FDI attraction-another year of acceleration

According to provincial Department of Planning and Investment, FDI capital flowing into the province in 2015 reached nearly US$3.36bln. Upon this result, the province this year will continue boosting FDI attraction, especially from great groups in the world.

2015-impressive year in FDI capital

Binh Duong’s targets on socio-economic development completed have so far been tens of times higher than those at reestablishment.

As of late 2015, the province’s gross domestic product (GDP) reached nearly VND142.77trillion, 36.4 times higher than that of 1997, with the annual growth rate of 14.8%. The province also gained an economic structure with 60.3% in industry, 37% in services and 2.7% in agriculture. The province’s total social investment capital was 23 times higher than that of 1997. Industrial production value obtained nearly VND216.6trillion, over 54.5 times higher than that of 1997 while total retail sales revenue of commodities and services, export turnover, State budget collection, urbanization rate were 46.3, 56.5, 41.6, 3.4 times higher than those of 1997, respectively.

Tran Van Nam, Member of the Party Central Committee, Secretary of provincial Party Committee together with provincial leaders handing over investment certificates to businesses

Regarding industrial park development, the province is now home to 28 industrial parks and 8 industrial compounds with more than 10,000 hectares in total.

The province’s rapid growth over the past time was also contributed by the local sector of investment and planning. Accordingly, the sector advised provincial Party Committee and People’s Committee on constantly improving the local investment climate.

Along with investment attraction in industrial manufacture, the province has paid attention to urban and service fields. With a modern and synchronous infrastructure system, the two fields are now attractive to investors.

The province also took initiative in setting up trade promotion programs; mobilized all sources to boost socio-economic development while helping enterprises remove their difficulties in production and business over the past time. All helped the province won investors’ faith.

Possibly speaking, 2015 was a successful year of the province in FDI attraction. The province last year granted licenses to 216 FDI projects with total registered capital of nearly US$3.36mln. The province as of Dec.31, 2015 had a total of 2,587 valid FDI projects with total registered capital of US$23.7bln. Also in 2015, there were 145 FDI projects adjusted to increase capital by US$928mln.

Further calling for investment

Binh Duong has been appreciated as one of the country’s top localities in investment attraction after nearly 20 years of industrialization

For better results in this field, the province over the past time focused on investment marketing, especially for potential markets like Japan, South Korea. Japan is now the biggest investor in Binh Duong in particular and Vietnam in general. This success has step by step helped Binh Duong reach a growth target in both quality and quantity in investment attraction.

Binh Duong is always an ideal investment climate under investors’ point of view. Therefore, FDI capital flowing into the province has gained an increase in both quality and quality with projects invested by the world’s big groups. Binh Duong has to date been among the country’s top localities in investment attraction. To meet the local demand for development, especially in 2016, Binh Duong will continue strengthening administrative reform and speeding up FDI attraction.

According to Phu Huu Minh, Deputy Director of provincial Department of Planning and Investment, Binh Duong will further remove difficulties to promote production and business; make planning and arrange land fund to boost investment attraction after Vietnam joined the Trans-Pacific Strategic Economic Partnership Agreement (TPP); continue calling for investment in line with the local development orientation; mobilize investors to change a partial area of industrial parks and compounds in the southern region to trade-service fields. Upon this foundation, Binh Duong has still set a target of absorbing US$1.4bln in FDI capital in 2016, despite the global and domestic economies facing difficulties.

Reported by Khanh Vinh-Translated by K.T