With a well-built infrastructure system plus simple administrative procedures, Binh Duong province has continued being an attractive destination for foreign investors, including ones from India in recent years.
Being vanguard in online investment promotion
On the afternoon of December 14, Nguyen Hoang Thao, Vice-Secretary of provincial Party Committee, Chairman of provincial People’s Committee presided over an online seminar on Indian investment promotion, in attendance of Indian Consul General in HCM city, leaders of relevant sectors, departments, provincial Industrial Parks Management Board, Becamex IDC, enterprises, entrepreneurs and around 100 Indian investors.
.jpg)
At the conference
Vietnamese Ambassador to India Pham Sanh Chau said that Binh Duong is a locality being vanguard in online investment promotion. This is a model on digital transformation concerned by the Government. The flexible development of the province over the past time has received the great attention of the Indian business community.
According to the Vietnamese Embassy in India, Vietnam is a destination for Indian investors. Some large-scale corporations from India, namely ONGC, Essar, NTPC, HCL, GMR…are seeking investment opportunities in Vietnam. Noticeably, HCL Corporation has approved a long-term investment plan in Vietnam with the goal of training, recruiting and developing human resources for a series of IT centers with 10,000-20,000 engineers across Vietnam. Initially, the corporation wants to set up an IT center in Vietnam with total investment capital of US$650million. The center is expected to train and recruit around 10,000 engineers in the next five years.
It is known that India is among Vietnam’s major partners in trade activities and Vietnam is the fourth largest partner of India in ASEAN. Vietnam has so far absorbed 206 FDI projects from India with total investment capital of nearly US$900million, ranking twenty-sixth among 129 countries and territories making investment in Vietnam. Among them, there are 10 in Binh Duong with total investment capital of US$116million.
Ready to welcome FDI inflow from India
At the conference, Mr.Thao said that over the past years, the province promulgated many important policies on FDI attraction, economic development; mobilized all resources to develop industrial parks and compounds at domestic and foreign investors ‘requirements for production and business.
Despite the impacts from Covid-19 pandemic in 2020, the province still maintained the local economic growth. The province’s Gross Regional Domestic Product (GRDP) growth rate was estimated at 6.91% while the GRDP per capita was VND150million per year, equivalent to US$6.500. The province’s export turnover was estimated at US$27.43billion, up 8.5%. The province’s trade surplus was nearly US$6billion. So far, the province has absorbed 3,928 FDI projects with a total registered capital of more than US$35.4billion, ranking third nationwide in FDI attraction.
Along with boosting socio-economic development, the province has also actively expanded bilateral and multi-faceted cooperation relations in many aspects. The province has so far set bilateral cooperation with 10 foreign provinces, cities and been official members of 4 multi-faceted international cooperation organizations, including the World Technolopis Association (WTA), the Intelligent Community Form (ICF), the Horasis Asia Meeting and the World Trade Center Association (WTCA).
Mr.Thao emphasized that Binh Duong is one of Vietnam’s localities with vigorous development in industrial manufacture and aims at becoming an innovation region in the future. The province has always improved the local investment climate, enhanced competitive capacity and upgraded infrastructure facilities; made the planning for construction and expansion of industrial parks, creating “clean” land fund for investment attraction; carried out the planning for urban development; trained and supplied human resources for investors…It is believed that the province will become a flexible, innovative, favorable and safe locality and be an ideal destination for Indian investors…
Reported by Ngoc Thanh-Translated by K.T
