Success of APEC 2017 – opportunity for Binh Duong’s investment luring

The Asia-Pacific Economic Cooperation (APEC) Summit 2017 held in Da Nang has been a success. As one of the most attractive investment environment in the country, Binh Duong also has many opportunities to attract investment from APEC member economies in the near future.

It should be noted that on the sidelines of this big event, the Vietnam Chamber of Commerce and Industry (VCCI) organized the Vietnam Business Summit 2017 and the APEC Business Summit 2017 which are the biggest event of the business community on the sidelines of the APEC Summit, attracting about 1,500 largest enterprises in the world as great opportunity for Vietnam in general and localities in particular to attract investment and find business partners.

Open opportunity

APEC 2017 is a great opportunity for localities in Vietnam to call for investment and at the same time to international investors to learn about economic policy and development of the sector and the potential for investment and business cooperation in Vietnam. In particular, the discussion sessions of the conference are on areas that Vietnam is focusing on development such as financial services; health and education; infrastructure; small and medium enterprises; start up and innovation.

Binh Duong expects to call for more investments from APEC members after APEC Summit 2017 in Da Nang. In this photo: Garment production is on-going at Chutex in Di An Town. Photo: Xuan Thi

According to Dr. Vu Tien Loc, Chairman of VCCI, the recent conferences organized by VCCI have combined with the trade promotion exhibitions of 63 provinces and cities nationwide. In addition, Viet Nam organizes on-the-spot meetings on trade and investment between provinces, cities and the business community with leaders of APEC member economies.

"So, we have doubled the value of the APEC events as we take advantage of opportunities to promote investment. This is also the first time leaders of 63 provinces and cities converge to coordinate with international partners," said the VCCI President.

Together with the above-mentioned conferences, the exhibition of "Vietnam - a reliable and potential business partner" will be introduced to localities for projects calling for investment and diversified economic potentials in various fields of provinces and cities. One of the message that this conference sent to investors is Vietnam's comprehensive innovation for sustainable development and a friendly destination for businesses. This is the event in conjunction with the trade promotion and investment conference with 63 provinces and cities in Da Nang.

It can be said that the success of APEC Summit 2017 and other parallel activities have helped Binh Duong in particular and the localities in the country generally to have their great opportunities to enhance and expand investment cooperation and to attract foreign investment capital to localities in service of socio-economic development.

Getting the golden opportunity

APEC 2017 is the secondly host by Vietnam which has a high economic growth rate of averagely 6.6% per annum. Since APEC 2006, Vietnam has continued to pursue economic integration and achieved many results in many fields such as export and foreign investments. The result was thanks to Vietnam’s constant focus on promoting growth, stabilizing the macro economy and improving business environment.

"By 2017, foreign investment into Vietnam has increased over 30% compared to previous APEC Summit. Currently, APEC has 21 members, including Korea, Japan and Singapore which for many years have been in the first place in investment in Vietnam. At this APEC meeting, countries will continue to invest in Vietnam more," said Tran Thanh Trong, Deputy Chairman of the Federation of Binh Duong Enterprises.

Along with the socio-economic development of the province, countries such as Korea, Japan, Singapore are big capital contributors to Binh Duong to change socio-economic appearance. More and more corporations and transnational corporations have the financial and investment capabilities in the province. To date, 59 countries and territories have invested in Binh Duong. Among the countries and territories investing in Binh Duong, Taiwan has the largest registered capital with 757 projects of registered capital of US$ 5.731 billion, accounting for 20.8% of total foreign investment in the province. Japan is ranked second with 246 projects of total registered capital of US$ 5.199 billion, accounting for 18.9% of total investment capital in the province. South Korea is ranked third with 619 projects of total registered capital of US$ 2.694 billion, accounting for 9.8% of total investment in the province. It is followed by Singapore with 158 projects of total registered capital of US$ 2.671 billion, accounting for 9.7% of the total investment capital in the province. These are the prominent members of APEC which have many important initiatives to improve their investment environment and enhance intra-regional trade.

According to Trong, investment opportunities in Binh Duong are of great resonance as the government plans to create a series of policies to support start-up businesses and reduce business requirements. Moreover, Vietnam in general and Binh Duong in particular are still considered to be attractive for investment thanks to stable and sustainable economic development. Having more foreign investors is an opportunity for the province to attract science-technology and capital resources.

Another notable point is that Binh Duong has many advantages to attract investment compared to many other localities in the country. Aside from the synchronous and well-planned system of infrastructure, Binh Duong also has administrative reforms, creating favorable conditions for enterprises to invest in the province. This is a positive plus for Binh Duong to attract investment in the coming time.

Reported by Khanh Vinh – Translated by Vi Bao

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