On the morning of November 9, Becamex IDC in collaboration with the Korea International Trade Association (Kita), Korea World Trade Center (Coex) held an online seminar to promote Korean investment, introduce the potential, competitive advantages, mechanisms and policies of investment attraction in industrial parks of the province. Attending the conference were Nguyen Loc Ha, Member of the Provincial Party Standing Committee, Vice Chairman of the Provincial People's Committee; leaders of departments and branches. The conference attracted the participation of about 100 Korean corporations and firms.
An attractive destination proved
To introduce Binh Duong, Nguyen Loc Ha said that over the first months of 2021, the province's economy gained high growth, but the Covid-19 outbreak affected growth, including foreign-invested enterprises (FDI). However, in difficulties, there were also positive signals, especially the confidence of FDI enterprises in the province is still being firmly strengthened due to the efforts of pandemic fight and economic recovery of the province. Over 10 months of 2021, the province's export turnover is estimated at $26.4 billion, import turnover at $21.4 billion, maintaining a trade surplus of $5 billion.
Binh Duong is taking many measures to attract Strategic Partner Korea to invest in the province's industrial parks. In photo: Kumho Asiana Group, which is manufacturer of car tyres, invests $360 million in Bau Bang Industrial Park.
According to provincial Department of Planning and Investment, over 10 months of 2021, Binh Duong attracted 59 new FDI projects, 23 capital adjustment projects and 155 investment projects in the form of capital contribution/share purchase with a total registered investment capital of more than $1.92 billion. Accumulated to October 31st 2021, the province had 4,008 investment projects from 65 countries and territories with a total registered capital of $37 billion, ranking second in the country in terms of FDI attraction.
Korean projects with large investment capital in Binh Duong are Kumho Vietnam investing $128.3 million; DCT Partners Vietnam investing in hotel projects, commercial centers, high-rise apartments with a total capital of VND100 million; Orion Vina Food investing in confectionery production with a total capital of VND60 million; Lotte Group investing $40 million in shopping malls. Binh Duong currently has 763 Korean projects with a total capital of more than US$3.25 billion. With the advantages of land, transportation, simple and fast administrative procedures, Binh Duong continues to be an attractive destination for foreign investors, including Korea.
To strengthen investor support
According to Le Phu Hoa, Director of Department of Foreign Affairs, in 2021, despite being affected by the Covid-19, Binh Duong held more than 10 online conferences with other countries to stimulate economic development, call for and attract FDI. The province has given 30,712 doses of covid-19 vaccine to foreign investors, experts and workers in the province. This online investment promotion workshop aimed to continue introducing the potential, competitive advantages, mechanisms and policies to attract investors in industrial zones and clusters of the province. Connecting and building relationships between the provincial government, Becamex IDC, and Korean investors.
In the coming time, Binh Duong will prioritize attracting investment from the key Korean market in industries and sectors where Korean investors have strengths, including: Processing and manufacturing industry; industries with high-tech content such as electronics, real estate business; construction and transportation of warehousing; commercial, financial sectors...
Nguyen Loc Ha emphasized that as a locality that is thriving in industry, Binh Duong is constantly improving the investment environment, competitiveness and increasing support for the development of investment enterprises in the province by the upgrade of the socio-economic infrastructure system. Provincial leaders, departments and branches always create favorable conditions, promptly solve difficulties and problems, create favorable conditions for investors and firms to operate effectively.
- Nguyen Loc Ha, Member of the Provincial Party Standing Committee, Vice Chairman of the Provincial People's Committee: Binh Duong always recognizes the efforts and contributions of the Korean business community to the development of the province. In the coming time, the attraction of FDI projects continues to be valued by Binh Duong. The province is focusing on the project of building smart city with the main development orientations, such as attracting investment in the high-tech, high add value, less labor-intensive, environmentally friendly industries; modern and advanced technology innovation, improving the quality of business products to increase competitiveness for the international economic integration.
- Pham Ngoc Thuan, CEO of Becamex IDC: To continue promoting the role in promoting, facilitating business and investment opportunities of FDI enterprises in Binh Duong, Becamex IDC is continuing to upgrade and improve the infrastructure of industrial parks, transport infrastructure connecting the region, logictics system, attracting and training high-quality labor sources... Especially the orientation of building Smart City, Binh Duong Innovation Region, sciencetific and technological industrial parks, and Binh Duong New City World Trade Center. This is the driving force for Binh Duong to attract foreign investors.
- Lee Jeong Won, representative of Coex Korea Group: Binh Duong is now a land with many promises to bring development to economic groups and businesses both at home and abroad. The province's infrastructure system is continuously invested and perfected to reach the world level. In addition, the open mechanisms and policies of the province, especially on reforming administrative procedures and improving the business investment environment, have attracted the attention of investors. Certainly, in the coming time, there will be many investors in developed countries, especially South Korea, to explore investment opportunities in Binh Duong.
Reported by Ngoc Thanh – Translated by Ngoc Huynh
