Binh Duong has been one of the leading regions in industrial production of the country. All governmental levels and sectors have implemented open policies, incentives, listened and timely solved problems of enterprises to support business growth.
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Production activities at Tetra Park Company, VSIP 2.
Enterprises are supported
For many years, Binh Duong province has actively improved its investment and business environment, encouraged enterprises to invest and innovate their production. With efforts to improve socio-economic infrastructure, urban - service development as the foundation for building Binh Duong Smart City, provincial economy over the last 5 years continued to make steady progress. Binh Duong also assisted the business community in order to create mechanisms and motivation for enterprises to develop sustainably and strongly.
In the past 5 years, with the determined leadership and drastic direction of provincial Party committees, government, and the consensus from the people and business community, total investment capital of the whole society reached VND 535,585 billion, an average increase of 13.3% per year; provincial State budget accounted for 14.48%; total foreign investment capital accounted for 38.87% and foreign direct investment capital accounted for 46.65%. The economy maintained high growth with an average rate of 9.3% per year; budget revenue increased by 11.2% per year; industrial production index (IIP) increased by 9.64% per year. In the 2016-2020 period, Binh Duong planned to attract $7 billion of FDI. At the end, the province absorbed over $11 billion.
Binh Duong implemented the reorganization and innovation of state-owned enterprises in accordance with regulations; state-owned corporations carried out equitization and divestment. The performance of state-owned enterprises and enterprises after equitization was improved. By the end of 2019, the province had one 100% state-owned enterprise represented by Provincial People's Committee and one 100% Party-owned enterprise. The collective economy developed favorably, increased in quantity, supported quite well the household economy; built up many models of cooperative joint ventures, production cooperation, multi-industry businesses, combined services with general business.
Along with the development of industrial production, trade - services, planning and investment in urban development also received much attention. The provincial urbanization rate now reaches 82%; new rural construction program finished more than 1 year ahead of schedule. Social security was secured, people's lives were gradually heightened, per person's income is expected to reach VND 155.7 million by the end of 2020. Each year, the province introduces jobs to more than 46,000 workers. For many years, there have been no poor households according to criteria of the Central Government.
Satisfied investors
In order to achieve important results in socio-economic development, in addition to the advantageous "geographical" factor, Binh Duong's success was contributed by the continuous improvement of investment environment. The province has made every effort to support investors and enterprises in removing difficulties and obstacles in production and business activities in many forms. In particular, provincial leaders regularly learn about the situation of investment projects, promptly solve difficulties for investors while implementing their projects. Besides, departments, sectors and localities created favorable conditions for economic sectors to develop, not discriminate, create an equal playground for all enterprises, especially in accessing investment and business opportunities, implementing administrative procedures, policy regimes, resources, land, loans... The province regularly holds meetings and dialogues between provincial leaders, industry associations and enterprises to actively listen and solve difficulties of enterprises.
According to investors, in addition to consistency in innovation methods in investment attraction, Binh Duong also made important breakthroughs in the effective implementation of investment attraction and human resource training. Furthermore, the province also strove for a comprehensive infrastructure to be of service to socio-economic development. In order to facilitate enterprises and investors, the province has made investment in social security infrastructure to stabilize workers' lives. During the past 5 years, the province invested 92 new school projects, total investment of nearly VND 5,000 billion, including 77 budget projects of nearly VND 4,500 billion and 15 socialization projects of over VND 500 billion; created favorable conditions for 80 non-public educational training establishments invested by enterprises.
Sakai Yasuyuki, General Director of Maruchi Sun Steel Company (Di An City), was satisfied with the investment environment in Binh Duong, said: "We came to invest in Binh Duong in 2006, the company has been supported by all levels of government, received good conditions for development. Over 15 years in Binh Duong, we have eyed the infrastructure here to be more complete, more convenient. The company's staff always strive to create good-quality products, making a small contribution to the local economy's development. Provincial leaders, departments and agencies are always willing to listen to opinions of investors to support, answer, and always welcome and create favorable conditions for enterprises to cooperate, invest, and prosper".
Mai Hung Dung, Member of Provincial Party Standing Committee, Permanent Vice Chairman of Provincial People's Committee, said that in the coming time, in addition to attracting high-quality investment, the province strengthened the development of logistics, transport infrastructure, urban planning, industrial infrastructure, administrative procedure reform to create the best conditions for enterprises and people to invest in economic development, gradually creating a foundation for the transition to a knowledge economy, digital economy, welcoming the Industry 4.0. All strategies and steps turn towards a smart city, towards a higher added value of enterprises, and improving the quality of people lives.
Reported by Tieu My - Translated by Ngoc Huynh
