Binh Duong industrial production finishes ahead of schedule

Due to the implementation of solutions to improve the investment and business environment launched by the Government, Binh Duong achieved outstanding results in attracting foreign investment, contributing to sustaining its high growth in the southern key economic region in particular and the country in general.

FDI capital exceed 24% of the 5-year plan

With the advantages of modern and complete infrastructure of industrial parks and complexes, since 2016, Binh Duong has attracted over $2 billion of FDI capital each year. Generally from 2016, the province has attracted $8.68 billion of FDI, exceeding 24.07% of the 5-year plan 2016-2020 set at the 10th Provincial Party Congress. The province has attracted over 3,650 FDI projects with a total registered capital of more than $33.8 billion, ranked the third in the country in attracting FDI.

Production activities at Tetra Pak Company (Vietnam - Singapore 2 Industrial Park).

According to Vietnam White Book of Enterprises published by the Ministry of Planning and Investment, as of 31 Dec 2018, Binh Duong had 27,566 enterprises, the growth rate of enterprises was at top of the country. Most investment projects in the province were arranged into industrial zones and clusters. Major projects were licensed in accordance with the province's policy on calling for investment: Focusing on large investors; products of the project is the raw material supplied to other industries.

Recently, the investment environment of Binh Duong province has been improved and is turning towards the goal of sustainable development. The sectors and fields have advantages to attract investment such as electricity, electronics, mechanics, pharmaceutical, chemicals, trade - service... interested many investors.

The province attracted many large projects, such as KyungBang Vietnam Co., Ltd. (Korea) invested $40 million to build a factory in Bau Bang Industrial Park to produce fibers and fabrics; Lacouer Craft Vietnam Furniture Co., Ltd. (Hong Kong, China) invested over $98 million to build a factory in Bau Bang Industrial Park to produce furniture, interior decoration, sofas; Panasonic Life Solutions Vietnam Company invested $50 million to produce home appliances in Vietnam - Singapore Industrial Park...

FDI enterprises appreciate the investment environment of Binh Duong. At a recent meeting with provincial leaders, Sung Moo Hong, Deputy General Director of Kolon Group (Korea), said that their investment and business in the province got many advantages, the group planned to expand production plant in Binh Duong to meet market demand.

To follow the right direction

According to Nguyen Thanh Truc, Director of Department of Planning and Investment, FDI attraction into the province in recent time has mainly focused on industrial parks, in accordance with the province's sustainable industrial development orientation. Besides, the policy of attracting industries with high technology, and supporting industries with competitiveness products is proving its effectiveness. As a result, it has contributed to meeting the demand for raw materials of domestic enterprises, as well as creating high value of export (in 2018, export surplus was nearly $5 billion, in the first 6 months of 2019 was more than $3.4 billion).

In recent years, Binh Duong has become a preferred destination of domestic and foreign investors. Only in 7 months of 2019, the province attracted VND41,270 billion of domestic capital for business registration, of which 3,804 enterprises were newly established with a registered capital of VND25,200 billion, up 15% in number of enterprises and up 26% in registered capital compared to the same period in 2018. Sectors of retail and wholesale, processing industry, manufacturing, and construction have the highest number of market entry and registration companies compared to other sectors.

In particular, FDI capital into the province continued to flow in the right direction, and its quality is increasing. Projects with new investment registration are mainly in fields of industrial production, trade - service. Besides new investment projects, many projects of enterprises sped up its construction progress to bring factories into operation soon. These include high-tech electronic production factory of TECO Group (Taiwan, China) at My Phuoc 3 Industrial Park with a total investment of $50 million; a sterilized paper box production factory with an investment of 120 million Euro in Vietnam - Singapore 2 Industrial Park of Tetra Pak Company (Sweden); a factory manufacturing industrial machinery, components, and spare parts for industrial machinery of Nakashima Vietnam Company...

Reported by Tieu My – Translated by Ngoc Huynh

• Businesses concerned about rising exchange rate pressure (24/04)
• Q1-2024, provincial socio-economic situation continues to have positive changes (24/04)
• Policy credit requires local entrusted capital source to balance (23/04)
• Creating favorable conditions for social housing buyers (23/04)
• Giant Group pours additional US$ 120 million into Binh Duong (23/04)
• Thuan An city in striving to fulfill type-1 urban criteria (22/04)
• Vietnamese furniture products introduced at Milan Design Week (21/04)
• Local real estate market strongly attracts foreign investors (20/04)