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Thứ 6, Ngày 18/09/2020, 15:00
Attracting foreign investment capital: Success beyond expectations
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18/09/2020 | Nguyen Trang
​PORTAL - Attracting foreign direct investment (FDI) is one of the levers to promote economic growth. For sustainable development, Binh Duong province has created a breakthrough from the Innovation Program to attract investment in the period 2016 - 2020 with the target of attracting 7 billion USD of FDI in the whole period. However, by the end of 2019, Binh Duong had reached its target earlier than expected when FDI attraction reached more than 10.2 billion USD, surpassing both the attracted investment capital and the completion time (one-year in advanced) compared to the plan.

FDI attraction exceeds 50%

On December 15, 2016, Binh Duong Provincial Party Committee issued the Program No. 34-CTr/TU on innovation in investment attraction in the period of 2016 - 2020 in Binh Duong, aiming to focus on attracting investment in partners with strong economic potentials, large economic groups in the world; increasing an appeal, attracting FDI in high technology, high added value, low labor intensive, and environmentally friendly; to focus attraction on industrial parks and clusters that have been planned.

Implementing the above program, Binh Duong has focused on implementing synchronous solutions to achieve the set target. As a result, by the end of 2019, Binh Duong has attracted more than 50% of FDI compared to the plan set out in the period of 2016-2020. In particular, in 2019, Binh Duong ranked third in the country in attracting FDI with the total newly registered, adjusted and contributed shares capital in the whole province reached 3 billion 415 million USD, increased by 55% over the same period in 2018, exceeding 143.98% compared to the target in 2019.

Some projects granted new and adjusted investment registration certificates with large registered investment capital such as: Nitto Denko Company Limited Project in Vietnam - Singapore Industrial Park (VSIP) II with registered capital of 186, 2 million US dollars; Sharp Manufacturing Company Limited project in VSIP II-A Industrial Park with registered capital of 135 million USD; 02 projects of BW Thoi Hoa Industrial Development Company Limited in Thoi Hoa Industrial Park with a total registered capital of 105.8 million USD; Lacquer Craft Vietnam Furniture Co., Ltd project with registered capital of 98.3 million USD in expanded Bau Bang industrial zone; projects on large-scale production of carcass, automotive airbags and other products in expanded Bau Bang Industrial Park with total investment capital of the first two phases by 2026 is more than 600 million USD of Kolon Industries Company (Korea); KyungBang Vietnam Co., Ltd project in Bau Bang Industrial Park with registered capital increased by 84 million USD, registered capital after adjustment is 179.2 million USD; Timberland Co., Ltd project with registered capital increased by 50 million USD, registered capital after adjustment is 80 million USD.


Binh Duong Provincial People's Committee signs a land lease contract with Kolon Industries Company (Korea) to implement the project

In 2020, the Covid-19 epidemic has seriously affected the economic sector and Binh Duong's FDI attraction. Specifically, in the first 8 months of 2020, FDI attraction has decreased by 40.4% compared to the same period in 2019. Only by the end of the second quarter of 2020, the whole province had attracted 963 million USD, equalling 66% over the same period in 2019, reaching 68.8% of the target in 2020. In which, the investment certificates for 71 new projects with a total registered capital is 327 million USD. Total registered investment capital in industrial zones reached 697 million USD, equalling 67% over the same period.

Up to now, Binh Duong ranked 3rd in the country (after Ho Chi Minh City and Hanoi) in FDI attraction with 3,855 projects which is granted valid investment registration certificates, total registered capital is USD 34.9 billion, accounting for 9.2% of the country's total FDI.

It can be seen that, despite the impact of the Covid-19 epidemic, Binh Duong continues to be a bright spot to attract FDI in the country. Binh Duong still attracts projects in accordance with the orientation set out in its industrial development plan, developing a number of important economic sectors such as processing and manufacturing industry, etc. In addition, FDI enterprises are still an economic component contributing to the integration of Binh Duong into the international economic life.

Long-term vision

In order to achieve the above success, according to investors' assessment, there is not only the consistency in innovation methods in attracting investment; Binh Duong has also made important breakthroughs to effectively implement the policy of "Creating the best opportunities to attract investors and talents". In which, focus on creating infrastructure for socio-economic development in the area; tt the same time, the functional branches conscientiously accompany with the business.

Mr. Kim Won Sik - Chairman of Korea Investment Business Association in Binh Duong said that in order for foreign businesses to stick with the locality, sustainable development strategy is very important. "For investors, where they choose to invest is the most important. Binh Duong is one of the localities with quite a good investment environment. In Binh Duong, businesses are supported to solve problems quickly and promptly by provincial leaders, departments", Mr. Kim Won Sik said.


Mr. Kim Won Sik (on the left) - Chairman of Korea Investment Business Association in Binh Duong attends the meeting with Korean businesses investing in Binh Duong

And General Director of NTT East - a subsidiary of NTT Group in Japan, which is cooperating with Vietnam Technology and Communication Joint Stock Company (VNTT) - Mr. Fukuzo Inoue said that how to support businesses in authorizing operation, creating conditions for production premises ... is a plus point of Binh Duong in the eyes of foreign investors. "We highly appreciate the support of the Binh Duong government in assisting us in licensing and other matters. I hope that, in the future, we will continue to receive more support from Binh Duong province to make our project in Binh Duong more successful "- Mr. Fukuzo Inoue expressed.

Another advantage of Binh Duong, which is highly appreciated by investors, is incentives in attracting investment. Mr. Bui Minh Tri - Head of the Provincial Industrial Zones Management Board said that Binh Duong is a locality that complies with Government's regulations on preferential policies to attract investment. Specifically, for investment projects in industrial zones that are not located in urban areas, the common average incentives are income tax exemption for 2 years and a 50% reduction in the next 04 years, common income tax is 20%.

For projects with capital of over VND 6,000 billion implemented within 03 years or more, employing 3,000 employees or the first 3 year- turnover of 10,000 billion VND, income tax rate is reduced for 4 years, exempted from preferential tax rate of 50% in the next 9 years ... This rate also applies similarly to businesses investing in high-tech, supporting industries which are certified by ministries and branches.

Besides, Binh Duong has a convenient location, located in the key economic region in the South, having a synchronous infrastructure, which is convenient for goods circulation. Most importantly, the province has successfully reformed administrative procedures; the bright spot is building the public administrative center, the centralized one-door division. Every year, the provincial leaders hold dialogues to acknowledge investors' opinions, so that they promptly assist in solving difficulties and problems for businesses.


Mr. Tran Thanh Liem (on the right) - Chairman of Provincial People's Committee discussing with foreign investors

 Especially, since 2016, Binh Duong has implemented the Binh Duong Smart City project. Through 4 years of implementation, Binh Duong has achieved outstanding achievements, being famous in the international arena, and being highly appreciated by experts and investors. Typically, for 2 consecutive years, Binh Duong was voted by the Intelligent Community Forum (ICF) in the list of localities with the world's typical smart city development strategy; became an official member of the World Technopolis Association (WTA), the World Trade Center (WTC). "These are the results that we can quantify and see. The important thing is that qualitative results such as Binh Duong's brand name, Binh Duong's reputation, Binh Duong's development style are also highly appreciated by international friends, provinces and cities and by the Government in building smart cities "- Deputy Prime Minister – Mr. Vuong Dinh Hue emphasized at the opening ceremony of the Horasis Forum 2019 held in Binh Duong.


Mr. Vuong Dinh Hue - Member of the Politburo, Deputy Prime Minister delivers his speech at the opening ceremony of the Horasis Forum 2019

It can be said that Binh Duong always focuses on building a strong business community. The province has always cared about and created conditions for start-ups to create, improve the accessibility and application of modern scientific and technological achievements into reality production.

 "Under the questions of business owners and investors, provincial leaders and related departments, agencies and units willing to support and answer; at the same time, always welcome and create all favorable conditions for businesses to cooperate, invest and prosper together "- Mr. Tran Thanh Liem - Chairman of Binh Duong Provincial People's Committee affirmed.

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