Binh Duong is a province of leading Foreign Development Investment (FDI) in the nation. Holding such position and role, local management has emerged as vital in policies of attracting FDI to the province.
Attractive investment environment
According to investors, beside favorable geographic location and synchronous infrastructure, the investment attraction policy of the province has brought the world's large enterprises to do business in Binh Duong. So far, 64 nations and territories have invested in Binh Duong, with 3,034 projects of total registered capital of US$ 28.33 billion. Of the nations and territories investing in Binh Duong, Taiwan has the largest registered capital of 5.869 billion US dollars, second is Japan with 5.253 billion US dollars, Singapore ranked third with 2.764 billion US dollars, and South Korea fourth with 2.756 billion US dollars.
Provincial leaders witness the signing of MoU of Binh Duong and Kolon Industries in implementing production project of tire fabrics and airbags in extended Bau Bang Industrial, Urban Park. Photo: Hoang Pham
Binh Duong's success in attracting FDI, first and foremost, is the province's endeavors to improve the investment environment, administrative procedure reforms and provincial competitiveness. In addition, the province has implemented flexible solutions to assist in removing difficulties and obstacles, creating the most favorable conditions for enterprises to invest in their production and business activities in the area. At the meeting of Korean enterprises investing in Binh Duong, Park Noh Wan, Korean Consul General in Ho Chi Minh City highly appreciated the leaders of the province for many meetings and exchanges with enterprise. This has not only promoted cooperation, but also solved the puzzles for Korean businesses investing in Binh Duong. This is also a condition for Korea to increase investment in Binh Duong in the future.
In addition, the construction and development of industrial parks (IPs) has met the requirements of investors, so most of the projects have been chosen for invest in industrial parks in the area. Tsai Wen Jui, CEO of Active International, said that the investment environment in Binh Duong is highly valued by Taiwanese businesses. Therefore, the company decided to choose Bau Bang IP to implement the project as the industrial zone has complete infrastructure, meeting the requirements of the company.
With this in mind, Park Dong Moon, Chairman of the Board of Directors, Managing Director of Kolon Industries (Korea) also said that after 2 years of studying the investment environment in Vietnam, Kolon Group Industries had surveyed 27 industrial parks nationwide. Finally, Bau Bang Industrial Park of Binh Duong Province is the place to meet the necessary requirements of the group to develop their project.
Management enhanced
Over the past years, the provincial People's Committee has well performed the role of managing FDI activities in the province, demonstrating, first of all, the ability to create attractive investment environments. It can be seen that the attractiveness of the environment to foreign investors is political stability, macroeconomic stability, safe legal environment, simple administrative procedures, the basis of the socio-economic infrastructure and the right direction to encourage investors to business effectively and safely. This has been clearly shown by the target of US$ 7 billion of FDI resources in 5 years to Binh Duong Province in accordance with the reformed FDI attraction program.
Implementing solutions of the program, only in a short time there has been a clear change, reflected by the rapid increase in quality and quantity of FDI. Only in the two years of 2016 to 2017, Binh Duong has attracted US$ 4.597 billion in FDI, of which many large investment projects such as Polytex Far Eastern Polytechnic Co., Ltd. (Taiwan) ) with a total investment of $ 760 million, the project of producing tire fiber and airbags of Kolon Industries with investment capital in phase 1 of US$ 220 million, the project of manufacturing plastic and aluminum wrappings for liquid food packaging of Tetra Pak Binh Duong Joint Stock Company (Singapore) with investment capital of US$ 124 million.
Tran Thanh Liem, Chairman of the provincial People's Committee affirmed that Binh Duong would maintain to be a reliable destination for investors in the coming time. Provincial leaders and branches would implement timely and effective policies on socio-economic development and international economic integration while mobilizing all resources to continue investing in building more technical infrastructure. Binh Duong would continue to accelerate reforms of administrative procedures to ensure transparency and simplicity, at the same time, to promptly settle petitions and obstacles for promotion of production and business activities, creating the most favorable conditions for enterprises to invest in.
Reported by Hoang Pham – Translated by Vi Bao
