One of the big successes of Binh Duong province in recent years has mobilized resources to jointly take part in provincial economic growth. Therefore, the next target of the province is to continue to call for, encourage investments from all economic sectors to ensure the sustainable development.
A highlight in investment attraction
Binh Duong began the innovation process from a low starting point that all infrastructures must be rebuilt. Nevertheless, Binh Duong has risen strongly to become one of the 5 leading provinces of the country in attracting more than $20 billion of FDI. Apart from provincial smart leadership, investors in and outside the country have contributed largely to achieve these results.
Starting the industrialization, Binh Duong devised the planning for a large area, which was considered as the periphery of HCM City and Bien Hoa City, under Thuan An and Di An in north Highway 1A. The success of Song Than industrial park became a highlight consolidating trusts from all people in industrialization. This was a new progress of the province, gave valuable lessons on how to developing industrial zones, marketing, brand promotion, investment attraction…
In addition to industrial sector, foreign investors have invested in trade – service sector in the province. Image: AEON MALL Binh Duong Canary shopping center invested by Japanese investors has been put into operation.
Binh Duong stared with limited financial capabilities, thus had to depend on rational strategies, not on budget or bank loans for infrastructure development. Therefore, resource mobilizing for sustainable development is critical. In the 2010-2015 tenure, Binh Duong has mobilized all social resources for provincial development. Total social investment in this period achieved VND263,000 billion, while the target set by Party's Resolution was VND240,000 billion; average growth was 20%/year including 8.6% of State budget capital and 43.1% of FDI.
Binh Duong has attracted well investments, selected and gathered foreign investment projects with modern technologies, especially large projects for high-quality urban – service development. During the 2010-2015, Binh Duong absorbed 12,373 domestic enterprises that newly registered and added more capital with a total amount of nearly VND79,000 billion. Currently, the total number of domestic enterprises in the province was 19,638 with a total registered capital of VND146,000 billion.
Foreign investments were also higher than planned. During the last tenure, the province attracted 491 new FDI projects and 690 projects added more capital of $7.9 billion. The province has now 2,546 FDI projects with total investment of $21.5 billion. The province has made impressions of not only the project number, total capital but also big and high-quality projects that are expected to create big changes in socio-economic infrastructure in the future…
Enhancing mobilization of resources
The success in attracting investments showed that investors have been satisfied with open policies of the province. Besides, provincial authorities’ assistance in removing business difficulties has motivated investors to pour more capital into this land. Continuous efforts from provincial leadership plus available advantages, like complete infrastructure, human resources, administrative procedure reform ..., have created more trust from investors.
Considering investment attraction as one most important task, in the coming tenure, the province will set many new targets. As estimated, in the 2016- 2020, total social capital demand of the province will be about VND485,000 billion with the average growth of 12.2%/year, accounting for 31.6% total provincial products. The demands cannot be satisfied by only provincial budget. Therefore, the province will enhance restructuring. Accordingly, the important task will be mobilizing all social resources to jointly take part in the development; boosting foreign investments, especially large cooperates, projects with high and modern technologies…
Binh Duong will also create optimal conditions for investors to do business, consolidate trusts, strengthen friendly cooperative relationships; simultaneously assisting, providing information, promoting trade and business activities; increase accesses to land, labors, infrastructure outside industrial parks, electricity, water, IT, telecommunications ...
In conclusion, in order to sustainably boost the growth of Binh Duong, the work of investment attraction, resource mobilization is the most important task. The successful implementation of this task will help Binh Duong to achieve more and more socio-economic successes.
Reported by Khanh Vinh – Translated by Ngoc Huynh
