Boost from FDI attraction

Along with the country’s development, Binh Duong has emerged as a “shining star” of the Southern Key Economic Region. This success has come from effectively leveraging local potential and advantages, especially in accelerating infrastructure development, decisively improving the investment environment, facilitating business operations and attracting increasingly high-quality foreign investment projects to the province.

Affirming a leading position

It’s no coincidence that Denmark’s Lego Group has chosen Binh Duong to build a factory with total investment capital of over US$ 1.3 billion. Carsten Rasmussen, Chief Operating Officer of Lego Group shared that while few may know, it took LEGO nearly a decade to explore the Southeast Asian market—but only three short months to decide on Vietnam, specifically Binh Duong as an ideal place to “settle down and build a nest”. A green and sustainable development strategy is the goal that Binh Duong is steadily pursuing. This may well have been the “touchpoint” that convinced LEGO to choose Binh Duong as its destination. In return, Binh Duong has been making every possible effort to create the best conditions for LEGO to successfully implement its project.

Possibly speaking, one of the critical decisions contributing to Binh Duong’s socio-economic development and investment attraction is its longstanding policies of “Rolling out the floral mat to welcome investors” and “Laying down the red carpet to attract talents” maintained for nearly 30 years. These policies remain a model of development for localities nationwide. Thanks to these strategies, Binh Duong has created favorable conditions and open mechanisms to welcome investment waves from both domestic and foreign enterprises.

Ho Minh Phuong, former Chairman provincial People's Committee shared that in addition to innovations and flexibility in call for investors, Binh Duong has possessed many advantages over other localities in the region and the country. Binh Duong is a large, flat land with a favorable location that is thirsty for industry and investment...According to him, looking at other localities only highlights Binh Duong's significant potential, especially its transparent and open policies, which score highly in the eyes of investors. According to him, the most important thing for domestic and foreign investors, before coming, is how they look at the internal affairs, how the government treats businesses? If we treat people well, good reputation will always spread far and wide; if good land, birds will flock...

In 1997, Binh Duong had only 185 foreign investment projects with total capital of US$ 961 million, creating jobs for around 35,000 workers. So far, the province has lured 4,500 foreign-invested projects from 65 countries and territories, with total registered capital exceeding US$ 42.7 billion. Binh Duong is now one of the country’s leading localities in attracting foreign direct investment (FDI) capital.

Confidence in the path of development

Foreign investment inflows have dramatically shifted Binh Duong’s economy from agriculture to industry, becoming a driving force for economic growth: increasing State budget revenue, export value, labor transition from agriculture to industry, job creation for local and migrant workers...

Pham Ngoc Thuan, General Director of Becamex IDC stated that foreign investment has been a key driver transforming Binh Duong into a modern, dynamic industrial province in recent years. Most investors in Binh Duong come from countries and territories with strong capital and technological capabilities such as the United States, Europe, Japan, South Korea, Singapore and Taiwan (China). These global partners have already established a significant presence in the province. Notably, Binh Duong has consistently ranked among the top localities in FDI attraction, significantly contributing to the nation’s overall investment performance. The province is increasingly affirming its brand among partners and investors.

Despite immense challenges caused by the Covid-19 pandemic and recent global political and economic uncertainties, many foreign investors still view Binh Duong as a “fertile land” for long-term development. According to economists, Binh Duong’s appeal makes it a natural destination for both domestic and international investors.

Recently, Lego Group has officially put Lego Manufacturing Vietnam factory in the Vietnam - Singapore Industrial Park 3 (VSIP 3) into operation. According to provincial leaders, this Lego project marks a new “green milestone” in foreign investment in both Vietnam generally and Binh Duong specifically. The decision of a prestigious corporation like Lego to choose Binh Duong as a strategic destination is of great significance in boosting FDI projects. It also enhances Binh Duong's reputation among investors, particularly those from Europe. With Lego's green project, many other investors are now increasingly interested in exploring and investing in higher-quality, more sustainable projects in Binh Duong.

Vo Van Minh, Vice Secretary of provincial Party Committee and Chairman of provincial People's Committee shared that looking back on nearly 40 years of renovation and 28 years of construction and development, Binh Duong has made remarkable progress to become one of the country’s leaders in industrial development and foreign investment attraction. To remain a preferred destination for foreign investors, Binh Duong is preparing thoroughly to meet investors’ needs, strengthen cooperation effectiveness and seize opportunities from the Fourth Industrial Revolution to welcome increasingly high-quality foreign investment projects. Major infrastructure projects that are currently underway in Binh Duong, particularly those with inter-regional impact like belt roads 3 and 4 in Ho Chi Minh city, the Ho Chi Minh city – Thu Dau Mot – Chon Thanh expressway…will enhance the province’s appeal for new foreign investment in the near future.

As of now, the province has attracted 4,500 foreign investment projects with total registered capital of over US$ 42.7 billion. This achievement highlights the continuous efforts and relentless determination of provincial leaders in managing the economy, improving the business investment environment and implementing new and decisive approaches that have been well-recognized and highly appreciated by the business community and investors.

It can be said that one of the key decisions contributing to the socio-economic development and investment attraction in Binh Duong is the policies of “Rolling out the floral mat to welcome investors” and “Laying down the red carpet to attract talents” over the past 28 years. From these policies, Binh Duong has undergone a strong transformation, becoming a promising land full of potential, attracting high-quality investors.

Reported by Ngoc Thanh-Thanh Tuyen-Translated by Kim Tin