Since the beginning of the year, Binh Duong has implemented numerous significant measures to enhance the investment climate, bolster competitiveness, and establish a fair and secure business environment for individuals, enterprises, and investors.
Encouraging indicators
According to local Department of Finance, in the first two months of 2025, the number of newly established enterprises in the province rose by 46.9% in quantity and 11.4% in capital compared to the same period in 2024. Currently, the province has 75,407 registered domestic enterprises with a total registered capital of VND 822,481 billion. In alignment with the action plan of the Provincial Party Committee to implement Resolution No. 5 of the 12th Central Committee on private economic development, which aims to continue innovating and enhancing the efficiency of state-owned enterprises, Binh Duong is projected to reach 80,000 enterprises by the end of 2025, having already achieved over 94% of this target.
Notably, since the commencement of 2025, the provincial People's Committee has sanctioned the investment policy for 23 projects from enterprises utilizing domestic investment capital, amounting to a total registered capital of nearly 42,000 billion VND (approximately 1.7 billion USD). Among these, 16 projects pertain to the commercial housing sector, with a cumulative investment capital of 38,453 billion VND. On February 1, in the presence of Prime Minister Pham Minh Chinh, Binh Duong further granted investment policy approvals and investment certificates to 7 foreign direct investment (FDI) projects, collectively valued at nearly 1 billion USD. These developments signify a positive trend for investment capital inflows into the province in 2025. Concurrently, the FDI sector continues to invest in new, more advanced machinery lines and expand production and business facilities to enhance productivity. Notable examples include the phase 3 investment expansion project of Polytex Far Eastern Co., Ltd. in Bau Bang district, Kumho Tire Vietnam Co., Ltd. in Ben Cat city, and Timberland Co., Ltd. in Tan Uyen city.
Mr. Kim Hyun Ho, General Director of Kumho Tire Vietnam Co., Ltd., stated that the company has consistently evolved and expanded in recent times. Currently, the organization is preparing to invest further in phase 3 expansion, scheduled for early 2025, which will elevate the total investment capital in Binh Duong to 908 million USD and enhance the factory's capacity from 12.5 million tires to 17 million tires per year.
According to the Binh Duong Industrial Parks Management Board, the industrial parks within the province are making preparations regarding land, infrastructure, and human resources to attract an increasing number of high-quality domestic and foreign investment projects. In alignment with the planning of priority industrial parks set to be implemented during the 2025-2030 period, the Binh Duong Industrial Parks Management Board intends to provide guidance on the planning of 10 industrial parks by 2025. Additionally, Binh Duong aims to establish 1-2 new industrial parks and 3-5 industrial clusters in 2025.
Unlocking catalysts for growth
Recently, provincial leaders convened with executives from Truong Hai Group (THACO) to strategize the execution of investment projects focused on industrial park infrastructure and urban development models in Binh Duong. In this context, Binh Duong is committed to alleviating challenges and obstacles, offering maximum support to investors to expedite the development of the supporting mechanical industrial park project, which spans over 700 hectares and entails a total investment of approximately 26,000 billion VND (over 1 billion USD). The prompt establishment of this industrial park will address the shortage of raw materials, reduce time and transportation costs, and simultaneously create opportunities for businesses, particularly small and medium enterprises, to foster collaboration and mutual support, enhance the business community, and engage in the global value chain.
Binh Duong is steadfastly executing tasks and solutions aimed at attaining double-digit economic growth by 2025. To realize this objective, Binh Duong is actively reforming administrative procedures and advancing digital transformation; consistently reviewing and decisively eliminating local regulations and procedures that hinder businesses; promptly advising superiors on regulations and procedures that no longer align with current realities; and reducing the time required to process administrative procedures by 50% compared to existing regulations to foster a more conducive investment environment.
Starting 2025, provincial leaders have convened meetings and dialogues to address challenges faced by businesses, aiming to facilitate the resolution of difficulties in production and commercial activities. They have also actively solicited feedback and suggestions from enterprises to foster the growth of these activities, with the objective of achieving double-digit growth for the province in 2025. The Provincial People's Committee has instructed departments, branches, and localities to prioritize the elimination of obstacles, expedite compensation processes, site clearance, and the construction of projects, particularly those deemed essential. Furthermore, there is a continued commitment to enhancing the quality of the investment and business environment, ensuring robust support for businesses.
Mr. Vo Van Minh, Deputy Secretary of the Provincial Party Committee and Chairman of the Provincial People's Committee, stated that to achieve the double-digit growth target, Binh Duong is expediting the progress of public investment, particularly in regional infrastructure projects such as Ring Road 3, Ring Road 4 of Ho Chi Minh City, and the Ho Chi Minh City - Thu Dau Mot - Chon Thanh Expressway. Ensuring the timely advancement of these initiatives, coupled with the province's promotion of investment policies for various other projects, will significantly enhance the province's growth in accordance with its planning. Furthermore, this will stimulate investment and sustain the production and business capacities of enterprises and investors upon the prompt completion of these projects.
In addition to infrastructure, reforming administrative procedures is regarded as a top priority for the province. Binh Duong is executing a pilot project for a “one-level” Public Administration Service Center, which aims to simplify and digitize the processes of granting investment licenses, registering businesses, and managing construction and land, thereby saving time and costs for enterprises. To promptly address challenges faced by investors, Binh Duong consistently organizes dialogue conferences between provincial leaders and businesses, fostering trust and collaboration between the government and the business community. |
Reported by Ngoc Thanh - Translated by Vi Bao
