​Changing Mindsets and Strategies

According to the Department of Finance's report, the 2019-2024 period marked an impressive development path for Binh Duong in attracting FDI, with total FDI capital reaching over 14.3 billion USD, of which newly registered capital accounted for 6.8 billion USD (equivalent to 47.7% of the total capital). FDI capital has become a key driving force promoting the comprehensive and sustainable development of Binh Duong.

To consolidate Binh Duong's "brand" in attracting FDI, the province has made significant changes in the industry structure and the origin of investment partners, contributing to shaping a more balanced and sustainable economic development strategy. Since 2021, the province has strongly shifted towards prioritizing the attraction of projects in the fields of high technology, supporting industries, and logistics. These fields not only align with global trends but also reduce dependence on labor-intensive industries, while increasing production value and competitiveness in the international market. This shift is evidenced by the implementation of major projects such as: Denmark's first carbon-neutral Lego factory in Viet Nam at Viet Nam - Singapore III Industrial Park with an investment of over 1 billion USD; high-tech equipment manufacturing plants and logistics projects serving the global supply chain. In the field of high technology, Binh Duong not only attracts new projects but also encourages existing investors to increase capital to expand production scale and improve technology.

In November 2022, Lego Group commenced the construction of its 1.36 billion USD factory project in VSIP III Industrial Park. After two years of construction, Lego Group has initiated trial operations of its production line. Image: Leaders of Binh Duong Province and Lego Group conduct the trial operation ceremony of the production line.

Asian countries such as Japan, South Korea, and China (Taiwan) continue to be strategic partners, maintaining a strong presence in the fields of processing and manufacturing industries and real estate. Notably, Japan and South Korea are not only investing in manufacturing but also expanding into research and development (R&D) projects, contributing to enhancing the province's technological capabilities. Meanwhile, the participation of investors from Europe and North America has also significantly increased, as evidenced by prominent projects from Denmark, the Netherlands, and the United States in the fields of manufacturing and high technology, bringing advanced technologies and modern management methods.

Japan, South Korea, and China (Taiwan) continue to be strategic partners, maintaining a strong presence in the fields of processing and manufacturing industries, and real estate. Photo: Electronics manufacturing plant of a Japanese enterprise at Viet Nam - Singapore Industrial Park II.

Sharing experiences in attracting FDI, Mr. Vo Van Minh - Chairman of the Provincial People's Committee, stated: "Over the past period, Binh Duong has implemented breakthrough solutions to accelerate FDI attraction. The province has consistently taken the initiative to improve the investment environment, enhance policy transparency, and strengthen international connectivity. In 2024, Binh Duong attracted over 2 billion USD in FDI, exceeding the set target and ranking second nationwide, only after Ho Chi Minh City. This is the result of a development strategy focused on green industrial parks and new-generation industries, laying the foundation for attracting quality investors in the fields of high technology, digital economy, and artificial intelligence. A prime example is the Lego Factory project of the Lego Group (Denmark), which is expected to open a new chapter in Binh Duong's FDI attraction and initiate a wave of greener and higher-quality investments from European enterprises into the province."

Sustainable Investment Attraction

2025 marks a special year for Binh Duong as the province is determined to achieve double-digit growth and continue to be a leading destination for investment attraction, innovation, science and technology development, and to create a fair and safe business environment for enterprises and investors. The focus is on attracting strategic investment projects, particularly in green industries, supporting industries, and renewable energy.

An optimistic signal to start the new year with expectations of achieving many positive results was the issuance of investment certificates by the Provincial People's Committee on February 1, 2025, for 07 FDI projects with a total investment of nearly 1 billion USD. Notable projects include the Viet Nam-Singapore Industrial Park Joint Venture Co., Ltd. (VSIP) with the VSIP III infrastructure investment project; the new urban area project of VSIP Binh Duong Housing Development Co., Ltd.; the Timotion Viet Nam Manufacturing Plant project; and the Axman (Viet Nam) Co., Ltd. project at VSIP III. Additionally, due to favorable business performance, many FDI enterprises operating in Binh Duong have adjusted to increase their investment capital, such as the Cheng Loong Binh Duong Paper Co., Ltd. project at the Protrade Industrial Park expanding by 50 million USD; the Deneast Viet Nam Co., Ltd. project at VSIP IIA increasing by 40.2 million USD; and the Dongil Rubber Belt Viet Nam Co., Ltd. project at Bau Bang Industrial Park investing an additional 15 million USD.

Binh Duong issues investment certificates to FDI projects. Photo: Government leaders and representatives from ministries, sectors, and Binh Duong Province take a group photo with investors.

Mr. Gu Jung Pin - General Director of Cheng Loong Binh Duong Paper Co., Ltd., stated: "Sustainable development is the company's strategy and operational goal. We start by recycling waste paper as raw material to produce recycled paper and packaging products. Reusable materials generated during the production process, including wastewater from paper production and biogas from wastewater, are all recovered by the factory's boiler and then put back into the production process. At the same time, we build a complete and advanced wastewater and exhaust gas treatment system to ensure no environmental pollution. Therefore, the Company's factory is an industry that ensures a circular economy and is environmentally friendly."

To continue being a destination for domestic and foreign investors, Binh Duong is making efforts to implement regional connectivity infrastructure projects, plan industrial parks and clusters, redesign development space, and attract high-quality investment; while promoting digital transformation, green economy, and circular economy in line with the province's sustainable development goals. Specifically, the province has planned approximately 16,000 hectares of new industrial land to form a new generation industrial belt along Ring Road 4, Ho Chi Minh City - Thu Dau Mot - Chon Thanh Expressway, Ho Chi Minh Road (section through Binh Phuoc - Binh Duong - Tay Ninh - Long An provinces). As a result, nearly 200 km of expressways will pass through Binh Duong, connecting airports and seaports, thereby creating new momentum and development space for the locality. The plan includes economic, industrial, urban, and service corridors, connected with inter-regional transport corridors such as Ring Road 3, Ring Road 4 of Ho Chi Minh City and national highways. Industrial parks will develop according to a model linked to transport rings for convenient transportation and inter-regional connectivity, creating economic development momentum not only for Binh Duong but also for the entire Southeast region. The industrial park system will be located along the main ring roads and transport corridors, especially the area along Ring Road 4 and expressways connecting to seaports and international airports, helping to enhance transportation and logistics connectivity.

Government Leaders, Ministries, Sectors, and Localities Conduct Groundbreaking Ceremony for Ho Chi Minh City - Thu Dau Mot - Chon Thanh Expressway

Alongside the promotion of infrastructure investment, Binh Duong continues to reform administrative procedures, simplifying and digitizing investment licensing and business registration processes, thereby saving time and costs for businesses in implementing administrative procedures.

Speaking at the Conference to meet with Industry Associations, Business Associations, and Foreign Investment Associations in early 2025, Mr. Vo Van Minh - Chairman of the Provincial People's Committee, stated that in the current phase, Binh Duong is accelerating digital transformation to build a digital government, digital economy, and digital society, creating a new ecosystem to promote development. Binh Duong's investment attraction policy has shifted towards selective attraction of businesses with high technology and added value, environmentally friendly practices, and a focus on the digital and green economy, aiming to create harmony between socio-economic development and green growth, contributing to building a smart city of Binh Duong with international reach. Binh Duong is becoming a production destination for many high-quality projects.

Strategically oriented towards the development of the information technology industry, Binh Duong is establishing a centralized information technology park and data center to attract investment in electronic products, semiconductor microchip industry, IoT, artificial intelligence, and cybersecurity, contributing to the formation of a high-tech driving region connecting with Dong Nai and Ba Ria - Vung Tau provinces.

"With a strong commitment to improving the investment environment, enhancing the quality of public services, and always accompanying the business community, Binh Duong will continue to be an attractive destination for domestic and foreign investors," affirmed Mr. Vo Van Minh - Chairman of the Provincial People's Committee.