FDI attraction – the locomotion of development

Update: 01-10-2020 | 18:52:58

In the 2015-2020 tenure, many socio-economic achievements including the major (foreign development investment (FDI) – a significant driving force for new stage of provincial economic growth aiming at sustainability and FDI project quality improvement have been made in Binh Duong province.

Making breakthroughs in investments, infrastructure construction, especially infrastructure of industrial parks and traffic routes connecting regions and offering good conditions for investors, Binh Duong provincial authority has created an ideal destination for domestic and foreign investments. Photo: Xuan Thi

Infrastructure breakthroughs

Holding the prestige of over 20 years of favorable conditions for investors that contributed to easy regime for investment waves made by domestic and foreign enterprises in Binh Duong province, the locality has many other advantages, especially the more and more modern and eye-catching infrastructure coupled with transparent and accessible policies to earn good marks by investors.

Recalling the years of provincial reestablishment, Song Thanh Industrial Park and Vietnam-Singapore Industrial Park (VSIP I) were the first industrial parks to be constructed as the buffer conditions for the following-up industrial parks. VSIP I had, especially, become one of the worthy model industrial park in Vietnam in all aspects and a trust-worthy destination for investors the world around. Thanks to this, it has helped to make a national leading developed industrial province out of a purely agricultural province of Binh Duong. In the following up steps, the peaceful land of Binh Duong has become a good environment welcoming investors by its attractive power luring thousands of enterprises from about 65 nations and territories to Binh Duong.

Earning the FDI flow, the today’s Binh Duong has totally different appearance as locality of highest urbanization in the nation (up to 82%) with 3 cities and 2 towns in synchronous and modern traffic infrastructure. Up to date, the province has 48 industrial parks and clusters and become a leading province of industrial production and FDI attraction. In 9 months of 2020, Binh Duong was named among 3 leading provinces and cities of highest FDI calling in the nation after Ha Noi and Ho Chi Minh city.

Momentum of development

Currently, investors from 65 nations and territories investing into Binh Duong are mainly from Japan, Taiwan, Singapore, Korea among others. Thirty four industrial parks are being developed on a total area of 14,790 hectares to accommodate up to 45,000 enterprises. The provincial authority was targeting to gain USD 7 billion of FDI in 2016-2020; however, the target was met by the end of 2019 with over USD 10.2 billion of FDI. It is expected that by the end of 2020, the number would stand at USD 11 billion. Thus, Binh Duong has exceeded the targets of projected FDI amounts and schedule. By such efforts, advantages and attraction of FDI have been affirmed as the strength of Binh Duong.

Mai Hung Dung, member of Standing Board of Provincial Party Committee cum permanent Deputy Chairman of Provincial People’s Committee informed that the socio-economic infrastructure of the province has been developed effectively in an improved investment environment, creating trust among enterprise community and society, promoting growth and creating new development momentum to significantly contribute to strong and continual FDI flow to Binh Duong. By catching the development opportunities and national integration to form unique way and orientation, Binh Duong has become a place for world leading groups to make it a part of the global value chain.

The today’s Binh Duong has been changed dramatically to a new position and appearance in the major economic zone of the South of Vietnam as the basis for powering the firm and rapid steps of Binh Duong ahead. (To be continued)

Reported by Ngoc Thanh – Translated by Vi Bao

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FDI attraction – the locomotion of development

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