Binh Duong is implementing numerous measures to bring about a more robust transformation in its business environment and enhance competitiveness. Among these, the province is focusing on two main strategies, including attracting high-quality foreign investment projects and upholding its advantages while promoting its image to encourage long-term development by foreign investors.
Building trust with enterprises
At a recent meeting with provincial leaders, Yeh Ming Yuh, General Director of Polytex Far Eastern (Vietnam) Co., Ltd. shared that in 2015, Far Eastern Group invested in building a factory in Bau Bang Industrial Park with the initial capital of US$274.2 million. After several capital increases for production expansion, the company has become the largest foreign-invested project in Binh Duong, with total investment of US$1.54 billion.
Provincial leaders meet representatives of Lego Group
Regarding the company's phase 3 investment expansion project, Mr. Yeh Ming Yuh stated that it is progressing as planned and is expected to be operational by the end of 2025. In support of green manufacturing, the company will also build a solar power plant to supply electricity for production. The company is committed to investing in Binh Duong with green transition technologies, sustainable development, high-quality human resource training and environmental protection.
To address enterprises ‘challenges, provincial leaders held numerous meetings and dialogues to listen to and support enterprises over the past time. During these meetings, many enterprises affirmed that Binh Duong was still an attractive investment destination for foreign investors.
Mr. Lee Bong Hee, Senior Vice Chairman of province-based Korean Business Association acknowledged that while South Korean enterprises faced challenges last year, the support from Binh Duong's authorities helped them maintain stable production and growth. Through these dialogues, enterprises ’difficulties were swiftly resolved, thereby bolstering their confidence in the province's business environment.
Creating favorable conditions
Thanks to continuous improvement in its investment and business environment, Binh Duong has become an appealing destination for investors. It currently ranks third in Vietnam in terms of attracting foreign direct investment (FDI). Foreign-invested projects have significantly contributed to the province's industrial production value.
Two years after its groundbreaking ceremony, Danish Lego Group recently held a progress review for its Lego Vietnam Factory Project in the Vietnam-Singapore Industrial Park III (VSIP III). The company announced that 90% of construction, installation and trial operations of the factory's production lines (Phases 1 and 1A, with the annual capacity of 30,000 tons) have been completed. Jesper Hassellund Mikkelsen, Senior Vice President of Lego Group Asia Manufacturing and General Director of Lego Manufacturing Vietnam Co., Ltd. stated that testing and calibration of injection molding and packaging lines mark an important milestone, demonstrating that the project is on schedule. This success is attributed to the support from various ministries and departments of Vietnam and Binh Duong as well as collaboration with partners and employees. With 90% of construction and equipment installation completed, the company is actively recruiting laborers to ensure timely production for its partners.
Responding to Binh Duong's investment attraction policies, Lego Group selected VSIP III for its Vietnam factory project, with total investment of over US$1.3 billion. Lego, one of the world’s leading toy manufacturers, chose Vietnam for its production expansion.
Vo Van Minh, Vice Secretary of provincial Party Committee and Chairman of provincial People’s Committee emphasized that these results have clearly demonstrated investors’ support for Binh Duong's investment policies. This has provided significant motivation for the province to further reform administrative procedures and develop investment attraction policies, fostering confidence among investors and is the basis for investors to feel secure in production in Binh Duong in particular and Vietnam in general. With the concept of "The success of investors is the success of the province", Binh Duong has made efforts to plan and create favorable conditions to form and develop industrial parks with a modern infrastructure system, better meeting the production and business needs of enterprises.
To continue being a prime destination for foreign investors, Binh Duong is prioritizing infrastructure projects that enhance regional connectivity, planning industrial parks and compounds, redesigning development spaces, attracting high-quality foreign investment projects. The province is also promoting digital transformation and implementing green and circular economic practices in line with sustainable development goals for the new era.
Reported by Ngoc Thanh-Translated by Kim Tin
