Increasing investments
In recent years, Binh Duong province has attracted many large projects from South Korea. Korean enterprises in Binh Duong are operating efficiently. Namely, Vietnam Kumho Tires Company has a total investment of $128 million; Vietnam DCT Partners Company is investing in hotels, commercial centers, apartment buildings with a total investment of $100 million; Vina Orion Foods Company produces confectionary products with a total investment of $60 million…Most projects were located in industrial parks or clusters in accordance with approved plans.
Since the beginning of this year, Korean enterprises have invested in 25 new projects, increased investment capital worth $134.2 million of 14 projects in Binh Duong, including 92.2% investments in industrial areas.
Along with basic competitive advantages, like: stable investment environment, comprehensive infrastructure, attention from provincial leaders at all levels, international economic integration of Vietnam in general and Binh Duong province in particular has expanded, attracting many foreign investors including Korean enterprises. Since the beginning of the year, many new Korean investments have been started in the province, like: NPC Toda Company manufacturing plastic products with a total investment of $30 million in VSIP II; Vina Castec Company producing mechanical products, auto parts, electronic parts with a total investment of $14.4 million...
Always accompanying investors
Mr. Phu Huu Minh, Deputy Director of provincial Department of Planning - Investment, said, it was a good signal when there had been more and more Korean enterprises to invest in Binh Duong province. This implied that, thanks to the dynamic and advantageous business environment, Binh Duong has been an attractive destination to Korean investors.
On the other hand, the province always listens to business’s opinions to remove promptly difficulties; organize regularly dialogues, meetings between provincial leadership and businesses, associations.
Namely, at the meeting between provincial leaders and Korean business association, Korean enterprises expressed their desire to expand production in Binh Duong.
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"I've never seen any place like Binh Duong”
At the last meeting between provincial leaders and Korean Businesses Association, Binh Duong Newspaper had an interview with Korean Consulate General in HCMC Mr. Park Noh Wan.
- Sir, how do you feel about this meeting?
- It was great that during a short time, many important issues were raised. The meeting brought satisfaction, excitement for both sides. I appreciated results as well as initiatives of Binh Duong leadership. Honestly, I have never seen any place can do things like Binh Duong does. Provincial leaders listened to all opinions of businesses and put forward responsible solutions. This will be the impetus for investment attraction.
This success came from initially the organizer, Department of Foreign Affairs and Becamex IDC. Korea and Vietnam have different languages, laws, cultures... Thanks to experts, Binh Duong province organized a reasonable conference space in order for delegates to express their opinions. Hopefully, this activity will be promoted.
- Do you have any suggestions for Binh Duong’s further development?
- Vietnam in general and Binh Duong in particular is planning socio-economic development target every 5 years. In the 2015-2020 period, in addition to issues under State management, socio-economic targets should be disseminated widely among investors. Binh Duong has now 85% FDI enterprises, a favorable investment environment, but the foremost requirement of investors are security and safety. Therefore, this should be considered carefully; constant reform of taxation, customs are also in need to be in line with international practices.
We will also report some issues to Korean Consulate General in Hanoi to have larger dialogues with businesses from the Government.
- Thank you, sir!
Also at this meeting, General Secretary of Korean Businesses Association in Binh Duong province Mr. Park Sung Sam said, compared to other provinces in the Southeast region, Binh Duong had a distinct advantage, that was the optimization in the implementation of administrative procedures, contributing to bringing confidence and success for businesses. In the future, trade agreements would take effect and bring many advantages for Vietnam enterprises. As General Secretary of Korean Businesses Association in Binh Duong province, we will continue to call for Korean companies to invest in Binh Duong ".
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Reported by D.Chi, H.H - Translated by Ngoc Huynh