FDI capital continues strongly pouring into Binh Duong

Although the economy is facing many difficulties, due to the general influence of the world situation, in the first quarter of 2023, FDI enterprises continued pouring more capital into projects. Enterprises put a lot of faith in the recovery with many development prospects in the coming time.

Creating favorable conditions

According to provincial Department of Planning and Investment, from the beginning of the year to the middle of March, 2023, the province attracted US$ 437 million in FDI capital. Up to now, the province has lured 4,097 FDI projects with total registered capital of nearly US$ 40 billion. Along with that, domestic investors greatly contributed to the economy, creating jobs for tens of thousands of workers with more than VND 10.78 trillion in registered capital. As of now, the province has absorbed 60,748 domestic enterprises with total registered capital of VND 641 trillion.

Vo Van Minh (right), Vice-Secretary of provincial Party Committee, Chairman of provincial People's Committee receives a business delegation from South Korea’s Daejeon city to visit and learn about the investment environment in Binh Duong

Although economic growth and recovery were somewhat slowed down, due to the general influence of the world economy, in the first quarter of 2023, many FDI enterprises accelerated the implementation of approved projects. In the context that the real estate and housing market is facing difficulties, due to the strict control of the State Bank on capital sources for this market, many foreign investors with strong financial potential have come to Binh Duong to speed up the implementation of related projects.

In March, Singapore’s CapitaLand Development Group signed a cooperation agreement with Becamex IDC about the Binh Duong smart city development project with total investment of more than US$ 500 million in Binh Duong new city.

Wong Kan Seng, Chairman of CapitaLand Development Group said that the project focuses on developing housing blocks with a total area of ​​18.9 hectares. It is expected that more than 3,700 apartments and long-term houses will be built at the needs of about 13,000 residents. Nguyen Van Loi, member of the Party Central Committee, Secretary of provincial Party Committee, Head of provincial National Assembly Deputy Delegation said that Binh Duong province will create favorable conditions for CapitaLand Development Group to start the project this year on schedule for completion in 2027.

Meanwhile, Kim Jong Cheon, former Chairman of Daejeon city said that the fine cooperative relationship between Daejeon and Binh Duong province in recent years has been the driving force for the two localities to maintain and move towards more effective cooperation agreements in order to develop together in all fields. Enterprises in Daejeon city have strong points in the fields of construction and real estate.

It can be said that in the context that the real estate market of the country in general and the province in particular is facing difficulties because of investment capital. The above mentioned real estate and commercial housing projects with FDI capital are positive signals for this market to recover and develop healthy in the coming time.

Improving the investment environment

In recent years, Binh Duong province has been evaluated as one of the country’s leading localities in terms of socio-economic development speed and FDI attraction. The province's gross regional product (GRDP) has always achieved a fairly high growth rate compared to the national average growth rate. The province's economic structure has shifted positively towards gradually increasing the proportion of services and industry. The province has always made efforts to improve the local investment environment, reform administrative procedures and enhance competitiveness. The province has continued implementing solutions to improve the Provincial Competitiveness Index (PCI). In 2022, the province ranked 2nd on the Vietnam Provincial Governance and Public Administration Performance Index (PAPI).

Vo Van Minh, Vice-Secretary of provincial Party Committee, Chairman of provincial People's Committee said that the province has given priority to attracting investment in hi-tech industries that are environmentally friendly, less labor intensive with high added values. They include financial services, logistics and other modern services, auxiliary industries, high-tech agriculture. Especially, the province has focused on attracting investment in the Science - Technology Industrial Park built on the foundation of industry 4.0.

According to provincial leaders, in recent years, the province has actively cooperated with foreign partners to build and implement the Smart City and Innovation Zone Project, especially the Science - Technology Industrial Park with the vision of becoming the Innovation Center of the Southern Key Economic Zone.

With its appropriate development orientation plus efforts, Binh Duong province has achieved some very encouraging results, being the first locality of Vietnam to officially become a member of the Intelligent Community Forum (ICF). For 5 consecutive years from 2019 to 2023, Binh Duong has been honored by ICF as one of 21 cities with typical smart city development strategies - SMART 21. Especially, Binh Duong province has been honored in the Top 7 Intelligent Communities by the ICF  for 2 consecutive years from 2021 to 2022.

Reported by Minh Duy-Translated by Kim Tin