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Thứ 6, Ngày 31/12/2021, 13:00
Binh Duong with 25 years of construction and development: A bright spot to attract FDI
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31/12/2021

​PORTAL - Implementing the policy of "Spreading flower mats to call for investment" together with open mechanism, synchronous and modern investment infrastructure has created favorable conditions to attract more and more investors to Binh Duong. During the past 25 years, Binh Duong has always become the "bright spot" of the country in attracting foreign direct investment (FDI).

​​Number of FDI projects increases 30 times compared to the starting point

Determining the importance of infrastructure to create levers for industrial development, right after the province's separation (January 01, 1997), the Party committee and government of Binh Duong province have focused on solving weaknesses in infrastructure, building and expanding more roads, electricity, water supply, and communication networks, reforming administrative procedures with the "one-stop shop" mechanism, gradually creating a favorable environment to attract domestic and foreign investment.

In particular, Binh Duong advocates prioritizing the development of concentrated industrial parks, creating an open environment to quickly attract domestic and foreign investment capital to promote in-depth construction and development, creating momentum for the stability and sustainability of the local economy. This is the inheritance of the achievements of Song Be province, an extremely important cross-cutting goal on the development path of Binh Duong. From 07 industrial parks with an area of 1,603 ha in 1997, up to now, Binh Duong province has 29 industrial parks, of which 27 industrial parks are in operation with an area of 12,670 ha (the above leased area reaches 87.4%) and 12 industrial clusters with an area of 789.91 ha (the rental area reaches about 67.4%). Investment projects in industrial parks and clusters have actively contributed to the transformation of Binh Duong's economic structure towards industrialization and modernization. On the other hand, the formation of industrial parks and clusters has attracted and promoted various types of development services, formed new urban areas and the most obvious effect is having made a great contribution to economic growth, rapidly changing the socio-economic face of Binh Duong.

A corner of VSIP II Industrial Park

With a favorable and attractive investment environment, Binh Duong is continuously chosen by large corporations and foreign enterprises as an attractive investment destination. By the end of October 2021, Binh Duong has attracted 4,001 FDI projects with registered capital of 36.95 billion USD (increasing 30 times in number of projects and 30 times in capital compared to 1997), becoming the 2nd locality in the country in terms of FDI attraction after Ho Chi Minh City. A number of projects have been granted a large investment registration certificate such as: Project of Nitto Denko Co., Ltd in Vietnam - Singapore Industrial Park (VSIP) II, registered capital 186.2 million USD; Project of Sharp Manufacturing Co., Ltd. at VSIP II-A, registered capital of 135 million USD; 02 projects of BW Thoi Hoa Industrial Development Company Limited in Thoi Hoa ward, Ben Cat town, total registered capital of 105.8 million USD; project of Lacquer Craft Vietnam Furniture Co., Ltd., registered capital of 98.3 million USD in the expanded Bau Bang Industrial Park; the large-scale project of producing car tire plies, producing car airbags and other products in the expanded Bau Bang Industrial Park with the total investment capital of the first two phases by 2026 is more than 600 million USD of Kolon Industries Company (Korea); project of KyungBang Vietnam Co., Ltd. in Bau Bang Industrial Park, registered capital increased by 84 million USD, registered capital after adjustment is 179.2 million USD; the furniture production project of Timberland Co., Ltd., registered capital increased by 50 million USD, registered capital after adjustment is 80 million USD. Especially, on December 08, 2021, LEGO Group of Denmark and Vietnam - Singapore Industrial Parks Joint Venture Company Limited (VSIP) signed a Memorandum of Understanding to build a Factory with a total investment of 1 billion USD in VSIP II-A, it is expected that the project will be implemented in the second half of 2022 and come into operation in 2024, contributing to creating jobs for about 4,000 workers. This is the project with the largest investment capital by a Danish enterprise in Vietnam.​

 

Binh Duong is currently ranked 2nd in the country in attracting FDI after Ho Chi Minh City. Photo: LEGO Group of Denmark and Vietnam - Singapore Industrial Parks Joint Venture Company Limited (VSIP) sign a Memorandum of Understanding to build a Factory with a total investment of 1 billion USD in VSIP II-A

Exchanging information about LEGO Group's investment in Binh Duong, at the recent investment promotion connecting session with the European market in Binh Duong, Mr. Alain Cany - Chairman of the European Chamber of Commerce in Vietnam (EuroCham) said, this is a proof that Binh Duong continues to become a dynamic, innovative, convenient and safe locality, a new and attractive investment destination for investors.

Continuing to create an attractive environment to attract investment

With the advantage of being a trade gateway between the Central Highlands and Central provinces and Ho Chi Minh City - the economic center of the country and the Southern region; having national arterial roads running through such as: National Highway 13, Ho Chi Minh Road, Ring Road 3, Ring Road 4, Trans-Asian Highway; only 10-15km from Tan Son Nhat International Airport and seaports, it has created regional linkage development for Binh Duong. In addition, Binh Duong province constantly improves the investment environment, enhances competitiveness and strengthens support for the development of investment enterprises in the province through perfecting the socio-economic infrastructure system such as: traffic, water supply, electricity, environmental treatment, simplifying administrative procedures, planning to expand industrial parks, creating a clean land fund for investment attraction; deploying human resource training, building social housing, housing for workers, providing adequate and timely labor resources for enterprises to invest in the province. Provincial leaders, together with leaders of provincial departments and branches always create favorable conditions, promptly solve difficulties and problems of investors and enterprises, creating favorable conditions for investors and enterprises to operate effectively in production and business.

 

National Highway 13 - the arterial route connecting Binh Duong with the Southeast provinces and cities

In particular, in order to anticipate the wave of investment shift to Vietnam in the near future and meet the trend of the 4th Industrial Revolution, Binh Duong has planned to build a Science and Technology Industrial Park (STIP), which is one of the key projects of the Binh Duong Smart City Project, a power-generating project, a spearhead project to create breakthroughs in industrial production, build a foundational infrastructure for the formation of an innovation ecosystem, combine research institutes with enterprises, attract investments with high added value, gradually spreading to create a premise for high-tech production in the future.  Besides, Binh Duong continues to build a sustainable development ecosystem to attract investment projects in the field of science and technology.

Secretary of Binh Duong Provincial Party Committee Nguyen Van Loi and leaders of departments and branches visit and encourage Motomotion Vietnam Co., Ltd in My Phuoc 3 Industrial Park, Ben Cat Town which performs "3 on-the-spot" production

In order to improve capacity, competitive advantage, and create new values for enterprises, Binh Duong is also ready to support enterprises in digital transformation. Mr. Nguyen Van Hung - Board of Directors' Chairman of Becamex IDC said that in the coming time, Becamex IDC will support investors in IPs to gradually upgrade their production model to 4.0, especially supporting smart solutions on 4.0 for enterprises operating in IPs invested by Becamex. Advising on developing provincial digital transformation strategy, in which, focusing on accelerating the development of e-government, and digital transformation in industry, developing smart production, smart factory, etc. applying core technologies in the Industrial Revolution 4.0 such as artificial intelligence, big data, Blockchain, etc. Thereby building a model of new IPs in the digital era, as well as contributing to upgrading the existing traditional IPs.

Speaking at the Binh Duong FDI promotion 2021, Mr. Mai Hung Dung - Member of Provincial Standing Party Committee, Permanent Vice Chairman of the Provincial People's Committee said: "Over the past time, thanks to catching the trend of development and integration, along with its own way of doing things, Binh Duong has become the convergence of many leading corporations in the world, bringing the locality to participate in the global value chain. In order to meet the development requirements as well as the trend of attracting "green" investment, Binh Duong has been and continues to redirect selective investment attraction towards increasing gray matter content, high science and technology and being environmentally friendly. To achieve this goal, Binh Duong is focusing on strongly improving the business investment environment and competitiveness in order to adapt to the new production and industrial revolution 4.0". 

Reported by Mai Xuan - Translated by Nguyen Trang

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