Effective promotion, making FDI attraction further increase

Update: 13-07-2023 | 10:34:12

In the first six months of 2023, Binh Duong's total foreign direct investment (FDI) capital reached more than US$967 million, equaling 53.74% of the set plan. This result continues being the driving force, significantly contributing to the province's socio-economic development in 2023 as well as the following years.

Driving force for growth

As of now, the province has attracted 4,121 investment projects from 65 countries and territories with total registered capital of over US$ 40 billion. In the first 6 months of 2023, despite being negatively affected by the difficult global situation, foreign investors continued being confident and optimistic about the province's investment climate. As a result, in the first half of 2023, although FDI inflows into Binh Duong is not as high as in the same period last year, the province is still a bright spot in terms of FDI attraction nationwide with more than US$ 967 million.

Binh Duong gives priority to attracting investment in high-tech, advanced and environment-friendly industries and fields. In picture: Production of electronic components at East West Industries Vietnam Co., Ltd.

This result has shown the province's relentless efforts, new and drastic ways in economic management, improvement of the investment climate in the right direction, which has been highly appreciated by the business community and investors. Noticeably, the amount of FDI capital flowing into trade and services is getting more and more exciting when the province is having many strong breakthroughs in infrastructure, especially the cooperation between the province and large corporations, global brands such as Warburg Pincus, Sembcorp Tokyu, CapitaLand Development, Aeon...The projects of these corporations will continue effectively contributing to changing the image of Binh Duong urban area.

According to provincial Department of Foreign Affairs, in the first 6 months of 2023, Binh Duong sent 31 delegations to countries for promoting investment, surveying, learning from experience and attending a number of conferences and forums while receiving 31 delegations. Provincial leaders also held dialogues with foreign business associations and enterprises of 4 markets, namely the UK, Korea, China and Japan; attended a solemn meeting of Consul Generals, Heads of Trade Office, business associations of countries in Ho Chi Minh city, a talk show of the Heads of the Vietnamese Representative Office abroad in 2022; signed a Letter of Intent between Binh Duong province, Cuba’s Artemisa province and Argentina’s Santa Fe province…

Trinh Hoang Tuan Anh, Deputy Director of provincial Department of Planning and Investment said that FDI capital is still greatly contributing to the province's economic development. In the first 6 months of 2023, although newly registered capital tends to slow down, the additional investment capital and capital contribution and share purchase by foreign investors in Binh Duong still increased steadily. Especially, the province has lured more and more large-scale projects, with industries and fields consistent with the local investment attraction orientations.

Investors trusting

Binh Duong is a land with many promises on development for economic groups and businesses both at home and abroad. Recently, Polytex Far Eastern (Vietnam) Co., Ltd. in Bau Bang Industrial Park said that in the third quarter of 2023, the company will further pour more than US$ 250 million. Thus, the company’s total investment capital has so far reached nearly US$ 1.7 billion, helping it become the largest foreign-invested project in Binh Duong.

Earlier, during a meeting with provincial leaders, Priyamvada Srivastava, General Director of Procter & Gamble Group (P&G) Vietnam said that P&G will continue investing nearly US$ 100 million to expand its production at the factory in Ben Cat town. With this additional investment, P&G's total investment capital in Vietnam will increase to US$400 million, making Vietnam become a key investment destination, focusing on modern production in the group's production chain around the world. In addition, Korea’s SEP Group also wants to invest more than US$200 million in establishing Vietnam's first carbon-neutral industrial complex specializing in the shoe industry and carbon-reducing infrastructure facility in Vietnam on a total area of 180 hectares in Phu Giao district’s Tam Lap 2 industrial compound.

The above commitments show that foreign investors still put their trust and high expectations in the local investment climate. Cheng Jen Ming, Chairman of the Board of Directors of Taiwan’s Cheng Loong Group said that with the local outstanding potential, open policies, substantive support and companionship, Binh Duong is always one of the group’s top choices when researching investment in Vietnam. In 2015, Cheng Loong Group invested in a paper factory project with an area of 75 hectares, a capacity of up to 1 million tons of industrial paper and 50,000 tons of paper consumed per year. Cheng Loong is currently the second largest foreign investor in Binh Duong with total investment of more than US$ 1 billion. "In the coming time, we hope to further receive the companionship of the province to implement the next projects", he said.

In 2023, Binh Duong aims at attracting about US$ 1.8 billion in FDI capital. With results done in the first 6 months of the year, the province is likely to achieve the goal. In order to attract high-quality FDI and set up strategic orientations in the coming time, the province will further improve the local investment climate to make Binh Duong become a safe, attractive and stable destination for foreign investors.

In 2023, Binh Duong strives to attract about US$ 1.8 billion in foreign direct investment. The province gives priority to attracting investment in high-tech, advanced, environment-friendly, less labor intensive industries and fields, creating high added values; financial services, logistics and other modern services; auxiliary industries, high-tech agriculture and especially attracting investment in the science and technology industrial park on the basis of industry 4.0.

Reported by Ngoc Thanh-Translated by Kim Tin

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Effective promotion, making FDI attraction further increase

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