Binh Duong has diversified to attract foreign investment from potential markets and partners by focusing on the world's leading developed countries and transnational corporations holding advanced technology and advanced management skills for modern values including investors from the United States.
US businesses are making discussion with Vietnamese businesses about investment cooperation opportunities
Advantages of Binh Duong
In 2023, Binh Duong will continue to be assessed as one of the provinces and cities that would eye great socio-economic development, especially in terms of the prospect of attracting foreign direct investment (FDI). The basis for such statement is analyzed based on the basic results of 2022 when the province's gross product (GRDP) achieved a relatively high growth rate compared to the average growth rate of the whole country; and, economic structure of the province moved positively in the direction of gradually increasing the proportion of services and industry.
Especially with an open and attractive investment environment, in recent years, Binh Duong has always been one of the leading provinces and cities nationwide in attracting FDI. In 2022 alone, the province has attracted USD 3.1 billion including 69 new projects, 21 capital adjustment projects and 171 capital contribution projects. Accumulated to December 31, 2022, the province currently has 4,085 investment projects from 65 countries and territories with a total registered capital of USD 39.7 billion. Binh Duong is currently ranked 2nd in the country in terms of attracting foreign investment capital after Ho Chi Minh city.
The prospect of attracting investors from the United States with high technology and great capacity is present. The United States currently ranks 13th out of 65 countries and territories for having investment projects in Binh Duong with a total of 133 investment projects and a total capital of more than USD 1.34 billion. The main fields of investment are electricity, electronics, logistics, ceramic tiles and sanitary ware, furniture and interior decoration, chemical and cosmetic, sewing and embroidery, and export textile products. Large investment capital fell to P&G, Kimberly Clark Vietnam Co. Ltd., Pacific Textile Co. Ltd., My Phuoc Branch of Colgate Pamolive Vietnam Co. Ltd., Golden Spirits Vietnam Wine Production Co. Ltd. among others.
During a recent meeting with Binh Duong, Anthony Goins - Minister of Economic Development of Nebraska, said that in the coming time, cooperation will be enhanced in the aspects of production, education, and student exchange, investments in high technology, promotion of trade with potentials that Binh Duong and Nebraska lead. The enterprises in the delegation wanted to explore the opportunity to open a factory to produce components for the US market in Binh Duong. 4 Nebraska businesses in the fields of manufacturing components, spare parts in the construction and auto sectors, stainless steel products and irrigation machinery and equipment wished to learn about the legal framework when investing in Binh Duong with the strengths of developing electronic devices.
To prioritize high technologies
At the meeting, Mai Hung Dung - Standing Member of the provincial Party Committee and Standing Deputy Chairman of the provincial People's Committee, affirmed that Binh Duong is ready to create favorable conditions in terms of policies, clean land fund and green development orientation sustainability for US investors. Binh Duong also wishes to cooperate in student exchange to improve the quality of the provincial human resources. Currently, Binh Duong prioritizes attracting investment in high-tech, advanced, environment-friendly, and less labor-intensive industries to create high added values such as financial services, logistics and other modern services, supporting industries, high-tech agriculture and especially attracting investment in the Science and Technology Industrial Park on the basis of the 4th industrial revolution.
According to Pham Trong Nhan - Director of the Department of Planning and Investment, in order to promote the achieved positive results, Binh Duong has set out plans and criteria for attracting FDI in the following years, taking quality, efficiency, technology and environmental protection as the main evaluation criteria. Priority is given to attracting industries using new, high-tech, high-value-added, spillover effects, connecting global production and supply chains.
In 2023 and the following years, in order to increase the attractiveness of attracting investment in the area, the province will continue to implement solutions to drastically improve the business environment, to promptly support people and businesses to restore production and business operations, following up by strengthening the review and recommendation to competent authorities to remove barriers to investment and business activities due to overlapping of legal regulationsReduction and simplification of administrative procedures, linking administrative reform with building e-authority are enhanced towards digital transformation and improvêmnt of the quality of online public services for people and businesses. At the same time, Binh Duong will actively build and effectively implement investment promotion and attraction programs while regularly organizing dialogues, conferences and seminars with investment associations, industry associations, investors, experts, and managers at home and abroad.
Reported by Tieu My – Cam Tu – Translated by Vi Bao
