After seven years of joining the World Trade Organization (WTO), Vietnam has gained remarkable achievements. Binh Duong’s economy has also got a boost during the period. Noticeably, Vietnam’s accession to the WTO has actively affected Binh Duong’s fields in terms of FDI attraction, trade-services, export…
Robust growth in investment attraction
Vietnam joined the WTO on November 7, 2006 and has officially been a member of the WTO since January 11, 2007. After seven years of joining the WTO, Vietnam has achieved a strong growth in all aspects, especially in FDI attraction, trade-services…
With a favorable investment climate, Binh Duong has been very successful in FDI attraction. Binh Duong lured 1,264 FDI projects with total investment capital of US$6.3bln in 2006. On average, each project’s investment capital was under US$5mln. So far, the while province has drawn 2,184 FDI projects with total investment capital of US$18.5bln and the average level of investment capital for each project reaching nearly US$8.5bln.
Vietnam’s accession to the WTO has also actively affected Binh Duong’s trade-services development. Apart from hi-tech projects, Binh Duong has lured many FDI projects in the field of trade and services, comprising of the US$110mln warehouse project of Singapore’s Mapletree Corporation in Binh Duong industry-service and urban complex. Two other corporations, namely Germany’s DB Schenker and Singapore’s YCH, have also got involved in this field.
Meanwhile, Singapore’s Guocoland Real Estate Co.Ltd. and South Korea’s Charm Engineering Co., Malaysia’s SP Setia Berhad Corporation…have poured between US$200mln and US$62mln into the field of urban development. Noticeably, Japan’s Tokyu Corporation has spent US$1.2bln on building the Tokyu Binh Duong Garden City project.
Vietnam’s retail market for foreign retailers was officially opened on January 1, 2009 under the country's WTO commitments. Also thanks to this, Binh Duong has reached a rapid growth in the amount of FDI capital in the trade field with a series of foreign corporations, namely Germany’s Metro Cash & Carry, France’s Big C, South Korea’s Lotte…, pouring investment capital into province-based supermarkets. Noticeably, Japan’s Aeon Corporation has spent US$95mln on building a trade-service complex in Thuan An town.
Acceleration in export
Seven years after Vietnam joining the WTO, Binh Duong’s export industry has reached a new height. Reportedly, the province’s export turnover in 2006 was nearly US$5bln. The figure was US$12.13bln in 2012 and it was US$9.84bln in the first nine months of 2013, 2.4 times higher than 2006.
Along with great export turnover, Binh Duong’s growth in this field after Vietnam’s accession to the WTO has always been at high and stable level. Export growth in 2007 was 27.5% compared to 2006 and 2008’s export growth was 22% compared to 2007. In recent three years, the province’s annual export growth was 16%, despite the impacts of the global economic downturn.
It is known that Binh Duong’s products are now present in 193 countries and territories. All WTO members have owned products from Binh Duong. Noticeably, there has been a rapid increase in the number of hi-tech products with good competitiveness such as electronic components, car and motorbike parts, cosmetics…
Possibly speaking, Binh Duong has taken intiative in building infrastructure and improving the quality of human resources…All have helped Binh Duong take full advantage of great opportunities from WTO to get a robust growth after seven years of Vietnam joining the organization.
Photo: Car components for export being manufactured at the South Korean-invested company in My Phuoc Industrial Park in Ben Cat district
Reported by T.Minh-Translated by K.T
Car components for export being manufactured at the South Korean-invested company in My Phuoc Industrial Park in Ben Cat district
Reported by T.Minh-Translated by K.T
