Economic diplomacy boosts foreign investment attraction

Since early this year, to strengthen economic diplomacy in the accelerated industrialization and modernization period, Binh Duong province has achieved many good results in attracting FDIs.

Economic diplomacy activities have boosted FDI attraction in Binh Duong. Photo: Production line of Esquel Vietnam Company in VSIP 1, Thuan An Town  

Fostering FDI attraction

In the first 6 months of 2016, leaders of Binh Duong province welcomed 11 delegations of multinational companies, international corporations and foreign large enterprises visiting and learning investment opportunities in Binh Duong. Some notable delegations were Japanese Business Association in Ho Chi Minh City; Taiwanese Merchant Association in Binh Duong province; Daejeon City Business Delegation (Korea); Chairman of Far Eastern Group (Taiwan); Chairman of Esquel Group (Hong Kong); Japan - Vietnam Friendship Union and Tokyu Corporation (Japan); Eindhoven City Business Delegation (Netherlands)...

Through these meetings, provincial leaders informed delegations about socio-economic development, policies and provincial determination to build up a modern and synchronous infrastructure, improve the quality of training and human resources, create a more open and more attractive investment environment to further boost FDI capital.

It can be affirmed, economic diplomacy activities have fostered FDI capital attraction. At the reception of Mr. Kevin Teo, Executive of Sembcorp Development Corp cum Co-Chairman of Vietnam - Singapore Industrial Park JV Company’s Board of Directors, Mr. Tran Van Nam, member of the Central Party Central Committee, Secretary of provincial Party Committee, emphasized in the future Binh Duong would continue to invest, better regional connectivity infrastructure, a modern and synchronous infrastructure system, contributing to building up Binh Duong as an attractive destination to investors today. Mr. Nam hoped that in the near future Sembcorp would continue to invest in Binh Duong.

At the meeting with Ms. Mary Ann Schreurs, Deputy Mayor of Eindhoven City (the Netherlands), the two sides discussed cooperation contents under the signed MOU between Binh Duong Province and ​​Eindhoven City (the Netherlands) and the signed MOU between Becamex IDC and Brainport Corp (the Netherlands). At the meeting, Mr. Tran Thanh Liem, Deputy Secretary of provincial Party Committee, Chairman of PPC, asserted that he would continue to implement the contents under signed MOUs between the two sides.

In addition, in order to attract more FDI capital, provincial Party and People's Committee directed departments, agencies to coordinate closely with businesses in the province to organize workshops on trade promotion and abroad investment cooperation. In the first 6 months, departments and enterprises in the province organized 4 workshops on trade and investment promotion in Japan, USA, Italy and the Netherlands. Besides, PPC also held a solemn ceremony to grant investment certificates in the 1^st phase 2016 to 33 FDI projects with total investment of $695 million.

To keep boosting

Economic diplomacy activities mentioned above have helped to attract more FDI projects in Binh Duong Province. In the first 6 months of 2016, the province absorbed $1,096 billion of FDI capital, including 111 new projects with a total capital of $729 million and 64 projects adding more capital with total capital of $367 million.

Until now, the province has 2,698 FDI projects with a total investment of more than $24.7 billion from 47 countries and territories around the world, including more and more transnational corporations with great financial capacity and technologies, namely, Japan is leading with a total registered capital of $5.1 billion, accounting for 20.6% of total investment; Taiwan is ranked second with a total registered capital of 5 $billion, accounting for 20.58%; and South Korea is at third position with a total registered capital of $2.2 billion, accounting for 9.04% of the total investment...

To continue attracting FDI, in the coming time, Binh Duong Province will continue to enhance economic diplomacy, such as organizing and participating in events of trade investment promotion, tourism, introducing provincial products, goods and services to foreign countries. In particular, the province will actively participate in trade fairs, international conferences, economic cooperation and training.

Reported by Phuong Le – Translated by Ngoc Huynh