Enhancing economic diplomacy, attracting investment effectively

Part 1: Seeking opportunities

Right from the early days of establishment, with the motto "Rolling out flower mats to call for investment", Binh Duong has focused on international cooperation activities with very positive results, becoming one of the country’s top localities on FDI attraction. Contributing to this result is the companionship of the diplomatic sector. Economic diplomacy has contributed to realizing the mission of bringing Binh Duong's prestige and position to a higher level in the international arena, which is a plus point for the local investment climate.

Government leads, Binh Duong acts

Throughout the local development process, Binh Duong has always listened to and connected with national diplomatic activities. Binh Duong’s leaders and enterprises are willing and proactive to participate in government-level diplomatic missions to seek opportunities for the province in the common opportunities of the whole country.

At the Memorandum of Understanding (MOU) signing ceremony between Becamex IDC and Commercial & General Group in Australia

The Government's adherence to diplomacy has helped Binh Duong take advantage of many opportunities such as the Vietnam - Singapore Industrial Park (VSIP) Joint Venture which is the result of cooperation between the two Governments of Vietnam and Singapore. Binh Duong has connected the leading State-owned enterprise of the province with Sempcorp that is supported the Singaporean State-owned Temasek Investment Fund, forming up the VSIP Joint Venture. Since then, Binh Duong has learned a sustainable industrial development model, based on a complete ecosystem to serve investors, employees and people, creating a standard model and a major turning point in standardization of the province’s industrial development model.

Le Phu Hoa, Director of provincial Department of Foreign Affairs said that on an open foreign policy, Binh Duong province has made efforts to overcome many difficulties, creatively applying guidelines and policies of the Party and State in accordance with the local real situation, effectively tapping advantages, potentials, domestic and foreign resources, bringing the province's economy to rapid development and international economic integration deepening.

Through connections between the Government and the Ministry of Foreign Affairs, Binh Duong has expanded its international cooperation in the fields of economy, culture, science and technology, especially in the field of trade and investment cooperation, being proactive to promote Binh Duong brand - a dynamic, creative and effective industrial province with foreign partners. The province has also strengthened connection between domestic and foreign enterprises, contributing to promoting investment attraction and business cooperation towards building Binh Duong into a smart, dynamic and creative city with the new-generation urban-industrial ecosystem for green growth and sustainable development.

Proactiveness and creation

The local socio-economic achievements of the province were greatly contributed by diplomatic work over the past time. Being placed in the Government's common and equal diplomatic strategy among localities, Binh Duong has been proactive, creative and shaped its own diplomatic features, reflecting humanity, simplicity  mixed with the generous style of Binh Duong people. Binh Duong's smart strategies, including the "Inter-city diplomacy strategy" have been recognized and appreciated highly by the international community.

Nguyen Van Hung, CEO of Becamex IDC shared that Binh Duong has twinned with South Korea’s Deajeon; Japan’s Yamaguchi; Holland’s Eindhoven…, forming up many effective and meaningful projects, namely Binh Duong smart city project, Binh Duong Innovation Zone, smart industrial park, science and technology industrial park. The building of twinning diplomacy has helped Binh Duong learn many lessons from major cities around the world, thereby building development models suitable to it, not only in the field of investment attraction, but also in many aspects of society such as urban planning, transportation, and logistics infrastructure development, and science-technology innovation development…

Binh Duong's smart strategy has been recognized and appreciated highly by the international community. Specifically, for 4 consecutive years, Binh Duong was honored by the Intellectual Community Forum (ICF) in the TOP 21 cities with typical smart development strategies. Especially for 2 consecutive years from 2021, 2022, Binh Duong was named in the TOP 7 in more than 200 ICF member cities.

Nguyen Hoang Thao, Permanent Vice-Secretary of provincial Party Committee, said that after 25 years of construction and development, the province’s socio-economic achievements came from great contributions by diplomatic work. In addition to actively implementing external economic activities, Binh Duong has also actively promoted friendship cooperation and cultural exchanges with foreign countries, strengthened friendly cooperation with localities, thereby promoting friendship and investment cooperation. Being placed in the Government's common and equal diplomatic strategy between localities, with the motto "Rolling out flowers to call for investment", more than 25 years ago, Binh Duong was proactive, creative and shaped its own diplomatic features with core elements such as "soberness to choose, sincerity to create trust, humility to learn".

The above-mentioned dynamic and effective external economic activities have helped the province attract more and more FDI projects, improving competitiveness, contributing to the development of Binh Duong, becoming one of the country’s top localities in industrial development (to be continued).

Reported by Ngoc Thanh-Translated by Kim Tin