It can be affirmed that the foreign direct investment (FDI) sector has made a great contribution to State budget revenue and actively contributed to technology transfer, job creation as well as skill training for workers in Binh Duong. Investment capital is focused on processing and manufacturing industries, accounting for 76.6% of the total FDI capital invested in the province. In the first months of 2023, although facing difficulties, foreign investors have still continued pouring capital, choosing Binh Duong as a destination.
Breakthrough from Denmark
In 2022, surpassing Taiwan (China), Japan, Singapore, Korea..., Denmark became the largest investor in Binh Duong with Lego project capitalized at over US$1.3 billion. With high-quality FDI inflow from Denmark, Binh Duong will have the opportunity to receive more quality capital inflows from Europe in the coming time.
Binh Duong is always committed to creating the most favorable conditions for investors, accompanying them for sustainable development. In picture: Nguyen Van Loi (first row, third from left), Member of the Party Central Committee, Secretary of provincial Party Committee, Head of provincial National Assembly deputy delegation surveying the construction of Lego Factory
Recently, Pandora Group, a Danish jewelry brand, has officially invested in building a new jewelry processing facility in VSIP III with total investment of over US$163 million to build its first jewelry production facility in Vietnam, supplying 60 million jewelry products per year and creating jobs for more than 6,000 people. This is Pandora's third facility in the world and the first production facility built outside Thailand. With this project, Denmark took the lead in FDI inflow into the province, accounting for 19.3% of the total investment capital in the province in the first 4 months of 2023.
According to Kim Højlund Christense, Danish Ambassador to Vietnam, the construction of Pandora's first manufacturing facility in Vietnam will contribute to expanding and further strengthening Denmark's close cooperation with Vietnam in the green transition of the economy through high-quality foreign investment projects with high-value production factories and highly skilled workers. This project once again affirms the position of Binh Duong province, one of the localities most interested by Danish companies.
Michael Zinck Jensen, Project Manager of Pandora Production Holding Company in Binh Duong said: “We have carefully assessed all provinces and cities in Vietnam and chose Binh Duong for 3 reasons: Availability of skilled labor resources; good infrastructure and especially enthusiasm, support and strong commitment from the local administration”. He hopes that the company will continue receiving enthusiastic support from the province’s specialized agencies to implement and ensure the roadmap of the project. And the factory is expected to come into operation on schedule.
Investors firmly believing
In the context of a sharp decline in global and national investment, Binh Duong has also suffered many impacts. Amidst many difficulties, many foreign investors have still seen Binh Duong as the "good land" for long-term development. That is evident when new capital and adjusted capital have increased. Typically, Crown Saigon Joint Venture Co.Ltd.’s project manufacturing aluminum cans for beverage containers in Phu Tan Industrial Park in Thu Dau Mot city’s Hoa Phu ward with investment capital of US$95 million adjusted to increase by more than US$ 23 million for production expansion, investment in high-tech production lines; or the project of Vietnam - Singapore Smart Energy Solutions Joint Stock Company adjusted to increase investment capital by more than US$ 27.4 million …
During a recent meeting with leaders of provincial People's Committee to discuss plans for production expansion, Stefan Wysocki, Director of P&G Ben Cat Factory said that in the coming time, P&G Group will further pour another US$ 80-US$100 million for production expansion in Binh Duong, attracting additional 150 employees. The ambition of P&G Group is that Vietnam will become the focus of modern production in the group's production chain in the world. P&G is also committed to investing in Binh Duong towards green transformation, sustainable development, training high-quality human resources and joining hands with Binh Duong in enhancing social responsibility.
Nguyen Van Danh, Vice-Chairman of provincial People's Committee said that foreign investors determined that Binh Duong is still a safe and attractive destination. The recent addition of large-scale projects, applying high technology in such important fields as energy, processing and manufacturing industries has further demonstrated the stability and prestige of Binh Duong in FDI attraction. The province will further make more efforts to call for more high-quality projects and will create maximum conditions for investors of such projects. Binh Duong is constantly innovating and substantively reforming a safe and attractive investment climate to promote the attraction of large projects and form a positive business investment climate.
Reported by Ngoc Thanh-Translated by Kim Tin
