In Q1, 2019, the province continued absorbing more than VND9.88trillion and US$545million in domestic and FDI capital. Noticeably, the capital flow poured into industrial production of the province, mainly in auxiliary industries.
Good sign from early year
According to provincial Department of Planning and Investment (DoPI), the province in Q1, 2019 lured additional 1,018 newly-registered domestic projects with more than VND9.88billion and 173 extra-ones with VND5.7trillion. So far, the province has drawn 37,494 domestic projects with a total registered capital of more than VND310.8trillion. In terms of FDI attraction, the province attracted additional US$545million, up 30% compared to the same period last year or 38.9% of the year’s plan. Thus, the province has to date absorbed 3.571 FDI projects with a total registered capital of US$32.85billion…
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Production of Kimho Vietnam Company in Ben Cat town
Nguyen Thanh Truc, Director of provincial DoPI said that Binh Duong in Q1, 2019 ranked third nationwide in FDI attraction. Foreign investors were interested in the province’s priority fields on processing, manufacturing, trade-service, high technology…with large-scale projects licensed.
During the past two decades, the province focused on setting up modern economic development strategies; attached special importance to fostering industrial manufacture and services, which was seen as the foundation for the local industrialization and modernization cause; ensured the annual growth of more than 13% with the local economic structure towards the rapid decrease of agricultural production and the fast increase of industrial manufacture, services. Holding the country’s top positions in investment attraction over the past years significantly contributed to promoting the province’s socio-economic development and improving the local people’s quality of life.
Attaching special importance to priority fields
In Q1, 2019, the province had additional 236 new enterprises in operation. The province’s index of industrial production surged 7.16% compared to the corresponding period last year. Of these, processing industry grew by 7.17%; production and distribution of power, gas and water by 10.25%; water supply, waste and sewage treatment by 22.52%...Some industrial products like plastics items, semi-conductors, steel…also gained high growth at 9.1%, 17.9%, 43.5%..., respectively.
Over the past three months, investors of province-based industrial parks (Ips) continued pouring VND14.4billion into infrastructure investment. The Ips absorbed additional US$476million in FDI capital; disbursed US$621million to build factories and purchase equipment for production…Their total revenue during the period was estimated at US$7.2billion…
The province has concentrated on luring investment projects in hi-tech services and hi-tech industries that are less labor incentive and more environmentally friendly…Provincial DoPI will also coordinate with provincial Ips Management Board and companies in Ips infrastructure development to further promote marketing and absorb new investment projects; recheck and grasp operational projects’ demand for capital, thereby facilitating their production-business expansion.
Tran Thanh Liem, Vice-Secretary of provincial Party Committee, Chairman of provincial People’s Committee affirmed that Binh Duong obtained impressive results in FDI attraction and socio-economic development over the past time while hoping that the province will continue firmly holding its position as a locality with flexible development and attraction to investors, thereby creating the premise for it to realize a goal of sustainable and smart city development.
Reported by Khanh Vinh-Translated by K.T
