Binh Duong province’s overall socio-economic picture today reaches many considerable changes in comparison with more than 20 years ago. FDI capital inflow has greatly contributed to the local development. Thanks to sound orientations, the province has become a destination of the world’s top corporations, helping it join in the global value chain.
Fruits from FDI capital
After 45 years of liberation and development, Binh Duong has gained vigorous development. The province is now home to tens of thousands of companies, generating jobs for millions of laborers plus a modern urban industrial infrastructure system with streets with regional connection, namely Binh Duong Avenue, My Phuoc-Tan Van expressway, DT743, DT744, Dt748…
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A glance of VSIP
Built in 1996, Vietnam-Singapore Industrial Park (VSIP) has so far become a model IP of Vietnam and a reliable address for the world’s leading investors. Along with Song Than 1,2, Binh Duong, Viet Huong, Dong An Industrial Parks…, VSIP has contributed to developing Binh Duong into a locality with strong development in industrial manufacture. Binh Duong has till now lured thousands of investors from 65 countries and territories around the world.
Advantages
Since being reestablished in 1997, Binh Duong has always boosted industrialization in association with effectively tapping the local advantages in terms of geographical position, natural resources and human beings. Especially, the local Party and government have been proactive to map out solutions to lure more investment projects.
With more than 20 years of experience in “rolling out the red carpet for investors” together with other preferential policies, Binh Duong has become an ideal destination for investors at home and abroad.
The province has set a target of absorbing US$7billion in FDI capital for the 2016-2020 period. But, the province as of late 2019 attracted more than US$10.2billion. With great efforts, the province has affirmed its strong points in FDI attraction.
Tran Thanh Liem, Vice-Secretary of provincial Party Committee cum Chairman of provincial People’s Committee said that over the past years, the province promulgated many major policies in FDI attraction, economic development and mobilized all resources to form up and develop industrial parks compounds at domestic and foreign businesses. FDI businesses have helped the province reach deeper international economic integration. The province has also always made efforts in improving the local investment climate to lure more investors.
Over the past years, FDI inflow into the province continued surging, helping it become one of the country’s top localities in FDI attraction. The province has so far ranked second nationwide in FDI attraction (after HCM city) with valid 3,818 projects capitalized at US$34.6billion or more than 9.5% of the whole country’s FDI capital. On average, each FDI project is capitalized at more than US$9million. In 2020, the province will further approach and call for investment from multinational corporations.
Adolfo Orive, CEO of Tetra Pak in VSIP 2 said that Binh Duong has a very good planning vision when the local infrastructure system has been continuously improved towards regional connection via Highway 13, My Phuoc-Tan Van expressway…Whilst, Okada Hideyuli, Chairman of HCM city-based Japanese Business Association spoke highly of the efforts by the province in improving the local investment climate.
Pham Ngoc Thuan, General Director of Becamex IDC also said that the corporation will further improve key streets for better connectivity; perfect the construction of industrial parks, namely Bau Bang, Cay Truong, VSIP 3…, better serving investors ‘needs. In addition, provincial Industrial Parks ‘Management Board will continue reforming administrative procedures, aiming to create the local attractive investment climate while helping enterprises remove their obstacles in production-business for better development.
Reported by Ngoc Thanh-Translated by K.T
