Dialogue of foreign investment enterprises in Binh Duong creates business satisfaction

On Jun 17, a dialogue conference of foreign investment enterprises in Binh Duong happened at Lucky Square Convention and Event Center. Mr. Tran Thanh Liem, Chairman of PPC, chaired the meeting; representatives of related agencies, sectors, provincial foreign business community attended the conference. The conference was an opportunity for provincial leaders to listen to opinions, promptly remove difficulties of enterprises in business activities.

Many problems to be solved

According to provincial Department of Planning – Investment, from the beginning of the year, there were 26 countries and territories making investments in Binh Duong. In particular, Singaporean investors are leading with 7 new projects and 8 investment increases with a total investment of $360 million. Korea is ranked second with a total investment of $150 million. Japan isnked third with a total investment of $85 million. In particular, the processing industry has attracted a lot investor’s attention with 99 new projects (accounting for 92.38% with $690.8 million); service sector has absorbed 14 new investment projects (7.62% with $83.6 million). Up to Jun 15^th, Binh Duong has 2,700 FDI projects with a total registered capital of $24.7 billion, including 1,625 projects investing in IPs with a total investment of $16.3 billion.

Binh Duong province has taken interest in improving the investment climate, consolidating trust of businesses. Photo: Mr. Tran Thanh Liem (center), Chairman of PPC, discussed with businesses at the conference 

In recent years and the first 6 months of 2016, Binh Duong province has made every effort to create a fair, transparent, open business environment, help businesses to do business easily in the province, contributing to economic development. Therefore, difficulties faced by investors always concern provincial leaders.

At the dialogue conference of foreign investment enterprises, opinions, questions of enterprises were answered immediately by the authorities. For example, Alkana Company worried about import procedure, which is currently taking more time in testing before goods are allowed to sell on the market. In this regard, Binh Duong Customs Department answered: To imported goods subjects to animals - plant quarantine, goods quality, food safety inspection, expertise, analysis, classification when importing, businesses must register with the examination procedure with specialized agencies... Examination time depends on regulations of the agency.

Answering questions of Vietnam NTPM Company about tax exemption on foreign labors, provincial Taxation Department said: Individuals, who are foreigners providing goods or services to the company under signed contracts, must declare and pay value added tax and personal income tax under the provisions of Circular No. 103/2014/TT-BTC dated Aug 6^th 2014 of Ministry of Finance.

Consolidating trust from investors

At the dialogue, a lot of problems were resolved by provincial leaders, departments, and agencies. This enhanced business trust in the leadership and administration of provincial Party Committee, People's Committee, especially in improving the investment climate, supporting business growth.

Ms. Dinh Thi Thuy Trang representing Alkana Vietnam Company (TDM City) at the conference, said: "Our enterprise has received supports, sharing and encouragement from provincial leaders, since we started to invest in here. Thus, the company has developed well and stably, our employee’s life has been enhanced. We sometimes encountered a certain number of difficulties from the general regulations of Vietnam. However, at the conference, we received very satisfactory answers from provincial authorities. This is good news to our business and other investors in Binh Duong”.

Mr. Kent Teh, Director of Vietnam Esquel Garment Manufacturing Company (Thuan An Town) said: "We are extremely satisfied with the investment environment in Binh Duong. Since the company opened a branch office in the province, we have received many supports from provincial leaders. Our small questions about regulations and procedures of handling exported goods’ nylon bags were also answered by Binh Duong Customs Department very clearly and transparently at this conference. "

Satisfaction is the general mood of the business community, foreign investors participating in this dialogue conference. Coming to the conference, many business’s questions were answered, business trust in the investment environment in Binh Duong was also consolidated. Mr. Raymond Chow, Deputy Director of Ministry of Foreign Affairs of Singapore, said: "Singaporean enterprises have been present in Binh Duong for more than 20 years. Therefore, we always appreciate the timely support from the locality to the business community and foreign investors here. Binh Duong investment environment is more open and transparent, which will not only help enterprises here to thrive but also allure other investors to come here in the near future. "

To create the best investment environment for business, provincial leaders and departments have pledged to create favorable conditions and promptly resolve difficulties in business operations, and contribute to promoting sustainable business development in the province.

Mr.Tran Thanh Liem, Chairman of PPC, stressed: "In the future, the province will continue the implementation of the Government's policies on improving the investment environment, enhancing competitiveness and business support; timely tackling obstacles to facilitate business production. At the same time, the province will mobilize resources for improving socio-economic infrastructure, such as transport, power, water supply, environmental treatment; expanding industrial parks to create clean land resource for business investment; training human resources, building social housing for workers to meets demands for workforce in the province...

In 2015, the province attracted $3.287 billion, reaching 328% of the annual target. Particularly, in the first 6 months of 2016, the province has attracted nearly $1.1 billion, including 113 new projects with a total new investment of $730 million and 64 projects with a total additional investment of $337 million; projects in industrial parks account for 86.3% of the total attracted investment.

Most of foreign investment projects in the province have been located in IPs or industrial production development clusters according to planning. The province's investment environment has been improving and turned towards a sustainable development. Some advantageous sectors, such as industrial manufacture, electricity, electronics, mechanics, pharmaceutics, trade and services ... have interested many investors.

Reported by Khanh Vinh – Translated by Ngoc Huynh