PORTAL - On the afternoon of September 27, at the Administrative Center of Binh Duong Province, Mr. Vo Van Minh - Deputy Secretary of the Provincial Party Committee, Chairman of the Provincial People's Committee (PPC) chaired and worked with leaders of Warburg Pincus (US) led by Mr. Charles R. Kaye - Global General Director of the Group.
At the meeting, Chairman of the PPC Vo Van Minh informed about the socio-economic situation as well as foreign direct investment (FDI) attraction in Binh Duong. Accordingly, as of September 15, 2022, the province has 4,069 foreign investment projects with a total registered capital of nearly 39.6 billion USD. Binh Duong is currently ranked 2nd in the country in terms of FDI attraction, after Ho Chi Minh City. Particularly in the first nine months of 2022, it has attracted 2.6 billion USD in FDI, including 54 new projects, 13 adjusted capital increase projects and 134 capital contribution projects. The US currently ranks 13th out of 65 countries and territories having investment projects in Binh Duong with 131 projects and a total capital of 1.3 billion USD. The main fields of investment are electricity, electronics, logistics, ceramic tiles and sanitary ware, furniture and interior decoration, chemicals and cosmetics, sewing, embroidery and export textile products, etc.
To create favorable conditions for investors, Binh Duong is implementing the construction of transport infrastructure connecting the region such as Ring Road 3, Ring Road 4, Ho Chi Minh City - Thu Dau Mot - Chon Thanh expressway, developing logistics, building Binh Duong Smart City, Innovation Region, especially building Science and Technology Industrial Park to attract investors in high-tech field.
Overview of the meeting and working with leaders of Warburg Pincus
On behalf of the provincial leaders, Chairman of PPC thanked the partners of Warburg Pincus for supporting the facility to set up a field hospital during the complicated development of the Covid-19 pandemic in Binh Duong. At the same time, he wished that Warburg Pincus would continue to study Binh Duong's investment areas, especially e-commerce development, to contribute to the transformation of the province's economic structure from industrial development to service development.
Mr. Charles R. Kaye congratulated and highly appreciated Binh Duong's achievements in economic development, especially the successful implementation of the dual goals of pandemic prevention and control and economic recovery and development. Warburg Pincus is headquartered in New York with more than 200 investment professionals in 10 countries, he said. Vietnam is Warburg Pincus' third largest investment destination in Asia (after China and India). In Binh Duong, Warburg Pincus and its joint venture partner Becamex IDC will build a 75ha cross-border e-commerce center in Binh Duong New City, including high-tech factory area, extended air warehouse, cross-border e-commerce warehouse-division warehouse, bonded warehouse; existing factory area; VNTT data center; showroom; office, etc.
Mr. Charles R. Kaye wished the province to create all conditions to soon implement the project. This is one of the big strategic projects, the purpose is to build an integrated supply chain ecosystem, creating a highlight to attract investment and develop Binh Duong Smart City. Given the importance of the project, he believed that the project implementation will elevate the position of Binh Duong in particular and Vietnam in general in the field of e-commerce.
Welcoming the investment projects of Warburg Pincus in Binh Duong, Chairman of the PPC Vo Van Minh affirmed that the province will create all conditions for Warburg Pincus to successfully deploy the project in Binh Duong, contributing to the process of building Binh Duong Smart City.
Leaders of Binh Duong province take a souvenir photo with leaders of Warburg Pincus
Reported by Mai Xuan- Translated by Thanh Tam