After 25 years of inviting and with a strong flow of foreign investment (FDI) capital into Binh Duong, it has had a positive impact on socio-economic development. Accumulated up to now, Binh Duong ranks second in the country in terms of FDI attraction with more than 4,040 projects of total capital of USD 39.4 billion. Currently, 65 countries and territories investing in Binh Duong include long-term and strong investors in capital and technology from Singapore and South Korea.
Binh Duong is still a promising land to bring development to foreign investors including Korea. In the photo: Provincial leaders signed a strategic cooperation agreement between Binh Duong and Gangnam District of Seoul, South Korea
The VSIP breakthroughs
Over the past 25 years, Binh Duong and Singapore have made breakthroughs in cooperation and development, notably the construction of VSIP in Binh Duong and many provinces and cities across the nation. Up to now, Singapore accounts for 1/5 of the total FDI invested in Binh Duong with 260 enterprises including large corporations that have effectively and successfully invested and operated in the province.
Singapore's investment in Binh Duong is important and increasingly resonates. VSIPs were born with the cooperation and investment of experienced partners, notably the VSIP Joint Venture. Along with VSIP I and VSIP II in Binh Duong, VSIP III that has just been started continues to mark the friendship, cooperation and investment relationship for sustainable development of the two sides.
As an FDI enterprise that has just been granted an investment certificate, New Motion Industry (Singapore) Co. Ltd. with an investment capital of USD 185 million specializes in manufacturing radio screens, display screens, building factories, and providing warehouse. Mr. Lim Hua Tiong, General Director of the company said, more and more Singapore businesses choose Binh Duong to invest. This also proves that the dynamic and favorable investment environment of the province is always an attractive destination for Singaporean businesses in particular and foreign investors in general. “Our company chooses Binh Duong to invest because of the favorable environment. We are committed to implementing the project on schedule while completing about 40,000m2 of factories in the second quarter of 2022 and setting a goal to develop more than 200,000m2 of factories with many utilities in the next 6-7 years,” Mr. Lim Hua Tiong said.
Mr. Jaya Ratnam, Singapore Ambassador to Vietnam, said that the VSIPs formed and developed over the past 25 years are a solid symbol of the good economic cooperation between Singapore and Vietnam. Investors of VSIP (Sembcorp Development and Becamex IDC) will accompany Binh Duong in the field of innovation, especially in renewable energy, and the development of green and sustainable IPs. VSIP III promises to be a model industrial park in the region in terms of really possible achievements in technology application and innovation, green and sustainable development.
The attractive destination
Along with Singapore, Korea is one of the leading investors in Binh Duong with more than 800 projects and a total capital of about USD 3.4 billion. The Korean projects with large investment capital in Binh Duong today are of Kumho Vietnam Co. Ltd. which invested nearly USD 130 million to produce car tires; DCT Partners Vietnam Co. Ltd. in hotel, commercial center and high-rise apartment projects with a total capital of USD 100 million; Orion Vina Food Company Limited in confectionery production with a total capital of USD 60 million; Lotte Group US$40 million in a shopping center among others.
Mr. Lee Jeong Won, representative of Korea Coex Group, said, with the advantage of modern industrial park infrastructure that is basically complete, Binh Duong has become the preferred destination of investors. Korean businesses support the innovation orientation to attract investment and call for high-tech industries of Binh Duong. The achievements in attracting investment over the past time are an opportunity for Binh Duong to continue promoting its image to attract larger corporations. Surely in the coming time, many investors from developed countries, especially Korea, will come to the province.
Mr. Kim Won Sik, Chairman of the Korean Business Association (Kocham) in Binh Duong, said that Binh Duong is still a potential land for businesses both at home and abroad, especially when the infrastructure system of the province has been continuously invested and completed to reach the international level in recent years. Recently, the province has started construction of VSIP, promising to attract more investors and creating more jobs to attract workers. Not only does it expand industrial parks, Binh Duong also shows care for employees when inaugurating and starting social housing projects. This has greatly motivated employees to return to Binh Duong to work after being affected by COVID-19 as well as attracting new workers; thereby, solving the problem of labor shortage of enterprises as the representation of the strategic vision of Binh Duong leaders in developing sustainable and smart industry.
Reported by Ngoc Thanh – Translated by Vi Bao
