Attracting investment exceeded yearly plan
According to the provincial People's Committee (PPC), in the first 4 months of 2017, the province attracted 1 billion 431 million US dollars in FDI. Of these, 64 new investment projects with total registered capital of 860 million US dollars and 27 increased capital projects with 578 million US dollars. Compared with target set in 2017 is to attract about 1 billion 400 million US dollars FDI, in just 4 months, Binh Duong has exceeded the plan.
As of mid-July 2017, the province has attracted about 27 billion 500 million US dollars FDI, ranking 2nd after Ho Chi Minh City attracted the most FDI in the country. In total FDI attraction of Binh Duong province to the present time, processing and manufacturing industry sector dominates. Most of the projects after investment approval are deployed to build factories soon to go into operation. From beginning of the year, industrial zones in the province have added a number of inaugural plants in operation. Typically, Kraft Vina Paper Company inaugurated and put into operation production line No. 2: PM No.2 (hybrid technology for packaging), increases production capacity from 280 thousand tons of corrugated paper to 500 thousand tons per year. Another company, Polytex Far Eastern Vietnam inaugurated a polyester fiber factory in Bau Bang Industrial Park with a total capital of more than 400 million US dollars. Most recently, TPR Vietnam Co., Ltd. (100% Japanese capital) inaugurated its 5th factory in Vietnam-Singapore II-A Industrial Park with a total capital of 42 million US dollars, specializes in producing key products such as ron, barbed wire, electric appliance, household products from plastic.
Workers of TPR Vietnam Co., Ltd. during manufacturing hours
According to Mr. Nguyen Thanh Truc - Director of Planning and Investment Department, investment environment of Binh Duong province has been improved and oriented toward sustainable development. Industries, sectors with advantages such as power industry, electronics, mechanics, pharmaceuticals, chemicals, trade and services attracted by many investors, number of delegations of foreign investors to the province to learn investment opportunities increased much compared to previous years.
The United States continues to invest in Binh Duong
Along with the wave of foreign investment in Vietnam, Binh Duong has become a destination for many US investors. Medovations Limited Company is a 100% US owned company, licensed by Binh Duong Province in Vietnam - Singapore I Industrial Park in the end of 2010, specializes in manufacturing medical equipment for export. With annual revenue growth of about 10%, after 7 years of operation, the company constantly expands its factory size and investment capital for the plant.
Starting with 320 thousand US dollars in initial capital, the company has raised total investment to1.5 million US dollars. In the first 6 months of 2017, many major US corporations visited and explored investment opportunities in Binh Duong. Typically, ACO Investment Group, actives in the field of renewable energy. The Group has 100 years of experience in the business, management, and maintenance of solar power projects for consumption, roof energy panels and wind power. The Group has carried out many power generation projects in the world.
Along with better cooperation between Vietnam and the US, direct investment of US businesses in Vietnam in general and Binh Duong in particular is also increasing rapidly. Up to now, Binh Duong has had over 90 investment projects of the US, with a total investment of nearly 1 billion US dollars, ranked 9th out of 59 countries and territories investing in Binh Duong. US businesses invest in Binh Duong in a wide range of industries, such as production of cosmetics, medical equipment, textiles, wood, consumer goods and agricultural production.
In the investment process in Binh Duong, foreign businesses in general and US businesses in particular highly appreciated investment environment of Binh Duong province. First of all, the administrative reform is more favorable, the province promptly solved difficulties and obstacles for investors in the process of production and business. In addition, the quality of human resources has been improved and the province has made more efforts in the process of investing in construction of technical infrastructure and social infrastructure more synchronized. In particular, the growing relationship between Vietnam and the US will be an important driving force to push US investors to Binh Duong and continue to expand production and business. The better bilateral relations between Vietnam and the US will be opportunities for US businesses to invest in Vietnam. Meanwhile, Binh Duong continues to be an ideal destination for US investors. Strengthening economic ties will become a pillar for the two countries to move closer to one another, aiming for a more prosperous future.
Leader of ACO Investment Group (USA) comes to learn investment opportunities in Binh Duong. Photo: Vice Chairman of the provincial People's Committee Tran Thanh Liem takes photo with the delegation
According to the general assessment of US businesses, Binh Duong is one of the provinces with the best infrastructure in Vietnam today, along with that, plentiful human resources and dynamic leadership team, ready to support businesses with high sense of responsibility. In addition, the establishment of factory in Binh Duong also very well served the need to expand the market, seeking new growth opportunities, as the province is located in a favorable geographical position, in the Southern Key Economic Zone.
Mr. Tran Thanh Liem - Chairman of the provincial People's Committee said, to let Binh Duong continue to be a reliable address, an attractive destination for investors, in the coming time, provincial leaders and all levels in the province will timely and effectively focus on implementing policies on socio-economic development and international economic integration, mobilize all resources to continue investing in building more technical infrastructure, continue to improve investment environment, accelerate administrative procedures reform, improve provincial competitiveness, and implement flexible solutions, to assist in removing difficulties and obstacles, creating the most favorable conditions for businesses to invest and business production in localities.
"Binh Duong is always aware that, business community is a very important factor contributing greatly to socio-economic development of the province. Therefore, provincial leaders and all levels in the province always respect and listen to sincere and responsibility comments of business, associations and aspirations of investors, businesses, to take appropriate measures to further improve investment environment of the province increasingly perfect and effective in the future "- Chairman Tran Thanh Liem shared.