External affairs contribute an important part to FDI attraction into Binh Duong

Update: 06-03-2019 | 10:33:03

In the recent two decades, foreign affairs have made an important contribution to the dynamic and comprehensive development of Binh Duong, helping the province to be continuously in the country’s top 5 localities that attracted the largest investment; timely solve difficulties, strengthen trust of investors, who have done business in Binh Duong.

In recent years, foreign affairs have contributed significantly to attracting foreign investment in Binh Duong. In photo: Production activities at Kumho Vietnam Company (My Phuoc Industrial Park, Ben Cat Town).

To enhance foreign relations

In recent years, Binh Duong has had a thorough and synchronous investment in key areas such as transport system, commercial services, urban infrastructure, health care and education... Investment capital in these areas has brought into effect and attracted investors, together with the State, to execute many projects in transport, commercial - service, tourism, industrial park infrastructure, to enhance socialization of investment in infrastructure of health care, education - training, integrating capital sources for new rural construction... Thereby, Binh Duong has gradually become one of the most attractive investment localities of the whole country.

From the starting position of a pure agricultural province, mainly depending on the central budget allocation, Binh Duong has developed and became an industrial province, and is one of the 3 favorite localities chosen by foreign enterprises as investing in Vietnam. These encouraging results had the contribution of foreign affairs. Every year, Binh Duong receives dozens of high-level delegation, diplomatic delegations, multinational companies, and large foreign business delegations. In addition, functional agencies and enterprises of Binh Duong regularly hold many seminars on investment promotion in potential markets such as the United States, Japan, Korea, Singapore, European countries ... to contributing to calling for, attracting more and more foreign investors to learn and directly approach the open and dynamic investment environment of Binh Duong.

Regarding political diplomacy, Binh Duong province has enhanced the establishment of friendly cooperative relations with 10 foreign localities, namely Kratie (Cambodia), Champasac (Laos), Yamaguchi (Japan), and Guangzhou City (China), Daejeon City (South Korea), Eindhoven and Emmen cities (Netherlands), East Flanders (Belgium), Emilia - Romagna Region (Italy), and Oryol province (Russian Federation), creating the foundation for comprehensive socio-economic cooperation between Binh Duong and these localities.

In addition, activities and events, such as dialogues with foreign businesses, investment certificate granting ceremony, and many other important business support programs organized by the province, contributed to further tightening the cooperation relationship between all levels, sectors of the province and investors; creating an image of an impressive, friendly, dynamic and efficient Binh Duong province in the eyes of foreign investors.

To improve cooperation efficiency

Strengthening economic diplomacy is the current indispensable requirement of the country's development in general and Binh Duong in particular. Binh Duong is a locality appreciated in terms of dynamism in implementing international cooperation activities, especially economic diplomacy. This is also an opportunity for the province to strengthen its advantages, learn experiences of other countries and partners, thereby contributing to the province's socio-economic growth.

Park Noh Wan, South Korea's Consul General in Ho Chi Minh City, expressed his satisfaction with Binh Duong's economic diplomacy, saying: “In recent years, many Korean corporations and investors have come to Binh Duong to learn about the investment environment of Binh Duong province and invested many projects here. When investors come here to do business, provincial leaders always pay close attention to and solve all difficulties and problems of investors. It can be seen that, in the investment process in Binh Duong, many Korean enterprises have faced many difficulties in geographical distance, language barrier... However, the most common point is that all difficulties of investors quickly resolved by local leaders, so we are very satisfied”.

Over more than 30 years of opening and attracting FDI, FDI capital has been present in all 63 provinces and cities nationwide, of which Ho Chi Minh City is the leading province with $45 billion (accounting for 13.2% of total investment capital), which followed by Hanoi with $3.1 billion (accounting for 9.7% of total investment capital). Binh Duong with $32.5 billion (accounting for 9.3% of the total investment capital) has been also an important resource for the province to develop rapidly in recent years. In 2018, the FDI sector contributed over 49.6% of total social investment capital, and accounted for nearly 20% of total budget revenue of the province; contributing to increasing GRDP per capita to VND 130.3 million.

With nearly 75% of total FDI in the province in industrial production, in the period 2011-2016, FDI enterprises contributed over 67% to the province's industrial production value; ensuring the province's economic structure shift towards the right direction, in which industrial production and services play a leading role. FDI enterprises have participated in boosting industrialization and modernization in the province through the transfer and renewal of production technologies. Besides, FDI capital is a great resource, forming a foundation for Binh Duong to develop towards civilization and modernization; people's lives have increasingly improved; serving as a foundation for the implementation of specific solutions of industrial development associated with of smart urban construction.

It can be said that dynamic and effective external economic activities have contributed to attracting more and more FDI projects into the province. It is the active and dynamic foreign activities in recent years that have brought about practical effects, contributing to improving the position and image of a dynamic and creative Binh Duong province. In the coming time, Binh Duong will continue to promote foreign economic diplomatic activities, enhance FDI attraction; consolidate and develop friendly cooperative relationships with localities and foreign partners; well fulfill the diplomatic mission of serving economic growth, positively contributing to achievements of the province in all fields.

Reported by Khanh Vinh – Translated by Ngoc Huynh

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External affairs contribute an important part to FDI attraction into Binh Duong

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