The dynamic development of Binh Duong province has received special interest from the business community. In the face of strong competition in investment attraction, the province has constantly renewed its policies, pioneered in online investment promotion, continuing creating the local attractive investment climate.
Online investment promotion strengthened
In 2020 and the first months of 2021, the Covid-19 epidemic has significantly affected the local socio-economic development. With appropriate policies and solutions, the province has still attracted many domestic & foreign investors and always been among the country’s leading localities in FDI attraction.
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An overview of the province’s online conference on Thai investment promotion
In order to boost investment promotion, provincial Department of Planning and Investment together with relevant departments and sectors has focused on rechecking the local land fund and planning to attract large projects, supporting investors to perfect their procedures for projects in order to soon put them into implementation. The province has also attached special importance to online investment promotion in the new context. In March alone, the province held online investment promotion conferences with businesses from Japan, China and Thailand.
With innovative ways, breakthrough innovations, the whole province has so far absorbed 3,955 FDI projects from 66 countries and territories with a total registered capital of US$ 35.8 billion, ranking third nationwide in FDI attraction (only after Ho Chi Minh city and Hanoi). Noticeably, the province's economy in the first quarter of 2021 still maintained a relatively high growth rate in comparison with other localities nationwide and the general level of the country. The province lured more than US$ 407 million in FDI capital during the period.
According to Mai Ba Truoc, Director of provincial Department of Planning and Investment, the province has set a target of luring US$1.8billion in FDI capital in 2021. The province has continued giving priority to absorbing hi-tech FDI projects that are less intensive-labor with high added value. To accomplish this goal, the province has focused on selectively luring investment projects towards towards quality and efficiency. Particularly, the province has attached special importance to potential partners such as Japan, Singapore, Europe... in order to cooperate, receive technology transfer, take advantage of the ability of spreading to domestic industrial manufacture. Leaders of departments, sectors, the Management Board of Industrial Parks in the province have coordinated with Becamex IDC to regularly work with domestic and foreign organizations, businesses and individuals related to investment promotion.
Committing on a favorable investment climate
At foreign investment promotion conferences, most enterprises from countries said that Binh Duong is a place with Vienam’s leading industrial development. Making investment in the province will be very convenient in the linkage of supplying input products and exporting. In addition, the province’s open investment climate has facilitated foreign investors ‘development. Countries such as Japan, Singapore, China, Thailand ... have also continuously increased their investment in various fields in the province.
At the recent online conference on Japanese investment promotion, Vietnamese Trade Counselor in Japan Ta Duc Minh said that the dynamic development of Binh Duong over the past time received great interest from the Japanese business community. Along with favorable geographical conditions, provincial leaders over the past time created favorable conditions for Japanese businesses to work effectively. Hopefully, Binh Duong will continue being become a dynamic, innovative and safe locality and an attractive destination with new investment opportunities for foreign investors, including Japanese ones.
Over the past years, the province attached special importance to reforming administrative procedures, improving the local investment climate, absorbing more investment projects and enhancing the local competitive ability. The province also organized dialogues with foreign businesses together with support programs for them, thereby creating favorable conditions for them to get more and more thriving. This effort plus the local existing advantages has created satisfaction among businesses so that they continue making production expansion in the coming time.
Nguyen Hoang Thao, Vice-Secretary of provincial Party Committee, Chairman of provincial People's Committee said that Binh Duong has constantly improved the local investment climate, enhanced competitiveness and strengthened support for the development of enterprises operating in the province. Through perfecting the local socio-economic infrastructure system, provincial leaders have promptly solved investors ‘difficulties, helping them work effectively. The province hopes that foreign investors will continue choosing it as a destination to tap investment opportunities, continue expanding relations and making effective investment cooperation in the coming time.
Reported by Ngoc Thanh-Translated by K.T
