Expectation of quality foreign capital flows

Update: 31-01-2024 | 11:34:19

Recently, Binh Duong is gradually shifting to high-quality investment capital, notably many European investors are choosing Binh Duong as a destination. In 2024, Binh Duong prioritizes the development of high-quality industrial parks (IPs) to form linkages and production chains, creating a more positive and selective change in the direction of specialization, ecology, and intelligence.

Actively create new attraction

Currently, there are 65 countries and territories registered to invest in Binh Duong, of which the Asian region has a total investment capital of more than 75% of the total foreign investment (FDI) of the entire province. This shows that Binh Duong needs to have more effective solutions to attract FDI enterprises from highly developed countries in science, technology and trade. Therefore, recently, the province has continuously organized investment promotion seminars with countries: USA, Netherlands, Denmark, Belgium, France, Australia…

Binh Duong increasingly focuses on strategic cooperation with international partners to increase investment attraction. Most recently, on July 12, 2023, Binh Duong and the State of Nebraska (USA) signed a Memorandum of Understanding to establish cooperative relations.

Production activities at East West Industries Vietnam Company.

At a recent video conference promoting US investment, Vo Van Minh, Chairman of the Provincial People's Committee, affirmed that Binh Duong always prioritizes attracting investment from the world's leading potential partners with good governance levels, like the United States, into high-tech, environmentally friendly, less labor-intensive industries, creating high added value. Binh Duong always supports the development of investment enterprises in the province through improving the investment environment, enhancing competitiveness, applying science and technology to simplify administrative procedures, and deploy human resource training, build social housing, housing for workers, and provide quality labor resources.

Showing an interest in high-tech segment and smart city of Binh Duong, Ms. Dawn Townsend, Senior Director of Trade and Investment, Atlanta Economic Development Department, Office of the Governor of Georgia, USA, said that Binh Duong is the leading industrial production center in Vietnam, an opportunity for businesses to choose and learn about the investment environment in the future.

Expect quality capital flows

According to Prof. Dr. Tran Tho Dat, Chairman of the Scientific Council, National Economics University, Binh Duong has proactively seized opportunities, exploited favorable geographical factors, and implemented administrative procedure reform, making a strong brand of investment attraction. However, FDI attraction into high-tech industries in Binh Duong has not gained outstanding results. In the context of the strongly developing industrial revolution, Binh Duong needs to add new policies to increase the effectiveness of attracting FDI into high-tech industries.

Currently, Binh Duong focuses on attracting investors with projects that bring high technology content to the scientific technological industrial park in Bau Bang district. According to Nguyen Trung Tin, Head of the Provincial Industrial Parks’ Management Board, the current land fund of industrial parks in the province has reached a fairly high occupancy rate. Existing industrial parks are having many solutions to improve competitiveness and attractiveness to take advantage of the increasing demand of investors. It is expected that the province will continue to make new investments and expand existing industrial parks but aim for higher standards in science and technology, environmental protection, focus on industries that bring high added value and meet increasingly strict standards of international investors.

According to Provincial Department of Planning and Investment, Binh Duong sets a target of attracting US$1.8 billion of FDI capital in 2024. The province continues to prioritize attracting FDI investment that applies high technology, uses less labor and achieves high added value. To achieve this goal, the province persists in attracting investment selectively, aiming for quality and efficiency. In particular, focus on potential partners such as Japan, Singapore, Europe... to cooperate, receive technology transfer, and take advantage of the ability to spread to the domestic industry.

Binh Duong is constantly improving the investment environment, enhancing competitiveness and increasing support for the development of investment enterprises in the province through perfecting the socio-economic infrastructure system. With its efforts, Binh Duong has been affirming its attractive advantage in attracting FDI investment. This is also the foundation for the province's economy to enter 2024, with the goal of maintaining growth and improving the quality of capital flows.

In 2024, Binh Duong plans to attract about US$1.8 billion of FDI investment into the province. Namely, industrial parks in the province alone strive to attract US$1.2 - 1.3 billion; attract from VND1,100 - 1,200 billion of domestic investment capital... Before granting investment licenses, authorities focus on selecting and appraising the feasibility of projects, assessing financial capacity and reputation of investors; At the same time, resolutely refuse projects that are not of good quality, ineffective, or not in accordance with the province's orientation.

Reported by Ngoc Thanh - Translated by Ngoc Huynh

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Expectation of quality foreign capital flows

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