Binh Duong welcomes FDI inflow from Australia

From May 22 to 28, provincial delegation, led by Vo Van Minh, Vice-Secretary of provincial Party Committee, Chairman of provincial People's Committee and leaders of enterprises in the province has attended the ASEAN - Australia Business Forum in Australia’s Melbourne city. As part of the forum's series of events, the Vietnam Embassy in Australia has also coordinated with the People's Committee of Binh Duong province and the government of Victoria in Australia to organize a Vietnam investment forum to introduce the image of Vietnam with stable development together with potential and investment opportunities in Binh Duong province. The forum has attracted the attention of many enterprises in the host country.

Calling for Australian enterprises to invest in Binh Duong

Speaking at the Vietnam Investment Forum, Mr. Minh shared the local advantages, especially in traffic, infrastructure, industrial park system and smart city...Over the past years, Binh Duong province's government paid attention to supporting the development of enterprises operating in the province through improving the local investment climate, applying science and technology to simplify administrative procedures, deploying human resource training, building social housing projects, providing labor resources for enterprises operating  in the province. Therefore, Binh Duong is always evaluated as one of the country’s leading localities in socio-economic development, industrial development and FDI attraction. As of now, Binh Duong has ranked second nationwide in FDI attraction, only after Ho Chi Minh city, with a total of 4,044 investment projects from 65 countries and territories with a total registered capital of more than US$39.4 billion.

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Along with promoting socio-economic development, Binh Duong has also actively expanded bilateral and multilateral cooperation in many fields. Up to now, the province has established bilateral cooperation relations with 11 foreign provinces and cities and is an official member of international organizations, including the World Smart Community Forum (ICF), the Asian Economic Cooperation Forum (Horasis) and the World Trade Center Association (WTCA).

In the context of unpredictable international trade, leaders of the province and enterprises coming to Australia to call for investment have shown their efforts in investment promotion in the new situation by many forms. Even in the first months of 2022, when the Covid-19 pandemic still had a significant impact on socio-economic development, but with appropriate mechanisms, policies and solutions, Binh Duong still attracted many domestic and foreign investors, including Australian ones.

Ready to welcome investment capital from Australia

At the forum, provincial People’s Committee Chairman Vo Van Minh and Ambassador of Vietnam to Australia Nguyen Tat Thanh answered many questions on priorities and policies of Vietnam in general and of Binh Duong province from Australian enterprises. According to provincial People's Committee Chairman, Binh Duong in the first four months of 2022 took lead in FDI attraction, with a total registered capital of over US$ 2.3 billion, accounting for 21.7% of the total registered investment capital and 4.9 times higher  than the same period in 2021. Currently, Australia ranks 20th in the list of economies with the largest FDI in the province.

According to data from provincial Department of Planning and Investment, as of April 2022, Binh Duong lured 29 investment projects from Australia with a total capital of more than US$ 132 million. Direct investment from Australia into Binh Duong is forecasted to have many growth opportunities in the coming time when the province is trying to call for FDI inflow into the province. In addition, the flexible development of Binh Duong in recent years has been of great interest to the Australian business community. This has also shown that the flexibility and creativity of provincial leaders, the attention and support of departments and sectors have contributed to helping Binh Duong become one of the country’s top localities in FDI attraction. Along with favorable geographical conditions, Binh Duong is quite favorable in terms of climate; the land is located between two big rivers, so there are many favorable conditions for logistics development.

David Osborn, General Director of DETMOLD Group that currently has 4 factories and warehouses in Binh Duong said: “We are very satisfied with our investment in Binh Duong. Currently, 98% of the group’s products in Vietnam are exported to markets around the world. In the coming time, the group will continue expanding its investment scale in Vietnam and Binh Duong.

Mr. Minh said that Binh Duong has made efforts in accompanying and creating the most favorable conditions for enterprises to recover production and maintain their supply chain…

“Binh Duong is one of Vietnam’s localities with strong industrial development. The province also plans to become an Innovation Region in the future. The province has always improved the local investment climate, enhanced competitiveness, invested in upgrading infrastructure; made planning for construction and expansion of industrial parks, creating a clean land fund for investment attraction; carried out urban development planning, construction of social housing; deployed human resource training, sufficiently and opportunely provided labor resources for enterprises when investing in the province. With all the above factors, Binh Duong will become a flexible, innovative, convenient and safe locality and an attractive investment destination for Australian investors in the near future”, Mr. Minh emphasized.

Reported by Ngoc Thanh-Translated by Kim Tin