Goods made in Vietnam appear across rural areas.Foreign investment and export increase speedAfter 7 years of WTO admission, Binh Duong economy has sped up surprisedly. Notably, FDI attraction has taken the lead in the speed with many new projects. Until now, the province has had 2,209 projects with the total registered capital of over US$18.7bil. After 7 years of WTO admission, the locality has reached an 1.75 fold increase in the number of FDI businesses and a 3 fold rise in investment capital from the end of 2006. Aside from the strong increase in capital, local FDI attraction has over the past 7 years emerged 2 main factors. Firstly, increase in hi-tech industrial production density and big ability of competition. Secondly, the strong transfer in fields such as trade-service-urban, especially trade-service-urban projects. Specifically, in terms of service field, there are many investment projects including the US$110mil Mapletree project of Mapletree Corporation from Singapore, the $620mil urban project of SP Setia Berhad from Malaysia and the $1.2bil housing project of Tokyu Corporate from Japan and many more. Positive impact from WTO admission has spurred local export's development. The local export turnover in 2013 reached over $14.44bil, a nearly 2.9 fold increase from 2006. With advantaged conditions of WTO admission, local export market has been expanded up to 193 nations and territories, increasing rapidly local competition ability. This has made local trade surplus take the lead in the whole country with nearly $2.9bil in 2013. After WTO admission, Vietnamese businesses in Binh Duong have developed strongly. Local businesses' products have over the past 7 years affirmed their position in foreign market. Accordingly, names of Minh Long porcelain, Cuong Phat ceramics, Dong A steel, Hoa Sen steel and among others have showed their reputation.Vietnamese business affirm their trademarksBased commitment of WTO's admission, on Jan. 1, 2009, Vietnam officially opened market of retail distribution for 100% foreign-owned enterprises. Entering 2014, the retail market in Binh Duong appears big guys with huge investment capital sources from corporations of Metro Cash & Carry, Big C, Lotte. In the fourth quarter of 2014, Aeon Group from Japan will put into operation its trade center with the total investment capital of $95mil. In reality, Binh Duong-based retail market has become lively, being appreciated by foreign retail groups.Many economic experts were afraid of failure of domestic enterprises after WTO admission. However after WTO admission, local retail businesses have still affirmed their position on the home ground, despite participation of many FDI businesses.Under pressure of competition, local retail businesses have created a big impetus for their development in a bid to improve competitive edge. This has helped many companies gain successes.The retail market in Binh Duong has still belonged to local businesses with familiar trademarks such as Co.opmart, Vinatex, Citimart and so on. In the past year, the total retail and service turnover in the locality reached VND89.544bil, 97.7% of which was from domestic retailers.As for retail market, after WTO admission, many FDI businesses in the province have impacted positively and created a healthy competition environment for the sake of retail market's strong development. This has greatly impacted on development of production and brought huge profits for local economy.Overall, Binh Duong economy has gained many achievements after 7 years of WTO admission. Thanks to taking advantage of big chances of WTO admission, Binh Duong has created attractive destinations in investment attraction, improving capacity of production and export, contributing to take Binh Duong economy develop stronger.Reported by V.Giang - Translated by A.C
Local economy develops strongly after 7 years of WTO admission
Vietnam has officially become the 150th members of the World Trade Organization (WTO) since Jan. 11, 2007. Looking back 7 years of Vietnam's WTO admission, Vietnam economy has won a strong development. In Binh Duong alone, the provincial economy has developed gigantically in all areas of foreign investment attraction, export, service and many more. The sparkling feature lies in retail market belonging to Vietnamese businesses. Goods made in Vietnam appear across rural areas.Foreign investment and export increase speedAfter 7 years of WTO admission, Binh Duong economy has sped up surprisedly. Notably, FDI attraction has taken the lead in the speed with many new projects. Until now, the province has had 2,209 projects with the total registered capital of over US$18.7bil. After 7 years of WTO admission, the locality has reached an 1.75 fold increase in the number of FDI businesses and a 3 fold rise in investment capital from the end of 2006. Aside from the strong increase in capital, local FDI attraction has over the past 7 years emerged 2 main factors. Firstly, increase in hi-tech industrial production density and big ability of competition. Secondly, the strong transfer in fields such as trade-service-urban, especially trade-service-urban projects. Specifically, in terms of service field, there are many investment projects including the US$110mil Mapletree project of Mapletree Corporation from Singapore, the $620mil urban project of SP Setia Berhad from Malaysia and the $1.2bil housing project of Tokyu Corporate from Japan and many more. Positive impact from WTO admission has spurred local export's development. The local export turnover in 2013 reached over $14.44bil, a nearly 2.9 fold increase from 2006. With advantaged conditions of WTO admission, local export market has been expanded up to 193 nations and territories, increasing rapidly local competition ability. This has made local trade surplus take the lead in the whole country with nearly $2.9bil in 2013. After WTO admission, Vietnamese businesses in Binh Duong have developed strongly. Local businesses' products have over the past 7 years affirmed their position in foreign market. Accordingly, names of Minh Long porcelain, Cuong Phat ceramics, Dong A steel, Hoa Sen steel and among others have showed their reputation.Vietnamese business affirm their trademarksBased commitment of WTO's admission, on Jan. 1, 2009, Vietnam officially opened market of retail distribution for 100% foreign-owned enterprises. Entering 2014, the retail market in Binh Duong appears big guys with huge investment capital sources from corporations of Metro Cash & Carry, Big C, Lotte. In the fourth quarter of 2014, Aeon Group from Japan will put into operation its trade center with the total investment capital of $95mil. In reality, Binh Duong-based retail market has become lively, being appreciated by foreign retail groups.Many economic experts were afraid of failure of domestic enterprises after WTO admission. However after WTO admission, local retail businesses have still affirmed their position on the home ground, despite participation of many FDI businesses.Under pressure of competition, local retail businesses have created a big impetus for their development in a bid to improve competitive edge. This has helped many companies gain successes.The retail market in Binh Duong has still belonged to local businesses with familiar trademarks such as Co.opmart, Vinatex, Citimart and so on. In the past year, the total retail and service turnover in the locality reached VND89.544bil, 97.7% of which was from domestic retailers.As for retail market, after WTO admission, many FDI businesses in the province have impacted positively and created a healthy competition environment for the sake of retail market's strong development. This has greatly impacted on development of production and brought huge profits for local economy.Overall, Binh Duong economy has gained many achievements after 7 years of WTO admission. Thanks to taking advantage of big chances of WTO admission, Binh Duong has created attractive destinations in investment attraction, improving capacity of production and export, contributing to take Binh Duong economy develop stronger.Reported by V.Giang - Translated by A.C
Goods made in Vietnam appear across rural areas.Foreign investment and export increase speedAfter 7 years of WTO admission, Binh Duong economy has sped up surprisedly. Notably, FDI attraction has taken the lead in the speed with many new projects. Until now, the province has had 2,209 projects with the total registered capital of over US$18.7bil. After 7 years of WTO admission, the locality has reached an 1.75 fold increase in the number of FDI businesses and a 3 fold rise in investment capital from the end of 2006. Aside from the strong increase in capital, local FDI attraction has over the past 7 years emerged 2 main factors. Firstly, increase in hi-tech industrial production density and big ability of competition. Secondly, the strong transfer in fields such as trade-service-urban, especially trade-service-urban projects. Specifically, in terms of service field, there are many investment projects including the US$110mil Mapletree project of Mapletree Corporation from Singapore, the $620mil urban project of SP Setia Berhad from Malaysia and the $1.2bil housing project of Tokyu Corporate from Japan and many more. Positive impact from WTO admission has spurred local export's development. The local export turnover in 2013 reached over $14.44bil, a nearly 2.9 fold increase from 2006. With advantaged conditions of WTO admission, local export market has been expanded up to 193 nations and territories, increasing rapidly local competition ability. This has made local trade surplus take the lead in the whole country with nearly $2.9bil in 2013. After WTO admission, Vietnamese businesses in Binh Duong have developed strongly. Local businesses' products have over the past 7 years affirmed their position in foreign market. Accordingly, names of Minh Long porcelain, Cuong Phat ceramics, Dong A steel, Hoa Sen steel and among others have showed their reputation.Vietnamese business affirm their trademarksBased commitment of WTO's admission, on Jan. 1, 2009, Vietnam officially opened market of retail distribution for 100% foreign-owned enterprises. Entering 2014, the retail market in Binh Duong appears big guys with huge investment capital sources from corporations of Metro Cash & Carry, Big C, Lotte. In the fourth quarter of 2014, Aeon Group from Japan will put into operation its trade center with the total investment capital of $95mil. In reality, Binh Duong-based retail market has become lively, being appreciated by foreign retail groups.Many economic experts were afraid of failure of domestic enterprises after WTO admission. However after WTO admission, local retail businesses have still affirmed their position on the home ground, despite participation of many FDI businesses.Under pressure of competition, local retail businesses have created a big impetus for their development in a bid to improve competitive edge. This has helped many companies gain successes.The retail market in Binh Duong has still belonged to local businesses with familiar trademarks such as Co.opmart, Vinatex, Citimart and so on. In the past year, the total retail and service turnover in the locality reached VND89.544bil, 97.7% of which was from domestic retailers.As for retail market, after WTO admission, many FDI businesses in the province have impacted positively and created a healthy competition environment for the sake of retail market's strong development. This has greatly impacted on development of production and brought huge profits for local economy.Overall, Binh Duong economy has gained many achievements after 7 years of WTO admission. Thanks to taking advantage of big chances of WTO admission, Binh Duong has created attractive destinations in investment attraction, improving capacity of production and export, contributing to take Binh Duong economy develop stronger.Reported by V.Giang - Translated by A.C
