Attending were Mr. Vo Van Minh - Deputy Secretary of the Provincial Party Committee, Chairman of the PPC; Mr. Kho Ngee Seng Roy - Consul General of the Republic of Singapore in Ho Chi Minh City; Leader representatives of provincial departments, committees, and branches and 80 foreign enterprises operating in Binh Duong.
Attracting FDI ranks second in the country
The report at the dialogue showed that in 2023, the province's socio-economic situation achieved positive results, especially in attracting foreign direct investment (FDI). Specifically, by the end of November 2023, Binh Duong had attracted 1 billion 467 million USD in FDI capital including 127 new projects, 37 projects to adjust capital increase and 138 projects to contribute capital to buy shares. Accumulated by the end of November 2023, the whole province has 4,211 investment projects from 65 countries and territories with a total registered capital of more than 40.3 billion USD. Binh Duong currently ranks 2nd in the country in attracting foreign investment capital, after Ho Chi Minh City. Among foreign investment, Singapore ranks 5th in terms of number of projects with 294 projects and total investment capital of 5.4 billion USD.
In the coming time, the province prioritizes attracting investment in high-tech, advanced, environmentally friendly, less labor-intensive industries and fields that create high added value; financial services, logistics and other modern services; supporting industries, high-tech agriculture and especially attracting investment into the Science and Technology Industrial Park on the 4.0 industry platform. Binh Duong is also diversifying and attracting foreign investment from potential markets and partners, focusing on the world's leading developed countries and transnational corporations that possess advanced technology and modern management levels.
Overview of the dialogue
Besides promoting socio-economic development, Binh Duong has also actively expanded bilateral and multilateral cooperation relations. Up to now, Binh Duong province has established bilateral cooperative relationships with 13 foreign provinces and cities and is an official member and trusted partner of 03 international organizations, including: Intelligence Community Forum (ICF), Horasis Asia Meeting and World Trade Centers Association (WTCA). Recently, Binh Duong province organized the 2023 Asia Pacific Regional Meeting (2023 APRM). The forum aimed to bring together WTC members across the Asia Pacific region to share best practices, discuss future plans, with the speech topic "Business opportunities in Binh Duong and Viet Nam", creating "leverage" to promote investment and trade connections with WTC members in Asia as well as domestic and foreign partner enterprises.
Mr. Pham Trong Nhan - Director of Binh Duong Department of Planning and Investment informs the socio-economic situation of Binh Duong province at the dialogue
In recent years, Binh Duong province has actively cooperated with foreign partners to build and implement the Project of Binh Duong Smart City and Innovation Region, especially, including the Binh Duong Science and Technology Industrial Park Project with the vision of becoming an Innovation Center of the Southern Key Economic Region. At the same time, the province has strongly implemented digital transformation to build a digital government, digital economy, digital society, and has built a new ecosystem to promote development following the trend of the 4.0 revolution on science, technology.
Assessing the investment environment of Binh Duong, Mr. Kho Ngee Seng Roy - Consul General of the Republic of Singapore in Ho Chi Minh City said that Binh Duong province was one of the most attractive and promising locations in Viet Nam for foreign investors thanks to its strategic location in the Southern Key Economic Region. Investors are very impressed with the achievements the province has achieved as well as the investment potential of Binh Duong province, famous for its good terrain and climate, young, skilled human resources, new and modern infrastructure system and stable economic and political situation, which are very suitable for industrial development, especially in the fields of innovation and smart cities. Companies have also gained more confidence in the province after the efforts and determination that the province has put forth in building a transparent, fair, and attractive business environment for all investors, and efforts to improve quality of human resources, promoting welfare for local people.
Mr. Kho Ngee Seng Roy - Consul General of the Republic of Singapore in Ho Chi Minh City speaks at the dialogue
Singapore is one of Binh Duong province's longest-standing partners and the second largest source of foreign direct investment in Viet Nam. Singapore has directly participated in the development of Binh Duong province through many different forms of investment, trade, and cooperation. Viet Nam - Singapore Industrial Parks (VSIPs) which is the most iconic symbol of the successful and long-term cooperation of the two countries, have attracted investment capital of about 14 billion USD and created jobs for 270.000 local people. Binh Duong province is the first locality to have a VSIP and is currently the province with the most VSIPs in Viet Nam.
Mr. Kho Ngee Seng Roy believed that there are still many opportunities and areas for Binh Duong province and foreign enterprises to continue developing cooperation, especially in emerging fields such as supply chain and logistics, green economy and digital economy. Singaporean enterprises are also very willing to learn more about new fields such as education, healthcare, tourism, and cultural exchange so that the two sides can cooperate in the future.
Always listen, be progressive, and create the most favorable conditions for investment
At the dialogue, enterprise representatives asked questions related to investment preferential tax rates, construction permits, work permits for foreigners, value added tax refunds, etc.
Foreign enterprises ask questions at the dialogue
Mr. Nguyen Manh Dong - Deputy Director of Binh Duong Department of Taxation said that the new investment projects are entitled to corporate income tax incentives specified in Article 15, Article 16 of Decree No. 218/2013/ND-CP of the Government. For enterprises enjoying corporate income tax incentives as newly established enterprises from investment projects, this only applies to income from production and business activities that meet the investment incentive conditions stated in the Business registration certificate or first investment certificate of the enterprise. For enterprises currently operating in production and business, if there is a change in the business registration certificate or investment certificate but that change does not change the project's satisfaction of tax incentive conditions according to regulations, the enterprises will continue to enjoy tax incentives for the remaining time or incentives under the expanded investment category if satisfy preferential conditions according to regulations.
Mr. Nguyen Manh Dong - Deputy Director of the Provincial Tax Department answers questions from enterprises
Regarding value added tax (VAT) refund, Mr. Nguyen Manh Dong said that based on current legal regulations, operating enterprises are considered by tax authorities for VAT refund in 02 cases, which are VAT refund for investment projects and VAT refund for exported goods and services. To accompany and remove difficulties for enterprises, the Department of Taxation has accelerated the tax refund schedule for enterprises that fully meet tax refund conditions as prescribed by law, ensuring timely implementation according to current law. In 2023, tax refunds of over 23,503 billion VND in VAT have been implemented. Particularly for some cases of problems, the Department of Taxation has reported and when there is direction from competent authorities, it will be resolved in a timely manner, contributing to helping enterprises recover and develop production and business.
Mr. Nguyen Thanh Toan - Director of the Department of Industry and Trade answers questions from enterprises related to solar power
Regarding the installation of solar power to meet green production, Mr. Nguyen Thanh Toan - Director of the Department of Industry and Trade said that currently in industrial parks, especially VSIP, has deployed rooftop solar power installations to serve investors. Chairman of the PPC – Mr. Vo Van Minh welcomed enterprises to invest in the technology field, especially the solar power field. This is a major policy of the Vietnamese Government for the industrial development and sustainable investment environment of Viet Nam.
Regarding the issuance of work permits to foreigners, Mr. Vo Van Minh said that in recent times, the issuance of work permits for foreigners in the province had faced some difficulties due to some regulations from the Central Government. In the coming time, the PPC will review, and issue written recommendations and proposals to Ministries and central branches to continue to remove problems related to the management of foreign workers.
Chairman of the PPC Vo Van Minh speaks to conclude the dialogue
Concluding the dialogue, Mr. Vo Van Minh respectfully acknowledged and fully absorbed the feedback and contributions of foreign branches and enterprises. He also pledged to urgently and seriously organizing implementation as soon as possible to create the best environment and conditions for the enterprise community, including foreign enterprises, to operate smoothly and continuously grow. At the same time, with continuing to focus on improving the investment environment, maximizing simplification and full and timely publicity and transparency of administrative procedures and administrative document handling processes, the province will prioritize resources to continue investing in improving infrastructure, first of all in traffic infrastructure, power supply infrastructure, water supply and drainage infrastructure, environmental treatment, etc. Bunh Duong will also expand and open new industrial parks and clusters, creating clean land funds to attract investment; deploy human resource training, build social housing, housing for workers, and provide adequate and timely labor resources for enterprises investing in the province; focus on developing high-quality services to meet the production and business requirements of enterprises and the province's industrial and urban development needs. In addition, the province will strengthen guidance at all levels and branches to focus on ensuring political security, social order, and safety; creating conditions for enterprises to feel secure in investing, producing and working in Binh Duong because the success of the enterprises is also the success of Binh Duong.