Binh Duong has been very steadfast to selectively absorbing investment projects towards sustainable development. Upon this, the province has lured good FDI capital flow, mainly in hi-tech industries that are less labor insentive and more environmentally friendly…
Sound policy
After being reestablished in 1997, Binh Duong reached an economic structure with 50.45% in industry, 26.8% in services and 3.74% in agriculture. The province has so far gained remarkable development with economic targets that are tens of times higher than that of 1997.
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Production line of Omron Company at TDM city-based VSIP II
In 2017, the province’s industrial production value was estimated at more than VND786.3trillion, 196 times higher than that of 1997. The province’s total retail sales revenue of commodities and services was more than VND83.1trillion, 27 times higher than that of 1997. The province’s GRDP per capita reached VND120million…
To ensure sustainable development, since 2008, the province has selectively lured investment projects under provincial People’s Committee’s Decision No.58/2008/QD-UBND that was replaced by the Decision No.49/2011/QD-UBND issued in 2011.
It is expected that provincial People’s Committee will further promulgate a decision regulating the arrangement of industries in the province to replace the Decision No.49. Accordingly, the province will promote projects on industrial manufacture, workshop construction for rent; remove projects causing environmental pollution in urban and residential areas to industrial compounds and industries with suitable industries and good technical infrastructure facilities. Province-based hi-tech industrial compounds and parks will only absorb projects in the list of investment industries approved…
Always improving investment climate
The province’s investment attraction last year reached impressive figures. Particularly, the province absorbed more than VND45.5trillion in domestic capital, up 52% compared to 2016. The province’s FDI attraction gained more than US$2.7billion, up 75% with the rate of capital disbursement at 80%.
In the first four months of 2018, the province lured additional VND17.1trillion in domestic capital, a year-on-year increase of 55.3% and more than US$500million in FDI capital. The whole province has so far drawn 31,778 domestic enterprises with a total registered capital of VND248.9trillion and 3,082 FDI ones with a total registered capital of more than US$29billion, ranking second nationwide in FDI attraction.
Obviously, the province’s selective investment attraction has contributed to improving the local investment climate. This factor has had great influences on the annual Provincial Competitive Index (PCI) of Binh Duong. Accordingly, the province has always been among the country’s top localities in PCI. The result has showed consensus from investors for the province’s investment attraction orientation.
Tran Thanh Trong, Vice-Chairman of provincial Business Federation said that the province’s selective FDI attraction is a sound policy under the Prime Minister’s instruction in investment attraction. For investors, this movement has not only hindered them, but also facilitated their long-term development under the law in line with the local socio-economic development.
According to Tran Thanh Liem, Vice-Secretary of provincial Party Committee, Chairman of provincial People’s Committee, provincial leaders will bend on effectively implementing policies on socio-policy development and international economic integration; mobilize all resources to further perfect technical infrastructure facilities. The province will also further improve the local investment climate, boost administrative reform and enhance the PCI. “Provincial leaders have always listened to investors’ aspirations for appropriate solutions in order to further improve the local investment climate”, he added.
Reported by Khanh Vinh-Translated by K.T
