Expand cooperation opportunities and attract investment

In order to expand development space, create industrial networks, smart urban areas, and modern services, Binh Duong has been innovating its development approach, creating a breakthrough in attracting investment and becoming a new growth engine for sustainable development... The 2024 Horasis China Meeting held in the province is considered a "golden" opportunity for Binh Duong to realize its plans.

Create new attraction

According to investors, Binh Duong has a pretty good planning vision as the infrastructure is continuously being newly built and improved. Most industrial parks (IPs) in the province are oriented towards modern, high-quality construction. In the 2020-2025 period, the province aims to develop sustainable industrial parks according to the "3 in 1" approach (industrial park - urban - service). With this development orientation, the province is further strengthening the land fund for industrial park development, continuing to mobilize all investment resources to build a synchronous and modern infrastructure system integrated with industrial - service - urban development, creating a driving force to attract more quality investment capital flows from domestic and foreign economic sectors into the province.

To increase competitiveness, Binh Duong is focusing on attracting investment in planned industrial parks. According to provincial leaders, with planning orientations, the province is dedicating 20,000 hectares for urban development and 25,000 hectares for industrial development. Currently, the province is developing a provincial planning for the period 2021-2030, with a vision for 2050. It is expected to continue new investment and expansion of existing industrial parks but towards higher standards of science, technology, and environmental protection, focus on industries that bring high added value and meet the increasingly strict standards of international investors.

Delegates discuss at a special session about "Binh Duong - Creating an Intelligent Community" at Horasis Asia 2023.

Currently, VSIP 3 (phase 2) of more than 800 hectares and Cay Truong Industrial Park of 700 hectares are completing infrastructure, ready clean premises to welcome new capital flows. In addition, to create momentum for a breakthrough, the province is researching the establishment and development of about 10 new industrial parks in the period 2023-2025, especially investing in infrastructure development of industrial parks in the province. Industrial parks in the province are continuing to complete procedures for planning, construction, land and investment in synchronous technical infrastructure development to welcome the wave of FDI capital in the province in the coming period.

Mai Hung Dung, Standing Vice Chairman of the Provincial People's Committee, said that to attract quality investment projects, Binh Duong's industrial parks need to upgrade to new standards. The current land fund of industrial parks has achieved a fairly high occupancy rate. In the coming period, the investment attraction into industrial zones of the province would have good changes, be more substantive, more selective in the direction of specialization, ecology, intelligence, and will create a new attraction. Large-scale infrastructure projects are being built in the province, especially projects with inter-regional impacts, such as: Ring Road 3, 4, Ho Chi Minh City - Chon Thanh Expressway through the province can increase the attraction for new FDI projects, so the province is focusing on speeding up progress.

Develop together with investors

With an open and attractive investment environment, in recent years, Binh Duong has always been one of the leading provinces and cities nationwide in FDI attraction. The province has attracted more than 4,250 FDI projects with a total capital of more than US$40.5 billion from 65 countries and territories.

Binh Duong is entering a new phase of investment attraction, with priority given to attracting investment in digital economic sectors, developing a green, environmentally friendly economy based on the application of high technology... Currently Binh Duong Duong is emerging as a production destination for many green projects. The most recent is the green project of the first carbon neutral factory of Lego toys, followed by a factory project using 100% renewable energy of Pandora's jewelry. Many corporations and enterprises also committed to green, environmentally friendly projects based on high technology application in the province in the near future.

Dr. Frank-Jürgen Richter, Chairman and Founder of the Horasis Organization, commented that Binh Duong's increasingly deep international integration, including continuously being chosen to host the Horasis Meetings, will help Binh Duong have opportunities to expand international cooperation relationships; At the same time, help Binh Duong to realize comprehensive socio-economic development plans, achieve impressive results in building smart city.

However, Binh Duong has some challenges in attracting FDI in the coming time. According to Dung, investors today attach importance to combining social and environmental values with corporate profits instead of only considering profitability or risk brought by investment opportunities. Therefore, not only infrastructure, human resources, but also commitment to ESG strategy (Environment, Social and Governance), Net Zero strategy etc. are challenges in investing in Vietnam in general and Binh Duong province in particular.

Quickly grasping development requirements as well as the trend of "green" investment, Binh Duong has continued to shift towards attracting selective investment in the direction of increasing brainpower, high-tech and environmentally friendly.

Reported by Ngoc Thanh - Translated by Ngoc Huynh