Attracting investment for development

Update: 05-12-2016 | 16:06:19

In 2016, Binh Duong province has achieved many successes in investment attraction. However, in order to serve local socio-economic development’s requirements in the new period, the province has been promoting and attracting investments to fulfill the development plan.

FDI capital surges

The year 2015 was a very successful year of Binh Duong in the field of attracting FDIs. Accordingly, the province absorbed nearly $3.3 billion of FDI capital mainly into big projects with high technology content, less labor-intensive. These consisted of 216 newly licensed projects with total registered capital of $2.4 billion and more than $900 million for capital increase. The good news was that there were many investment projects of supporting industries, which is a weak sector of Vietnam.

In 2016, Binh Duong continues to attract more FDIs. Photo: The production line of Kaiser Timber Company (Ben Cat Town)

In 2016, experts expected for more difficulties, but Binh Duong has attempted to overcome difficulties, kept efficiently attract investments, improved its investment environment each day. The province has been promoting its inherent strengths and boosted the administrative reform, creating an open, favorable investment environment for business production. Therefore, some advantageous sectors of the province, such as electricity, electronics, engineering, pharmaceutics, chemicals, trade - service ... have interested many investors.

By the end of Oct 2016, Binh Duong attracted $1,883 billion of FDI. Among these, there were 221 new projects with a capital of $1.264 billion and 113 projects with capital increase totaling $620 million. Currently, the province has 2,808 FDI projects with total capital of $25.5 billion; VND29,136 billion of domestic investment capital.

Furthermore, the quality and investment sectors ... of projects have been also heightened. According to Mr. Phu Huu Minh, Deputy Director of provincial Department of Planning - Investment, Binh Duong had attracted large projects in accordance with provincial orientations and industrial development planning. The majority of FDI projects in the province are in industrial parks or planed clusters for industrial production development according to the planning. The invested sectors are mainly supporting industries, electricity - electronics, processing industry - manufacturing ...

Creating the best conditions for investors

At PPC’s regular meeting on reporting socio-economic development in 2016, Mr. Tran Thanh Liem, Deputy Secretary of provincial Party Committee, Chairman of PPC, noted that in the coming time, all levels and sectors need to focus on mobilizing domestic and foreign investment capital into infrastructure, energy, modern services ... with varied forms to serve provincial socio-economic development objectives; keep upgrading transport infrastructure, urban renovation, public water supply, education, healthcare services ...

To achieve the above objectives, in the coming time, Binh Duong will enhance the implementation of a series of measure to improve the investment environment; boost the investment in synchronous and modern infrastructure in order to facilitate investors. In particular, the province will build, expand and upgrade the main transportation system connecting the province with the southern key economic region; carry out new construction and expansion of industrial parks under the adjusted Scheme on industrial park development planning by 2020 in the province approved by the Prime Minister. Besides, investment attraction promotion at key markets will also be further sped up to encourage invesments into industrial zones with projects of supporting industries. In particular, the province will enhance lure projects with high technological content according to investment attraction orientations of the province.

Namely, Binh Duong will continue to accelerate the reform of administrative procedures to ensure publicity, transparency, simplicity, create the most favorable conditions for investing enterprises; facilitate high quality services to meet production and business needs of enterprises, and the demands for industrial, urban growth. Simultaneously, the province will direct agencies and sectors to focus on political security, social order and safety; enabling businesses to confidently invest in the province.

In 2017, Binh Duong will continue the implementation of Resolution No. 36a / NQ-CP of the Government on an open, transparent e-government in order to create conditions for enterprises to monitor activities of State agencies via Internet ; open a forum about business development assistance on the official website. The province also publicizes processes, procedures, business conditions, business complaint settlement results on official website of cocnerned agencies...

In 2016, processing industry of the province increased 10%, water supply and waste treatment increased 17.3%. The higher exports maintained stable growth rates, such as textiles (6.7%), leather and related products (8.6%), manufacture of electrical equipment (18.8%), furniture (8.1%) ...

According to PPC, provincial industrial production in 2016 have achieved good results. Enterprises has been actively promoting trade, implementing synchronous measures to boost production and seek markets, identify key products to increase the volume of products, increase import of raw materials to serve production development.

Reported by Khanh Vinh – Translated by Ngoc Huynh

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Attracting investment for development

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