In 2025, Binh Duong is expected to remain the leading destination for foreign investment. The province is planning to implement a new investment attraction strategy for the upcoming phase. With a focus on sustainable development, Binh Duong aims to attract high-quality projects while promoting digital transformation, a green economy, and a circular economy.
Good news from the beginning of the year
At the end of 2024, Binh Duong received positive news as its foreign direct investment (FDI) results exceeded the annual plan, totaling over US$2.2 billion. The province is also looking forward to more good news, as many FDI enterprises there are planning to invest additional capital and expand their production and business operations.
Recently, Binh Duong signed a memorandum of cooperation and investment with Deawoo E&C Group (RoK). Mr. Jung Wonju, Chairman of Daewoo E&C Group, said the group wishes to cooperate with Becamex IDC Corporation to invest in urban development in Binh Duong in the near future. The Group will conduct research and market surveys to cooperate in fields of real estate, urban areas, infrastructure and transportation in Binh Duong province.
At the discussion on investment expansion plans in Binh Duong, Mr. Wong Man Li, Chairman of Manwah Group (Hong Kong, China), expressed his impression of Binh Duong's economic growth rate, affirming that Binh Duong is a locality with an attractive investment environment. He said the group will continue to invest an additional US$50 million to build a factory and expand production scale in the province.
In 2024, Binh Duong province attracted more than US$2.2 billion in FDI capital. Up to now, Binh Duong has attracted nearly 4,400 FDI projects with a total registered capital of over US$42.4 billion, ranking second in the country in attracting FDI capital, after Ho Chi Minh City. According to the plan, in the 2021-2025 period, Binh Duong strives to attract US$9 billion of FDI capital. Up to now, Binh Duong has attracted over US$9.65 billion, reaching 102.74% of the plan. |
Foreign Direct Investment (FDI) has become a driving force behind Binh Duong's transformation into a modern and dynamic industrial province. Notably, FDI in the trade and service sectors is on the rise, spurred by significant advancements in infrastructure development. The collaboration between Binh Duong province and major global corporations, such as Warburg Pincus, Sembcorp, Tokyu, CapitaLand Development, and Aeon, is particularly noteworthy. The projects initiated by these corporations are significantly contributing to the urban development of Binh Duong and are expected to continue doing so in the future.
According to the Provincial Department of Planning and Investment, the world situation in 2024 has experienced unusual developments that have negatively impacted economic growth in the country as a whole and specifically in Binh Duong province. Despite these challenges, Binh Duong has managed to attract foreign direct investment (FDI) that exceeds its planned targets. The province is currently ranked second in the country for FDI attraction, following Ho Chi Minh City. This achievement demonstrates Binh Duong's ongoing commitment and innovative approaches to leading, directing, and implementing economic development goals, as well as enhancing the business investment environment. These efforts have been recognized and highly appreciated by the business community and investors.
Effective exploitation of new capital flows
Recently, provincial leaders have actively visited countries such as Germany, Denmark, the United States, Australia, Japan, the Republic of Korea, and China to promote investment. They are also working to foster cooperation between Binh Duong province and localities and businesses in these nations. During investment promotion meetings, provincial leaders consistently emphasize that Binh Duong aims to become a hub for innovation and science. They are implementing new development projects to establish a digital government, digital economy, and digital society, as well as creating a new ecosystem to support growth aligned with the Fourth Industrial Revolution.
In addition to attracting investment, Binh Duong is committed to maintaining a transparent and investor-friendly business environment. This commitment not only facilitates the rapid implementation of projects but also ensures long-term sustainability and effectiveness.
Mr. Jesper Hassellund Mikkelsen, Senior Vice President of Asia Manufacturing at Lego Group in Denmark and General Director of Lego Manufacturing Vietnam Co., Ltd., announced that the company's factory in Vietnam, located in Singapore Industrial Park 3, is over 90% complete. The project remains on schedule and is expected to become operational in early 2025. This progress has been made possible thanks to the support of Central ministries, departments, and Binh Duong province.
Currently, Binh Duong is cooperating with the World Bank (WB) to build industrial parks according to the ecological industrial park model, with the application of green energy, solar energy, water circulation, and operation management according to the Smart Operations Center. According to the Binh Duong Provincial Planning for the period 2021-2030, with a vision to 2050, the development of new-generation industrial parks is an important premise for Binh Duong to attract investment in high-tech industries.
Binh Duong has saved nearly 20,000 hectares of industrial land to form a new generation industrial belt along Ring Road 3, Ring Road 4 of Ho Chi Minh City, Ho Chi Minh City - Thu Dau Mot - Chon Thanh Expressway, Ho Chi Minh Road section through Binh Duong province... which will create new momentum and development space for Binh Duong, strongly attracting investment to the province in the coming time.
Mr. Mai Hung Dung, a Standing Member of the Provincial Party Committee and the Permanent Vice Chairman of the Provincial People's Committee, stated that Binh Duong recognizes the crucial role of attracting investment for socio-economic development. To promote quality FDI flows, several solutions are being implemented. These include enhancing infrastructure, improving the investment climate, upgrading the quality of the workforce, and creating favorable conditions for businesses. Additionally, Binh Duong is committed to allocating substantial resources for the development of its industrial park system. |
Reported by Ngoc Thanh - Translated by Ngoc Huynh
