The province’s FDI attraction in the first 7 months of 2020 decreased by 40.4% compared to the same period last year, due to the impacts from Covid-19 pandemic. However, the province has mobilized all resources to welcome the wave of shifting investments to Vietnam, especially from EU after the EU-Vietnam Free Trade Agreement (EVFTA) came into effect.
Investment attraction in right direction
According to the Foreign Investment Agency under the Ministry of Planning and Investment, Binh Duong as of June 20 ranked fifth nationwide in FDI attraction only after Bac Lieu with US$4billion, HCM city with US$2billion, Ba Ria-Vung Tau with US$1.94billion and Ha Noi with US$1.2billion.
Binh Duong has continued strongly attracting FDI capital inflows. In picture: This is a production line of Punch Industry Manufacturing Vietnam Co.Ltd. in Ben Cat town-based My Phuoc IP
In the first half of the year, the whole province lured US$963million or 66% compared to the same period last year and 68.8% of the year’s plan. Particularly, there were 71 new FDI projects with total registered capital of US$327million. The total registered capital at province-based industrial parks was US$697million or 67% against the same period last year, 72% of the province’s total registered FDI capital.
Most FDI projects focused on manufacturing and processing with US$726.3million or 75% of the province’s total registered FDI capital. The FDI capital amount in real estate was US$130million or 13.6% of total investment. During the period, there were 30 countries and territories making investment in the province.
Possibly speaking, the province has still lured investment projects in line with the local development orientation, despite the impacts from Covid-19 pandemic. FDI enterprises still play an important role in helping the province reach deep integration into the international economy.
It is known that Binh Duong has so far ranked third in FDI attraction (after HCM city and Ha Noi) with 3,855 valid projects capitalized at US$34.9billion or 9.2% of the country’s total FDI capital. On average, each FDI project in the province is around US$9.1million.
Being proactive to welcome new investment capital inflows
Binh Duong now has a synchronous and modern infrastructure system. The province has constantly been among top localities in the Public Administrative Reform Index (Par Index), Provincial Competitiveness Index (PCI) and many other indexes. Noticeably, the province has absorbed the world’s leading investors in manufacturing, namely the project of Singapore’s Sung Shin Tech Limited in Tan Dong Hiep B with US$30million; the project of Singapore’s Ever Giant International Private Limited with US$20million. This is seen as a positive sign for the province in investment attraction.
Bui Minh Tri, Head of provincial Industrial Parks (IPs)’Management Board said that the province has given priority to absorbing powerful partners, great corporations, hi-tech industries that are less labor intensive and more environmentally friendly…Till now, the units has controlled over 31 IPs with more than 12,720 hectares, including 29 in operation with more than 11,020 hectares in total. For better development, province-based IPs need to take measures in order to enhance competitiveness…
To welcome the new investment wave, province-based IPs have urgently made investment in infrastructure facilities. Since early this year, they have spent VND145.45billion on technical infrastructure systems or 103.78% compared to the corresponding period last year and 73.23% of the year’s plan. Some Ips, namely Cay Truong, Dong Hiep An, South Tan Uyen, VSIP III…, are promoting the progress of construction…
Reported by Ngoc Thanh-Translated by K.T
