The vigorous growth of the industry has contributed to bringing Binh Duong to the 2nd position in the country in terms of FDI attraction, just behind Ho Chi Minh City. Recognizing the important role of attracting investment to socio-economic development, Binh Duong Province is focusing on infrastructure investment; actively improves business investment environment; builds and promotes Binh Duong's image to many international friends.
Binh Duong actively promotes and attracts investment effectively. In photo: Provincial leaders witness the signing ceremony of Memorandum of Understanding (MOU) between Becamex IDC Corporation and Commercial Group & General.
Land of Convergence
According to Dr. Mai Huu Tin, Chairman of the Provincial Business Federation, it is no coincidence that Binh Duong is called the land of convergence and development. With the presence of more than 57,000 domestic enterprises here, today Binh Duong is proud of intellectual and brave entrepreneurs. Many enterprises in the province have shown their integration and firm strength in the international integration process. These enterprises and entrepreneurs are not only good at production and business, but also take the lead in performing social responsibilities to their hometown and country. Many large enterprises of Binh Duong have their facilities in many provinces across the country and abroad, creating jobs for millions of workers.
Currently, Binh Duong is a destination for many domestic and foreign investors and businesses, especially strategic investors. In particular, Binh Duong is very successful in all three types of enterprises (State-owned, Non-State-owned and FDI). According to economic experts, with its strengths, it is inevitable that Binh Duong becomes an attractive destination of domestic and foreign investors. The breakthrough was achieved from the cooperation with large corporations to build prestigious brand names in attracting investment resources.
Over 25 years of accompanying Binh Duong’s development, Becamex IDC Corporation has become an industrial symbol of the province. Becamex IDC has actively called, promoted, and attracted many capable enterprises to invest in its IPs, becoming an address where supports and transfers the industrial park model to many provinces and cities across the country. In addition, Becamex IDC is constantly expanding its investment strategy into many other fields. Since then, it has become an enterprise with a leading role, a "lever" to stimulate the province's economic growth.
According to Assoc. Prof. Dr. Tran Dinh Thien, it would be a huge omission when studying the development process of Binh Duong if not paying due attention to the role of Becamex IDC. This is a strong State-owned enterprise, the main force that gives orientation and shapes the development portrait of Binh Duong for the past 25 years. This is something that no other enterprise can do in any locality other than Binh Duong.
Brand development
By catching up with the development and integration trend of the country to soon shape the direction and with its own way of doing things, Binh Duong has become a place where gathers many world-leading corporations, helping the province joining the global value chain. From utilizing natural and geographical advantages, Binh Duong has actively and boldly seized the opportunity to exploit favorable geographical factors, well implemented administrative procedure reform, created a favorable open business environment in order to build Binh Duong brand of investment attraction.
In 1997, Binh Duong had only 185 FDI projects with a total capital of 961 million US dollars, creating jobs for about 35,000 workers. Now the province has 4,059 FDI projects from 65 countries and countries and territories with a total registered capital of more than 40 billion US dollars. During solely 7 months of 2022, Binh Duong's FDI attraction value reached more than 2.54 billion USD, ranking first in the country. This shows that, in addition to the improved business investment environment, the infrastructure of industrial parks and transport infrastructure in Binh Duong are increasing its advantages and attracting investors.
Recently, at a meeting between provincial leaders and Lego Group (Denmark), Carsten Rasmussen, Lego Group's Operations Director, affirmed that the decision to choose Binh Duong for their investment and construction of new factory had been carefully considered and is part of the Group's development strategy. Lego Group is very pleased to cooperate with Binh Duong Province and Vietnam - Singapore Industrial Park Joint Venture Company to build this modern factory, contributing to bringing thousands of new job opportunities, providing more diverse and high-quality products as well as contributing to the local development.
Vo Van Minh, Deputy Secretary of the Provincial Party Committee, Chairman of the Provincial People's Committee, said that along with the development process of the country, Binh Duong has had a strong transformation to become one of the leading provinces and cities in the whole country in terms of budget revenue, export, and FDI attraction. In order to make the most of resources for economic development, Binh Duong continues to develop innovative strategies suitable to the new situation. In addition, the province put more efforts into facilitating infrastructure construction, drastically improving the investment environment, creating favorable conditions for production business, attracting FDI inflows into the province, helping the province continue to hold its position as one of the most important cities in the country in attracting FDI.
- Alain Canny, President of the European Business Association in Vietnam: Over the past 25 years, Binh Duong has quickly risen to the top of the country in terms of FDI attraction. I have been working in Vietnam for 20 years now and VSIP 1 is my first destination. There are more than 50 European companies investing in Binh Duong. I highly appreciate Binh Duong province on FDI attraction activities and outstanding results that the province has achieved. And recently, we are delighted to know that the Lego Group of Denmark has invested in a large project with a capital of more than 1 billion USD to build a zero-carbon factory in Binh Duong. This is another highlight of European investments in Binh Duong.
- Winnie Wong, President of the American Chamber of Commerce in Vietnam (AmCham): Binh Duong today is completely renovated compared to its image 25 years ago, from a purely agricultural land to one of the leading industrial provinces with impressive development momentum. AmCham members, including Diversatek, P&G, Rochdale's Spear, Fluid Power etc. are investors who will soon come to Binh Duong, and we will continue to accompany the province. AmCham's member companies are very impressed with the planning and infrastructure construction of Binh Duong, including the smart city development project, with an open and attractive investment environment.
- Yeh Ming Yuh, General Director of Vietnam Polytex Far Eastern Company: With the advantages of infrastructure, transport infrastructure and modern industrial zones, Binh Duong has become a preferred destination for investors. I always appreciate Binh Duong province's efforts and determination to improve the business and investment environment, the dynamism of the government in approaching new investors, as well as support solutions, cooperation spirit.
Reported by Ngoc Thanh - Translated by Ngoc Huynh
