Binh Duong is ready to support and create favorable conditions for Thai investors

Binh Duong is a region that promises to generate good production and business efficiency to domestic and foreign corporations and enterprises. The province's infrastructure system has been continuously upgraded and completed. Along with open mechanisms and policies, especially on administrative procedure reform, improvement of business investment environment, Binh Duong has received the attention of foreign investors, including Thailand.

 Seminar on Thai investment promotion in Binh Duong on 25 Mar.

 An attractive investment region

Nguyen Thanh Truc, Vice Chairman of Provincial People's Committee, has recently chaired an online seminar on Thai investment promotion held by Embassy of Vietnam in Thailand, Thai Industrial Federation, and Becamex IDC. Participants of the conference were leaders of departments, branches, Management Board of industrial zones of Binh Duong province, Becamex IDC. At Thai endpoint, there were Vietnamese ambassadors in Thailand, Thai Industrial Federation, Vietnam - Thailand Business Association, and more than 100 Thai investors.

From Thailand, Phan Chi Thanh, Vietnam's Ambassador in Thailand, said that Binh Duong was located in the center of Southern Key Economic Zone and many large Thai companies had been investing in this province. The dynamic development of Binh Duong in recent years has attracted great interest from Thai business community. The dynamism and creativity of Binh Duong provincial leaders has been proved by the attention, and support of governmental departments and branches; these have contributed to making Binh Duong be one of the leading localities in the country in terms of FDI attraction. In addition to favorable geographical location, Binh Duong is quite convenient to develop logistics, and is a destination worth surveying and investing by Thai businesses.

It is known that Thailand is currently ranked 9 out of 129 countries and territories investing in Vietnam. In context of the COVID-19, Thai companies are very active in investment activities, with 40 FDI projects, total registered capital of more than $292 million, ranked 7th in terms of investment capital in Vietnam in 2020. In Binh Duong, Thailand has invested 39 projects with a total capital of over $647.5 million, ranked 13th out of 65 countries and territories investing in Binh Duong.

Be waiting for large-scale capital flows

Speaking at the Thai investment promotion sseminar, Mr. Nguyen affirmed that Binh Duong is a successful and safe destination for foreign investment; especially in the context of supply chain disruption due to trade tensions and the COVID-19, Binh Duong still gained stable and steady economic growth.

This was proved through economic growth accomplishments of Binh Duong in 2020. Despite many difficulties, Binh Duong province strived to maintain economic growth. Specifically, provincial Gross regional domestic product (GRDP) was estimated to increase by 6.91%; GRDP per person reached 151 million VND/ year (equivalent to US$6,500); export turnover was estimated at US$27.4 billion (up 8.5%); import turnover was US$21.4 billion (up 7.5%); provincial trade surplus in 2020 reached nearly US$6 billion. Regarding FDI attraction, in 2020, Binh Duong attracted more than US$1.8 billion. At present, the province has 3,953 FDI projects with total capital of US$35.8 billion, ranked third in the country, just after Ho Chi Minh City and Hanoi.

In its development strategy, Binh Duong will continue to implement the project "Binh Duong Innovation Region" with the planning for a Scientific and Technological Industrial Park, building a creative start-up ecosystem, increasing proportion of services, especially e-commerce and international trade, with a model project of World Trade Center in Binh Duong New City. At the online seminar, representatives of relevant departments and sectors answered questions of Thai businesses about opportunities for cooperation and investment in Binh Duong, such as: Supporting industry, investment promotion policy for startups, investment in infrastructure, public works ...

Sanan Angubolkul, Chairman of Vietnam - Thailand Business Association, Vice Chairman of Thai Trade Association, said that the dynamic development of Binh Duong in recent years has attracted great interest of Thai business community. Thereby, it shows the dynamism and creativity of provincial leaders and the attention and support of provincial departments and branches to investors.

Nguyen Thanh Truc emphasized that Binh Duong hoped to continue receiving active cooperation and support from Vietnamese Embassy in Thailand, Business Associations of the two countries, and Thai Industry Federation to enhance bilateral cooperation and expand multilateral cooperation. That is the premise for new steps in the increasingly deepening international integration and to create new momentum in the context of the Industry 4.0. Binh Duong always consideres Thailand as an important investment partner.

Nguyen Thanh Truc, Vice Chairman of Binh Duong Provincial People's Committee: Binh Duong is currently implementing an innovation program to attract investment with the aim of attracting partners with strong potential, large corporations and groups in the world. The province gives priority to investment in high-tech, high added value, low-labor-intensive and environment-friendly industries. In which, the province focuses on attracting investments into industrial parks and clusters planned. In addition to fields of conventional investment attraction, with orientation towards sustainable development, Binh Duong is focusing on economic restructuring towards boosting high-quality commerce and services. Binh Duong hopes that Thai investors would invest in their strong areas that the province is in need of, such as agricultural development, infrastructure; research and development of supporting industries, production of raw materials for manufacture, creating a link between Thai FDI and Binh Duong enterprises.

Phan Chi Thanh, Ambassador of Vietnam in Thailand: Thai businesses that have invested in Vietnam are very successful. This is a vivid expression of long-term and good economic cooperation, especially in terms of investment and trade between Vietnam and Thailand. Vietnam is in sight to be the investment destination of many Thai companies. There are a number of large Thai corporations looking for investment opportunities in Vietnam, including in Binh Duong.

Tharabodee Serng-Adichaiwit, CEO of Bangkokbank Vietnam: Binh Duong is known as the pioneer province investment attraction in Vietnam, owns abundant labor force, good policies... In my opinion, Binh Duong is the first province that Thai businesses need to learn about when they come to Vietnam. Enterprises should promptly grasp foreign investment law and tax incentives in 2021 to invest in Binh Duong smart city. This will be a great opportunity for Thai investors.

Sanan Angubolkul, Chairman of Vietnam - Thailand Business Association, Vice Chairman of Thai Trade Association: It is undeniable that Vietnam is the center of the entire Southeast Asia region. The reasons for Thai businesses to invest in Vietnam, including political stability, successful control of the pandemic, an abundant, high-quality workforce, attractive investment incentives, and the potential domestic market with an increasing middle class; thus, the purchasing power is great, investment environment is more and more favorable and open...

 Reported by Ngoc Thanh - Translated by Ngoc Huynh

• Vingroup approves 2024 business plan, to list Vinpearl on market (28/04)
• Da Nang city promotes cooperation with Brazil (28/04)
• All-out efforts needed to get IUU yellow card removed: Minister (28/04)
• Vietnam expected to become e-commerce powerhouse in Southeast Asia (27/04)
• Revenue on top five e-commerce platforms jumps 79% (27/04)
• Vietnam treasures role of UNESCO: Foreign Minister (26/04)
• Enterprises want clearer regulations on seafood production (26/04)
• Socio-economic indicators increased over the same period (26/04)