Binh Duong further makes strong impression on FDI attraction

Binh Duong absorbed additional US$917million in FDI capital in the first four months of 2019, up 51% compared to the same period last year or 65.5% of the year’s plan. As of now, the whole province has lured 3,576 FDI projects with total registered capital of US$32.9billion.

Being among top localities in FDI attraction

According to the General Statistics Office, up to 1,082 new FDI projects were granted licences with total registered capital of more than US$ 5.34 billion, up 50.4% from the same period last year, while 395 existing projects receiving an additional US$ 2.11 billion.

Production line of Konlon Vietnam Company

Also during the period, foreign investors poured US$7.14billion in capital contribution and share purchases, 3.2 times higher than the same period last year. Tay Ninh received the largest share of foreign investment. It was followed by Binh Duong, Bac Ninh, HCM city…

Along with infrastructure investment, Binh Duong has attached special importance to industrial development and smart city building, aiming to lure more FDI capital. Accordingly, the province’s breakthrough strategies, improvement in investment attraction towards a smart city have initially created positive impacts with international scale.

Concretizing the above development way, the province organized a delegation to visit South Korea’s Daejon city to sign a cooperation agreement with the city and the World Technopolis Association (WTA). Under the agreement, Daejon and WTA will support the province to research and foster hi-tech parks. On this occasion, Becamex IDC inked a memorandum of understanding with hi-tech parks in South Korea to exchange and develop trading activities and industrial technologies on global network building. Becamex IDC also signed a cooperation agreement with Korea Water Resources Corporation (K-water) to modernize works relating to water resources and smart city building.

Implementing the above agreements will help the province create a new breakthrough amid the fourth industrial revolution occurring.

Striving to early fulfill target in FDI attraction for 2016-2020 period

Binh Duong has set a target of absorbing more than US$7billion in FDI capital and VND110trillion in domestic capital for the 2016-2020 period.

Reportedly, the province attracted US$5.9billion in FDI capital from 2016 to late June, 2018. As of April 2019, FDI capital flowing into the province reached US$6.8billion while domestic investment attraction was more than VND118.6trillion.

The whole province has so far lured 36,379 domestic investment projects with total registered capital of more than VND296.9trillion and 3,576 FDI projects capitalized at US$32.9billion, greatly contributing to the local development. The resource helped industrial manufacture and services account for 88.21% of the local economic structure. Also upon this, the province in 2018 reached VND50trillion in State budget collection, the average income per capital of VND130.8million and had no more poor household under the central poverty line.

As of late 2016, provincial Party Committee issued a program on investment attraction improvement for the 2016-2020 period (or called the Program 34). To achieve the set targets, along with making infrastructure investment, enhancing the quality of human resources, the province has continued strengthening administrative reform. All have helped the province obtain a breakthrough in socio-economic development, firmly holding a position of being a locality effectively absorbing domestic and foreign investment capital.

Possibly speaking, with good results in FDI attraction over the past time, the province is likely to obtain its 2016-2020 target of attracting more than US$7billion in FDI capital in Q2, 2019.

Tran Thanh Liem, Vice-Secretary of provincial Party Committee, Chairman of provincial People’s Committee said that the province achieved impressive results in FDI attraction over the past time. It is hoped that the province will continue being a locality with flexible development and attraction for investors towards a smart and sustainable city. The province has given priority to promoting hi-quality services and hi-tech projects that are less labor-intensive and environmentally friendly…

Reported by Minh Khanh-Translated by K.T

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