Danish investors strongly attracted to Binh Duong

Focusing on improving the investment and business environment, the quality of human resources, and investing in synchronous infrastructure, Binh Duong continues to strongly attract enterprises with foreign direct investment capital (FDI) including investors from Denmark in recent years.

Mr. Vo Van Minh, Deputy Secretary of Binh Duong provincial Party Committee, Chairman of the provincial People's Committee receives Mr. Carsten Rasmussen, Operation Director of Lego Group from Denmark

Ideal destination

Binh Duong is one of the leading localities in the country in attracting FDI, which is an important feature as Binh Duong has an annual GDP growth rate 2 times higher than the average growth rate of the whole country. According to the Ministry of Planning and Investment (MPI), in the first four months of 2022, Binh Duong is the leading locality in FDI into Vietnam with a total registered capital of nearly USD 2.4 billion, accounting for 21.7% . Among the countries and territories investing in Binh Duong in the first 4 months of the year, Denmark led the way with a large-scale Lego project of a total investment of over USD 1.3 billion, accounting for 54.7 % of total investment capital in Binh Duong.

Recently, at the meeting and working session of provincial leaders with Lego Group from Denmark, Mr. Carsten Rasmussen, Operation Director of Lego Group, affirmed that the decision to choose Binh Duong as the investment and construction site has been carefully considered and is part of the corporation's development strategy. Lego Group is very pleased to cooperate with the province and Vietnam - Singapore Industrial Park Limited Company (VSIP) to build the modern factory, contributing to thousands of new job opportunities and more rich and quality products as well as contributing to the local development. The project meets the standards of safety, green and clean environmental protection. Mr. Carsten Rasmussen thanked the provincial government for always caring, sharing and looking forward to continuing to receive support to ensure the implementation of the project roadmap, which is expected to come into operation in 2024.

According to Department of Planning and Investment, Binh Duong is now ranked second in the country in terms of FDI attracting. Notably, although the Covid-19 pandemic had a strong impact on investment activities, in the first 4 months of 2022, the province had attracted over USD 2.4 billion, increasing by 396% over the same period last year. Accumulated up to now, the province had 4,044 foreign investment projects with a total capital of USD 39.4 billion.

To seize the opportunity from important investors

Seizing opportunities and stimulating investment capital from this potential market over the past time, Binh Duong has continuously paid attention to effectively exploiting its relationship with investment promotion focal points, especially the Danish market which has been recognized by many investors. According to Mr. Mikkel Lyndrup, Deputy Ambassador of Denmark to Vietnam, at present, more than 140 Danish enterprises have come to invest in Vietnam. In which, leading Danish corporations such as Lego and Pandora have all committed to set up large investment projects in Binh Duong in the near future. According to the Deputy Ambassador, Binh Duong is a dynamic province with outstanding development speed and investment potentials.

Recently, Pandora Group, a Danish jewelry brand, signed an agreement to build a new jewelry processing facility in VSIP 3 Industrial Park with a total investment of over USD 100 million to build the first ever production facility in Vietnam to supply 60 million jewelry products a year and create jobs for more than 6,000 people. The project is expected to start construction in early 2023 and production by the end of 2024. This is Pandora's 3rd facility in the world and the first production facility ever built outside of Thailand.

Mr. Jeerasage Puranasamriddhi, Supplying Chain Manager of Pandora Group, said: “We have conducted thorough assessment across all provinces and cities in Vietnam and have chosen Binh Duong province for three reasons of labor resources, skilled movement, and infrastructure that is near the international airport and convenient for the company's jewelry export; and lastly, the most special is the enthusiast support and strong commitment from the provincial authority.”

At meetings and working with investors from Denmark and on discussing solutions to effectively attract investment cooperation projects to contribute to the rapid and sustainable development of the province, Mr. Vo Van Minh, Deputy Secretary of the provincial Party Committee, Chairman of the Provincial People's Committee, affirmed that Binh Duong continues to implement the motto of always making efforts to stand side by side with businesses and investors. The province always creates favorable conditions for businesses and foreign investors to do business effectively and in long-term. Currently, Binh Duong is keeping on to build the image of a safe investment location for domestic and foreign investors. The province always listens and promptly resolves difficulties and problems to offer the best conditions for investors including Danish enterprises to operate effectively in terms of production and business operations.

Reported by Ngoc Thanh – Translated by Vi Bao