Investment promotion reaches efficiency
TPP negotiations have just ended, Binh Duong province has received early positive signs in investment attraction. Right from the first round of negotiations, many experts assessed that FDI flows into auxiliary industries of Vietnam would increase rapidly in the near future. In fact, there was a quick impact on FDI flows into Binh Duong. By Nov 2015, the province absorbed nearly $1.5 billion of FDI, exceeding 47.7% year-target; 2,525 FDI projects with total registered capital of nearly $22 billion.
The increase of FDI flows into Binh Duong explained by experts was come from the acumen of investors, especially good infrastructure and effective investment promotion of the province.
Awaiting opportunities from TPP, textile fabric manufacturing plant of Nam Phuong Textile Company was built in Viet Huong 2 IP (Ben Cat town). The plant was invested with $120 million, begun to construct in Oct 2014 on an area of 12ha. After the 1st stage, the plant reached a capacity of 36 million meters of fabric / year.
In early 2015, Far Eastern Group of Taiwan (China) decided to construct a plant with an investment of $274 million for the 1st stage to produce fabric for the textile industry. Cheng Chen Yu - Chairman of Polytex Far Eastern Vietnam Company’s Board of Directors – said the investment in Vietnam was to prepare for TPP. Vietnamese market has now great potentiality. It is believed that the enterprise would add more capital from $700 million to 1 billion for the 2nd stage.
ChinhLong Group of Taiwan (China) also arrived in Binh Duong to build up a paper manufacturing plant with an investment of $1 billion.
Binh Duong province continued to attract more FDI capital. Image: Cotton fiber production at KyungBang Vietnam Company
To attract more investments
Since the end of 2014, Provincial People’s Committee has focused on IP infrastructure development, preparation for a abundant clean land source to seize opportunities from TPP.
In addition, IPs in the province have been expanded and utilized efficiently. The province has 28 IPs, including 26 IPs were put into use with occupancy rate of 65%. Simultaneously, industrial clusters have upgraded material facilities. At present, 6 out of 8 clusters are well operated with a total area of nearly 600ha with occupancy rate of 45%.
The province has paid much attention and carried out well investment attraction works. Besides, provincial leadership have been side by side to shared thoughts, aspirations of businesses. This has contributed to enhancing the province’s reputation, making good and reliable impressions on investors.
Speaking at the meeting of “Mastering the situation, overcoming difficulties, promoting socio-economic development in the province”, Tran Van Nam – Chairman of Provincial People’s Committee – said pervasive effects of TPP on Vietnam in general and Binh Duong province in particular were evident. In the coming time, the province must put more efforts into investment attraction to achieve greater efficiency. Binh Duong will always satisfy enterprises investing in advanced and high-tech industrial production…
Reported by Khanh Vinh, H.H - Translated by Ngoc Huynh