity, transportation, water supply and drainage, telecommunications and social infrastructure such as healthcare, education and culture, meeting development demands. The social housing system is also being implemented in various locations across the province, helping workers stabilize their lives and have long attachment to the locality.
Another favorable factor is that Binh Duong has a complete industrial park and cluster system, meeting production and business needs of investors. Currently, the province is home to 29 industrial parks and 12 industrial clusters, covering over 15,000 hectares, accounting for 9.5% in number and 11.3% in area of the country’s industrial parks. The occupancy rate of Binh Duong’s industrial parks is 93.7%.
Hoang Ngoc Yen, CEO of Nhi Binh Plastic Joint Stock Company stated that the company has completed two investment phases of its factory in VSIP II, with total capital of VND 150 billion. During the production process, the company always receives support from the province and relevant sectors, ensuring effective business operations. The company now has stable markets in Europe and Japan.
Significant contributions
Along with the FDI economic sector, the domestic economic sector has contributed to the province’s GRDP growth rate, 2 times higher than the national average level and 1.5 times higher than that of localities in the southern key economic region. The province’s economic structure has shifted as planned towards industry - trade and services - agriculture, with industry and trade-services now accounting for 97.5% of the local GDP value. The average annual growth of index of industrial production (IIP) is nearly 10%. Binh Duong is becoming one of Vietnam’s major industrial hubs.
Particularly, the domestic business sector in Binh Duong has also seen outstanding development in trade and services. In the first six months of 2024, the province’s trade and service value reached over VND 166 trillion, up more than 13% compared to the same period in 2023, with the domestic sector accounting for 95% of total value. In the total export turnover of the province in the first six months, domestic investment reached over 3 billion USD, up 11.2% compared to the same period in 2023. Along with creating significant industrial production values and high export values, the domestic economic sector has provided jobs for hundreds of thousands of workers nationwide while joining hands with the local government to well implement social and charitable work.
Ly Ngoc Minh, General Director of Minh Long I Co., Ltd. said: "Our business is responsible for fulfilling its obligations to the State, taking good care of employees, and protecting its brand reputation. The current economy shows many positive signs of recovery, with businesses proactively restructuring strategies, investing in human resources, and focusing on technological innovation to meet market needs domestically and internationally, striving to help Binh Duong reach higher levels".
In the upcoming development journey, Binh Duong will further enhance its competitiveness, build an attractive investment environment and win investors’ trust for developing their production and business headquarters.
Reported by Tuan Anh-Translated by Kim Tin
