At Provincial Administrative Center, Provincial Party Committee’s Inspectorate had a working session with Department of Planning and Investment regarding the leadership, direction and implementation of the 12th Resolution of National Party Congress and the 10th Provincial Party Congress with focus on 1 out of 4 programs of breakthrough proposed by local Party Committee for investment attraction. As a result, investment attraction in the province has gained well outcome.
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Production activities are on-going at Punch Industry Manufacturing Vietnam Co. Ltd. of My Phuoc Industrial Park III, Ben Cat Town. Photo: Thoai Phuong
Early achieved investment attraction
In order to orient the renovation and attract investment, the provincial People's Committee has promulgated a plan to implement the program on investment attraction in the period of 2016-2020 in the province. The objective of this plan is to mobilize resources to meet the needs of economic growth; Striving for the period of 2016-2020 Binh Duong attracts over 7 billion USD of foreign investment capital and 110,000 billion of investment capital from domestic enterprises.
In this period, the province will promote attracting investment in high quality service industries and services supporting industrial development; building the system of promoting and introducing the potential of the province; Investment attraction focuses on the trade-service sector, urban development projects, high-tech agricultural projects, and focuses on implementing the project of building smart cities with the "Three home "(state, business and school). Accordingly, the main solutions implemented by Binh Duong are the strengthening of the leadership of the party committees, the management and administration of the government to promote investment attraction; To formulate and perfect mechanisms and policies to attract investment; To improve the technical infrastructure in service of attracting investment, stepping up the reform of administrative procedures and raising the quality of human resources.
According to the report of the Department of Planning and Investment, over 2 years of implementation of the contents of the Resolution of the Tenth Provincial Party Congress and the breakthrough programs of the provincial Party Committee related to the sector, sector indicators implemented effectively. In the provincial socio-economic development plan for 2016-2017, most of the provincial targets met and exceeded the annual plan. Since then, some economic sectors have been mobilized to invest in the development of a comprehensive and modern infrastructure system. The trade and service sectors are increasingly developed and occupy a higher proportion in the economic structure of the province. Foreign direct investment (FDI) in the 2016-2018 period reached USD 6.5 billion, reaching 93% of the target set by the provincial Party Committee.
This is an encouraging result if Binh Duong is still a poor agricultural province, mainly based on the central budget. But also from the right direction, radical renewal of the leadership of provincial Party Committee, provincial People's Committee, Binh Duong has changed constantly from the past difficult times. From the first days after re-establishment, Binh Duong has identified industry as an important lever, attracting foreign investment as the necessary resources to build and renew the socio-economic picture. Therefore, attracting FDI has made important contribution to the socio-economic development of Binh Duong province and the people's life has been improved.
Environment of investment and business operations improving
According to the Provincial People's Committee, in 2017, the province has attracted more than 45,500 billion domestic investment capital, an increase of 52%; attract foreign investment (FDI) reached more than US$ 2.7 billion, exceeding 87% of the year plan, up 75% over 2016; FDI disbursement is about 80%. Most of the projects after being licensed by the province are quickly built factories to soon go into production and business.
On investment partners, more than 64 countries and territories have invested in Binh Duong, including more and more corporations and transnational corporations with financial and technological capabilities. Taiwan, Japan, Korea, Singapore, Samoa are the countries, territories have long term relationship and sustainable investment with Binh Duong province. To date, Binh Duong has attracted 3,037 FDI projects with a total registered investment capital of US$ 28.47 billion, ranking second in the country after Ho Chi Minh City. Of these, investment in industrial zones is 1,878 with total registered capital of US$ 19.52 billion, accounting for 68.5% of FDI capital.
FDI for many years has contributed to the economic restructuring and industrial production capacity of the province, with nearly 82% of FDI invested in the manufacturing sector. Binh Duong is aiming at sustainable economic development, in association with environmental protection. FDI projects have been positively impacted on the economic restructuring of the province in line with the orientation of industrial and service development, reducing the proportion of agriculture, increasing incomes for people, increasing budget revenue for local. Thanks to good investment attraction, FDI projects have achieved great results and Binh Duong has developed rapidly, becoming one of the most dynamic provinces and cities in the country.
Thanks to the right orientation of the provincial Party Committee, specifically the content of the program of investment attraction in the period 2016-2020, the chart of investment attraction of Binh Duong in recent years on the better. Up to now, the proportion of industry and services accounts for 86.5% of the economic structure of Binh Duong, with average per capita income reaching 108.6 million VND a year. Particularly, the attraction of investment has made a bold impression when the province is consistently in the top in attracting FDI of the country. Thus, Binh Duong continues to become an attractive investment attraction of the country, reaching the top two in the country, only after Ho Chi Minh.
Although the attraction of FDI has been satisfactory in recent years, Binh Duong will continue to improve its investment and business environment in order to strengthen its call for business development resources. local socio-economic development. According to Tran Thanh Liem, Deputy Secretary of the provincial Party Committee, Chairman of the provincial People's Committee, in the coming time, provincial leaders and all levels and branches in the province will focus on deploying timely and effective development policies socio-economic and international economic integration; mobilize all resources to continue investing in building more and more technical infrastructure; continue to improve the investment environment, accelerate the reform of administrative procedures, improve the provincial competitiveness.
Reported by Khanh Vinh – Translated by Vi Bao
