Binh Duong completes industrial infrastructure to meet investor needs

With determination to recover and develop the economy, in addition to fundamental solutions to improvement of the investment and business environment, Binh Duong is gathering all resources to improve infrastructure and develop industrial parks and clusters to meet production requirements, and become an attractive destination to investors.

Binh Duong is upgrading existing industrial parks to become smarter, while planning new industrial parks towards modernity, ecology and sustainability.

Flexible solutions to support businesses

The first quarter of 2024 has passed, according to Provincial Statistics Department, the province's industrial production is recovering, especially import-export activities have shown good signs, many key markets have regained growth; this is a good opportunity for businesses to boost production. The province's key manufacturing industries such as wood, computers, electronic products, components, footwear, textiles... signed export orders for production until the second quarter of 2024.

To support enterprises, right from the first months of the year, the province has organized investment promotion conferences and programs, promoted administrative procedure reform, shortened document processing time, and reduced costs for businesses, supported export activities, ensured quick customs clearance of goods... Along with that, the province's competent departments and branches continue to accompany businesses by support solutions, such as promoting e-commerce and helping businesses look for new export markets, reducing deposit and lending interest rates, accelerating disbursement of the 2%/year interest rate support policy package; solving social security issues for workers, attracting and training a highly skilled workforce to meet the needs of businesses... With many effective solutions of the province, enterprises have maintained their production rhythm, are doing business, creating added value products, contributing to the province's economic growth.

According to Trinh Hoang Tuan Anh, Deputy Director of Provincial Department of Planning and Investment, with specific solutions, the province is implementing many central and local policies to support businesses. Department of Planning and Investment is also cooperating with relevant agencies to implement solutions to improve the business environment, attract domestic and foreign investment to make good use of development opportunities. Department of Planning and Investment continues to accelerate the reform of administrative procedures, puts more effort to assist investors and businesses.

Upgrade infrastructure

According to assessment of Provincial People's Committee, in the first quarter of 2024, foreign investment attraction into the province decreased, equal to 36% over the same period last year. One of the reasons is that there is no longer a land fund to attract new investors, especially investors who need to use large land areas. Accessing investors' needs, supporting procedures, and removing obstacles for infrastructure investors and secondary investors has not yet brought positive results; At the same time, there is a lack of necessary mechanisms, policies and conditions to attract investment in new sectors and industries. Besides, some foreign investors are still facing difficulties after the Covid-19 pandemic.

Not to miss the opportunity to receive high-quality investment capital, Binh Duong is assembling all resources to improve infrastructure, develop industrial zones and clusters to connect inter-regional traffic, meeting production and business requirements of domestic and foreign enterprises. In the first quarter of 2024, FDI attraction of the province's industrial parks (IPs) reached US$132 million (accounting for 83% of the whole province), the province leased 128,124m2 of industrial land and 32,007m2 of subleased factories (reaching 12.81% of the plan). The province is urgently completing legal procedures to promptly enhance investment progress in industrial parks: VSIP 3 phase 2, Rach Bap expansion, Tan Binh, Dat Cuoc expansion; At the same time, the province is planning to invest in a specialized mechanical industrial park (about 800 hectares) to attract the automotive mechanical industries and create a premise for developing high-tech, automation industries...

To continue to attract investment, improve competitiveness and increase support for the development of investment enterprises in the province, Binh Duong is making efforts to improve the socio-economic infrastructure system. In addition to promoting infrastructure construction, drastically improving the investment environment, improving the quality of human resources, the construction and development of a system of industrial parks has always been of concern to Binh Duong and received many resources. Currently, Binh Duong is preparing conditions to satisfy investors' needs to enhance cooperation efficiency; exploit opportunities from the fourth industrial revolution to proactively welcome new FDI capital flows.

Reported by Ngoc Thanh - Translated by Ngoc Huynh