Attraction for investors

Update: 03-09-2019 | 09:49:46

Over the past time, Binh Duong province effectively tapped its potentialities and advantages for the local socio-economic development, especially in FDI attraction.

Well mobilizing resources

Twenty years ago, Binh Duong province bravely realized many breakthroughs with focus on industrialization, turning it into a typical industrial land of the whole country. In 1997, the province was reestablished with the local economic structure of 50.45% in industry, 26.8% in services and 22.8% in agriculture. The province’s industrial production value was around VND4trillion…

At that time, province-based Song Than Industrial Park and Vietnam-Singapore Industrial Park (VSIP) absorbed 845 domestic investment projects capitalized at VND8.9trillion and 163 FDI ones with US$1.25billion.

Nguyen Van Hung, CEO of Becamex IDC said that in the late 1990s, the province made breakthroughs with focus on reforming administrative procedures, expanding the Highway 13…Upon this, the VSIP lured billions of US dollar, generating jobs for thousands of laborers. Province-based industrial parks have so far attracted hundreds of FDI projects capitalized at billions of US$.

According to provincial Department of Planning and Investment, the province over the past time mobilized many resources at home and abroad. The province has till now absorbed 3,669 FDI projects from 64 countries and territories around the world with a total registered capital of more than US$34.25billion. Among these countries and territories, Taiwan has taken the lead with 844 projects worth nearly US$5.6billion, followed by Japan with nearly US$5.4billion.

Towards a smart city

In the first 8 months of 2019 alone, the whole province attracted US$1.94billion in FDI capital from 146 new projects, 104 extra-ones…, up 74% compared to the same period last year or beyond 38.7% of the year’s plan. On average, each new FDI project herein is worth US$5.5million.

2018 was seen as the year marking a milestone for the development of Binh
Duong when the province joined in the World Technopolis Association (WTA), successfully organized events to celebrate the 20^th anniversary of the WTA, the Horasis Asia meeting…The province is now an attractive destination for foreign investors, especially ones in hi-tech industries.

Towards the local economy with high added value and smart urban planning, since 2015, the province has begun implementing a smart city project based on successful models from smart cities around the world. Over the past time, the project reaped main results with different scales from Binh Duong new city to the whole province.

Reported by Tieu My-Translated by K.T

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Attraction for investors

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