Efforts to improve investment climate with positive economic recovery

In May 2022, the province's index of industrial development increased by 12.3% over the same period last year. This result shows that along with the quick adaptation of the business community, the province’s solutions to improve the investment climate, reform administrative procedures, support enterprises in production and business, focus on mobilizing all resources to restore and develop the local economy have upheld their high efficiency.

High determination

With the determination to build a government that serves, puts businesses and the people as the center, over the past years, administrative reform and improvement of the investment climate have always been identified by Binh Duong as a top task. In the context of Covid-19 disrupting the supply chain, many businesses were forced to reduce capacity or suspend operations. Binh Duong has focused strongly on solutions to support businesses to overcome difficulties caused by the pandemic. The province has also promoted the implementation of e-government as a foundation towards digital government, modernizing the administrative system, significantly contributing to improving the business climate, attracting investment projects and promoting the local sustainable socio-economic development.

Vo Van Minh (right), Vice-Secretary of provincial Party Committee, Chairman of provincial People's Committee and provincial delegation pay a visit to Detmold Group in Australia

Notably, in May 2022, the province's economy has further got thriving. The province’s index of industrial development increased by 9% and 12.3% over the previous month and the same period. The figure over the past five months grew by 7.9%. The province’s trade activities still kept pace and tended to recover strongly. The province’s trade surplus over the past 5 months was US$5.2 billion while export turnover increased by 11.6% over the same period…Besides the rapid adaptation of the local business community, the above results also showed that the solutions done by the province in improving the investment environment, and support businesses during the past time have promoted their positive efficiency.

Binh Duong's position on the annual Provincial Competitiveness Index (PCI) rankings has shown the local aspiration during the renovation process, focusing on mobilizing all resources for economic development. In 2021, Binh Duong ranked 6^th in the PCI ranking amid many impacts from the Covid-19 pandemic, which was considered as a remarkable achievement. The province implemented timely solutions, quickly supporting businesses and people. Especially, provincial leaders held conferences to discuss and solve difficulties by the business community right when the Covid-19 pandemic seriously affected production and business. Since then, many solutions such as opening the market, stimulating consumer demand, and connecting production - consumption...have been proposed by the province.

According to leader of provincial Department of Planning and Investment, in the first months of 2022, with many efforts, the province has achieved positive results in reforming administrative procedures, improving the investment climate. The province’s PCI has been improved obviously and it is the leading locality in the Southeastern region and ranked 6th in the whole country, being to the group that is evaluated well in the rankings, contributing to creating favorable conditions for the local business, promoting more and more efficient production and business activities. The province’s disbursement of public investment capital will also have a positive impact on recovery and growth in a number of industries on steel, construction materials, mechanical engineering…, contributing to further maintaining the local growth momentum of industrial manufacture.

Diverse investment promotion methods

In order to promoting investment promotion, the province has directed provincial Department of Planning-Investment, relevant departments and agencies to focus on reviewing the local land fund and making plans to attract large projects. Focusing on investment promotion in the new situation, in addition to the online form to meet and discuss with investors from other countries, right after the Covid-19 epidemic was controlled, the province held many conferences to directly meet, exchange with foreign investors such as Europe, the United States, Denmark, Japan...Provincial delegation, led by Vo Van Minh, Vice-Secretary of provincial Party Committee, Chairman of provincial People's Committee, hasj just participated in a seminar on investment promotion in Australia, aiming to introduce the flexible image, development, potential and investment opportunities of Binh Duong to partners.

Along with promoting infrastructure construction and improving the investment climate, Binh Duong always creates favorable conditions for enterprises to work

Thanks to provincial leaders’ efforts in investment promotion in the new situation by many forms, in the first months of 2022, many foreign investors realized that Binh Duong was still a "good land" for long-term development. In the first 5 months of the year, the province attracted nearly US$ 2.5 billion in FDI capital, up 99% over the same period. So far, the province has lured 4,047 FDI projects capitalized at US$ 39.5 billion.

Mr.Minh said that in order to proactively welcome large investors, in the local socio-economic development program, Binh Duong will continue focusing on reforming administrative procedures, improving the investment climate, building a good infrastructure system and training high-quality human resources. The province takes the construction of a smart city as the key content to attract investment projects, creating a push for economic development and international integration in the coming time.

Along with its proposed policy, the province will further strengthen investment promotion activities in association with trade and tourism promotion; continue focusing more on removing difficulties for investment projects, strengthen coordination with provinces and cities in the southern key economic region to solve problems in planning, site clearance and relevant contents, concretizing the local determination developing Binh Duong into an attractive and safe destination.

As of May 15, the province attracted 2,658 newly-registered enterprises, up 4.9% over the same period, with total capital of over VND16.98trillion; 568 enterprises increasing capital, up 12.9% over the same period, with total additional capital of over VND 15.94 trillion; 12 enterprises registering to resume operation, an increase of 100% over the same period.

Reported by Ngoc Thanh-Translated by Kim Tin