The focus on improving the investment and business environment, the quality of human resources, and infrastructure investment has contributed to the attraction of foreign direct investment (FDI) to Binh Duong. In order to attract high-quality FDI, the province continues to improve the business investment environment in the coming time, building Binh Duong into a safe, attractive and stable destination for investors.
Socio-economic situation of the province has been enlightened to win trust of enterprises. In this photo: production activities are on-going at GS Battery (Vietnam) Co. Ltd. in VSIP I
The destination of potentials
Up to now, the province has attracted 4,026 valid FDI projects with a total registered capital of over USD 37.74 billion. In 2021, although Binh Duong had suffered many negative impacts from the COVID-19 epidemic, foreign investors continued to be confident and optimistic about the province's business investment environment. In 2021, Binh Duong continued to be a bright spot in terms of FDI attraction in the nation with nearly USD 2.7 billion, exceeding 48% of the plan and increasing by 36% from 2020.
Mr. Dang Duc Toan, Supplying Chain Director of P&G Factory at VSIP II, said: “Due to the impact of the COVID-19 epidemic, we have faced many difficulties in production and business operations. However, we still decided to expand and invest in Binh Duong for a long time. Currently, factories are increasing their capacity to ensure the quantity of essential goods to serve consumers, and at the same time, focus on protecting the safety of workers. Up to now, nearly 100% of employees have been vaccinated with 2nd doses of COVID-19 vaccines, so we are very secure in development."
Mr. Mai Ba Truoc, Director of Department of Planning and Investment, said that FDI has been making great contributions to the economic development of the province. In the province, more and more large-scale projects are in line with the defined investment attraction guidelines. In particular, the most recent is the synthetic fiber production project of Polytex Far Eastern (Vietnam) Co. Ltd. in Bau Bang Industrial Park with the registered investment capital increment by USD 610 million, and the total investment capital of an additional USD 1.37 billion. Along with that is the construction project of a new 44-hectare factory in Binh Duong with an investment of USD 1 billion by Lego Group, which is expected to come into operation in 2024. This shows that Binh Duong has been and is really good location for foreign investors.
The widely open doors
At a meeting and working session with the American Chamber of Commerce in Vietnam (Amcham Vietnam), Mr. Chad Ovel, Chairman of Amcham in Ho Chi Minh city, said that although the COVID-19 epidemic has had a heavy impact on American enterprises in Binh Duong, now production activities are coming back and recovering strongly. “Binh Duong is one of the leading localities in flexibly adapting and promptly controlling COVID-19 for economic recovery; continue to build the image of a safe investment location for investors, including American enterprises. We believe that FDI into the province will continue to increase sharply in the near future,” said Mr. Chad Ovel.
Mr. Andrew Michael Lien, Director of Wanek Co. Ltd., said that Wanek is a key company in the supplying chain of the world's leading furniture manufacturing group with 100% US investment, has a supply network of over 123 companies. In Binh Duong, Wanek has 4 factories, the number of employees before the time of the COVID-19 epidemic was over 11,000 people. The COVID-19 epidemic broke out, at one point the company had to quarantine 2,600 workers, and 2 factories with more than 4,000 employees had to stop operating for 4 weeks, seriously affecting production and workers' lives. However, the support of Binh Duong province, the company has overcome difficulties. Up to now, production and business activities have gradually recovered. The life, income and employment of employees are guaranteed. The company is implementing an expansion bonded warehouse project with a total investment of USD 140 million that expected to be completed in the first quarter of 2023.
At the investment promotion conference in 2021, Mr. Mai Hung Dung, Standing Member of the provincial Party Committee and Standing Deputy Chairman of the provincial People's Committee, pledged that Binh Duong would always accompany and be decisive to remove and support businesses to overcome difficulties due to the impact of the epidemic in order to accelerate and make a stronger breakthrough in the coming time. Binh Duong is implementing seriously and effectively the Government's Resolution No. 128/NQ-CP, ensuring efficient production and business activities, and enhancing foreign investment attraction with focus on making good use of every opportunity to promote socio-economic recovery and development.
Reported by Ngoc Thanh – Translated by Vi Bao
