From the beginning, Binh Duong has identified industry as an important lever, attracting foreign investments as the necessary resources to build and renew the local socio-economic development picture. The development of Binh Duong over the past 20 years shows that attracting FDI has contributed significantly to the socio-economic development of the locality.
Production process is on-going at Punch Industry Manufacturing Vietnam Co. Ltd. in My Phuoc Industrial Park 3 in Ben Cat Town. Photo: Thoai Phuong
It can be seen that FDI projects have had a positive impact on the economic restructuring of the province in line with the orientation of industrial and service development by reducing the proportion of agriculture and increasing incomes for people and budget collection for the locality. Thanks to good investment attraction, FDI projects have achieved great results and Binh Duong has developed rapidly, becoming one of the most dynamic provinces and cities in the country.
However, the province has also recognized some limitations and weaknesses such as the fact that the attraction of development investment does not match the potential and advantages of the province; the rapid growth in investment attraction is really sustainable; and, the knowledge content in the product value is still low. Starting from this reality, in 2016, the provincial Party Committee has issued the Investment Promotion Program for 2016-2020. In which FDI attraction with focus on partners with strong economic potentials and big economic corporations in the world to attract investment in commodities with high technology content, high added value, simple labor use and environmentally friendly, focusing on attracting industrial parks and industrial clusters.
The solution to implement this program is to build and perfect mechanisms, policies, and improvement of essential technical infrastructure and continue to accelerate reforms of administrative procedures. In addition, improving the efficiency of investment promotion and prioritizing hi-tech production projects, investors with capital potential, projects with high added value, low risk of causing pollution, low environmental impact and great contribution to local budget shall be promoted.
Thanks to the right orientation of the provincial Party Committee, specifically the content of the program of investment attraction in 2016-2020, the chart of investment attraction of Binh Duong in recent years shows better signs of development. Up to now, the proportion of industry and services accounts for 86.5% of the province's economic structure. Particularly, the attraction of investment has made a bold impression when the province is consistently in the top in attracting FDI of the country. Only in 2017, total FDI inflows into the province is about US$ 2.514 billion, surpassing 79% of the year plan and 127% higher than in 2016. Through that, Binh Duong continues to be an important pole to attract foreign investment of the country, reaching the top two in the country after Ho Chi Minh City.
Nguyen Thanh Truc, director of the Department of Planning and Investment, said that with the program attracting investment in 2016-2020, Binh Duong aims to attract US$ 7 billion in five years. Implementation of the program solutions, in a short time there has been a clear change, reflected by the rapid increase in quality and quantity of FDI. Specifically, from 2016 to now FDI has reached nearly US$ 3.8 billion of flowing into the province, including many large investment projects.
According to Tran Thanh Liem, Deputy Secretary of the Provincial Party Committee, Chairman of the provincial People's Committee, in the coming time, the leaders and all levels and branches in the province will focus on implementing timely and effective policies for economic development - social and international economic integration; mobilize all resources to continue investing in building more and more technical infrastructure. The province also continues to improve the investment environment, promote administrative reform, improve provincial competitiveness.
"The provincial leaders and all levels and branches in the province have always respected sincere comments, responsibilities and thoughts and aspirations of investors to have appropriate solutions to further improve the investment environment more and more complete and effective in the coming time," Liem emphasized.
Reported by Khanh Vinh – Translated by Vi Bao
