Strategy for development

The province is now home to 48 industrial parks and compounds with 10,000 hectares in total. The province is also among the country's leading localities in industrial production and FDI attraction. In the first 8 months of 2020, the province ranked third nationwide in FDI attraction only after Ha Noi and HCM city.

So far, 65 countries and territories have made investment in the province. The province has also approved the development planning for 34 industrial parks with 14,790 hectares in total. The number of enterprises in the province has amounted to more than 45,000. The province has set a target of reaching US$7billion in FDI capital for the 2016-2020 period. As of late 2019, the province absorbed more than US$10.2billion. It is predicted that the province will lure more than US$11billion in FDI by the end of 2020. With its efforts, the province has affirmed the local strong points in FDI attraction.

In general, the province today has reached gigantic changes in socio-economic development in comparison with more than 20 years ago. The province's economic scale has got stronger with competitiveness improved, constant growth for many consecutive years, creating the basic premise for the local innovation, integration, industrialization, modernization, sustainable and fast development in the next years.

Mai Hung Dung, member of provincial Party Standing Committee, Permanent Vice-Chairman of provincial People's Committee said that the FDI capital inflow has greatly contributed to the local socio-economic development. Thanks to grasping the country's development and integration trend together with the local own ways, Binh Duong has become a place with the convergence of the world's top corporations, helping the locality take part in the global value chain.

Mr. Kim Won Sik, Chairman of Korea Business Association in Binh Duong: "Korean investors were present in Binh Duong quite early, implemented many projects and obtained positive results. During the operation, projects have always received substantial attention and support from the authorities and functional agencies of the province. That creates peace of mind, reinforces confidence in business and positive psychology, and is willing to have a long-term presence in Binh Duong."

Constantly improving the investment environment

In the 2016-2020 period, the province's economy maintained the annual growth of 9.3%. The province reached the annual growth of 11.2% and 9.64% in State budget collection and industrial production. The province's investment climate continued being improved with FDI attraction gaining more than US$11billion. So far, the province has absorbed 45,500 enterprises with nearly VND395trillion; approximately 4,000 FDI projects capitalized at more than US$35billion from 64 countries and territories, or 9.2% of the country's total FDI capital.

Phu Huu Minh, Deputy Director of provincial Department of Planning and Investment said that the FDI capital inflow has seen as a motivation for the province to become a flexible locality in industrial development. Most FDI projects are from countries and territories with great potential in terms of capital and technology such as Japan, South Korea, Singapore…Noticeably, the province has always been among top localities in FDI attraction, greatly contributing to the common results of the whole country in this field.

Since early this year, the province has still lured FDI projects in line with the local orientation for industrial development, despite the impacts from Covid-19 pandemic. FDI enterprises still play an important role in helping the province reach deep integration into the world's economy.

At a recent seminar on investment promotion with Japanese investors, Mr.Dung emphasized that the province has given priority to hi-tech projects that are less labor intensive and more environmentally friendly; paid special importance to promoting auxiliary industries, taking part in the global value chain of multinational corporations. As a locality with vigorous development in industrial manufacture, Binh Duong is the best destination for foreign investors.

He added that Binh Duong has perfected Binh Duong new city, the political, economic and cultural hub of the province in order to continue being an ideal destination for investor to work and live. The province has also perfected infrastructure facilities for developing industrial parks, connecting inter-regional traffic in the southern key economic zone. The province has always created favorable conditions for foreign investors to work effectively. And the success of enterprises is also the success of the province…