Binh Duong – the optimal destination for investors from Taiwan

Update: 20-11-2021 | 22:16:27

In the afternoon of November 19, Mr. Mai Hung Dung, Standing Member of Binh Duong provincial Party Committee and Standing Deputy Chairman of the provincial People's Committee chaired an online seminar on investment promotion in Taiwan organized by the provincial People's Committee in collaboration with Becamex IDC. Attending at Binh Duong connection point was representatives of departments, branches, Becamex IDC Corporation, and Taipei Economic and Cultural Office in Ho Chi Minh city. At the connection points on the Taiwanese side was Mr. Chang Chinh Huang, President of the Taiwanese Merchants’ Association in Binh Duong, representatives of some industrial associations and about 80 Taiwanese investors.

Leaders of the province and departments and enterprises are attending the seminar on promoting Taiwanese investment at the connection point of Binh Duong

The destination bringing about development

According to Mr. Chung Wen Cheng, Director of the Taipei Economic and Cultural Office in Ho Chi Minh city, Binh Duong is a province where many Taiwanese businesses invest and according to statistics, nearly one third of Taiwanese enterprises in Vietnam have chosen Binh Duong as a production place with total investment of over USD 6.2 billion, mainly in the manufacturing and processing industries. The Taiwanese Business Association in Binh Duong currently has more than 650 members to become the largest Taiwanese business association in the world. Although the epidemic is still on, Taiwan is still very confident in the economic development prospects of Vietnam in general and Binh Duong in particular. The dynamic development of Binh Duong in recent years has attracted great attention from the Taiwanese business community; thereby, showing the dynamism and creativity of the provincial leaders and the interest and support of departments and branches to make Binh Duong one of the leading localities in the country in terms of attracting foreign investment.

It is known that Taiwan has invested in 853 projects with a total registered capital of more than USD 6.2 billion to be ranked first among 65 countries and territories having investment projects in Binh Duong and making active contributions to the country's economic growth and local socio-economic development. Even in the face of the Covid-19 epidemic, Taiwan's investment progress in Binh Duong has not slowed down.

According to Mr. Chang Ching Huang, President of the Taiwanese Merchants’ Association in Binh Duong, Binh Duong has always been a promising land to bring development to economic groups and businesses both at home and abroad. Especially, the infrastructure system of the province has been continuously invested and completed to reach the international level in recent years. In addition, with the province's open mechanisms and policies, especially on reforming administrative procedures and improving the business investment environment, it has attracted the attention and interest of Taiwanese investment.

Effective production and business

Speaking at the seminar, Mr. Mai Hung Dung said that despite facing many difficulties and challenges due to the Covid-19 epidemic, in the 10 months of 2021, the province's export turnover was estimated at USD 26. 4 billion and import turnover USD 21.4 billion to maintain a trade surplus of USD 5 billion. With an open and attractive investment environment, over the years, Binh Duong has been a reliable destination for foreign investors. In the first 10 months of 2021, Binh Duong has attracted 59 new projects, 23 capital adjustment projects and 155 investment projects in the form of capital contribution/share purchase with a total registered investment capital of more than USD 1.92 billion. Accumulated to October 31, 2021, the whole province currently has 4,008 investment projects from 65 countries and territories with a total registered capital of USD 37 billion to be ranked 2nd in the country in terms of capital attraction for foreign investments after Ho Chi Minh city.

At the conference, representatives of relevant departments and branches answered issues of concern that Taiwanese businesses have been wishing to find out about opportunities for cooperation and investment in Binh Duong such as tax incentives, management treatment if enterprises have F0, management of charter capital for foreign investors, speeding up the review of entry documents to return to Vietnam to work, recruitment issues, work permits etc.

Talking at the seminar, Mr. Mai Hung Dung affirmed that in the coming time, Binh Duong province will prioritize the attraction of investment into high-tech, environmentally friendly, less labor intensive, high-value creation industries, financial services, logistics, supporting industries, and high-tech agriculture, especially investments into the Science and Technology Industrial Park on the basis of the 4^th Industrial Revolution from developed countries and the world's leading potential partners with modern management competence including Taiwanese partners.

On behalf of provincial leaders, Mr. Mai Hung Dung invited Taiwanese investors, businesses and businessmen to come to Binh Duong to explore investment cooperation opportunities. At the province, investors will see more fully about the investment environment and socio-economic infrastructure facilities that Binh Duong province serves the needs of foreign investors including Taiwan recently. The provincial leaders together with leaders of departments and branches of the province always offer favorable conditions for investors in general including Taiwan to operate effectively in production and business matters.

Reported by Ngoc Thanh – Translated by Vi Bao

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Binh Duong – the optimal destination for investors from Taiwan

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