Despite a tumultuous and troubling year of 2022, Binh Duong's economy continues to growth with great imprints, notably the result of attracting foreign investment (FDI). The efforts of the province have made the business community confident to increasingly multiply in a pathway for Binh Duong to enter the new year of 2023 and the following years worry free.
The high-ranking delegation of Yamaguchi Prefecture of Japan visit the production site of Toyotsu Safety (Vietnam) Co. Ltd. in My Phuoc 3 Industrial Park
FDI inflows increased sharply
Immediately in the last months of 2022, the excitement about the province's FDI attraction results exceeding the plan by 148% increment over the same period has not yet faded as recently Binh Duong province signed a memorandum of understanding with Thaco to build industrial zone mechanical support in the province at the estimated investment scale of about VND 26,000 billion. The industrial zone specializing in supporting industries is to attract more FDI inflows into the province.
As a locality always in the top of the country in terms of attracting FDI, Binh Duong still aims to continue improving the investment environment, administrative reforms, and renewed investment promotion in the direction of positive expansion for bilateral and multilateral cooperation in many fields. Thanks to an effective investment attraction strategy, especially during the peak of the COVID-19 epidemic or after the epidemic is controlled, there are still many new waves of investment inflows from a number of foreign investors prestige in the field of industrial production, processing and manufacturing trust investment in the province.
At the visit to learn and promote investment and development in Binh Duong in September 2022, Yerkin Tatishev - founder and chairman of Kusto Group - a multi-industry investment group based in Singapore with business capacity of billions of dollars per year, said Binh Duong is a promising land to bring development to economic groups and businesses both at home and abroad. Kusto Group and Coteccons want to join with the province in developing transport infrastructure, logistics, urban areas, real estate, renewable energy, environmentally friendly building materials among others.
Trinh Hoang Tuan Anh - Deputy Director of the Department of Planning and Investment, believed that in 2022 with many suitable solutions, Binh Duong will continue to attract many domestic and foreign investors. In which, foreign direct investment capital realized in the province reached the highest level compared to previous years, which is an important driving force for development momentum for 2023 and the following years. The province's relentless efforts with new and drastic ways in economic management, and improving the business investment environment in the right direction, have been recognized and appreciated by the business community and investors.
To seize the opportunities
Right from the beginning of 2022, seizing the opportunity from the LEGO project, the largest high-tech project ever invested in the province, Binh Duong is trying to stimulate the demand for high-quality investment capital from potential markets such as Europe and Asia. Specifically, the province is constantly interested in effectively exploiting relationships with investment promotion focal points, especially large markets, which are always paid special attention to.
Therefore, although it has just started, VSIP 3 currently has more than 30 corporations and companies interested in learning and developing production. In which, Pandora Group, a Danish jewelry brand, has invested in building a new jewelry manufacturing facility with a total investment of about USD 160 million to build the first production base in Vietnam to produce expectedly 60 million jewelry products each year and create jobs for more than 6,000 people. It is expected that the project constructoin will start in early 2023 and production by the end of 2024 as Pandora's 3rd facility in the world and the first production facility built outside of Thailand.
Looking for a suitable business position in the province, Sato Ryota - CEO of Uniqlo Company - one of the oldest fashion brands in Japan, shared that based on the development and the system expansion of stores, Uniqlo Vietnam wishes to establish more stores in Binh Duong. The company hopes that the provincial authority and agencies, departments and sectors would actively support to realize business goals, at the same time, serve the needs of the people and contribute to the development of the province.
Speaking at the Meet Korea 2022 held in Binh Duong recently, Deputy Minister of Foreign Affairs Pham Quang Hieu emphasized with concern standing with investors and having policies to protect the environment, concern about labor quality, and open investment environment, believed that Binh Duong is an ideal place for foreign investors to learn and cooperate with peace of mind. Besides, with the innovative and creative thinking of the provincial leaders, Binh Duong will certainly remain an attractive destination for foreign investors.
Reported by Ngoc Thanh – Translated by Vi Bao
