Local FDI attraction surpasses yearly target

Over the past time, Binh Duong made efforts in creating an equal, transparent and open investment climate for enterprises, helping them feel secure in production and business, contributing to promoting the local socio-economic development. The province’s FDI attraction over the past nine months also obtained a lot of important hallmarks.

9-month FDI attraction at over US$1.5billion

Phu Huu Minh, Deputy Director of provincial Department of Planning and Investment said the province absorbed more than US$1.5billion in FDI capital over the past nine months, including US$999.8million from 188 new FDI projects and US$731.9million from 93 existing ones, or 109.4% of the year’s plan and 99.4% compared to last year’s corresponding period.

Binh Duong has continued stepping up investment attraction for socio-economic development. In picture: Huu Toan Joint Stock Company in Thuan An is specialized in manufacturing electric generators and water pumps.

Noticeably, the province absorbed many FDI projects in line with the local investment attraction orientation and industrial development plan. Most of them poured capital into the local industrial parks (IPs). “Over the past nine months, the amount of FDI capital at these IPs accounted for 86.2% of total FDI capital flowing into the province, which was an encouraging hallmark”, Mr.Minh added.

The processing and manufacturing sectors lured the lion’s share of FDI with 163 newly-registered projects. Their total capital during the period was more than US$1.4billion or 92.8% of the province’s total FDI capital. The service sector also absorbed 24 newly-registered projects totaling US$108.3million. Besides, the agricultural sector attracted a project worth US$116.3million.

Thus, since early this year, there have been 33 countries and territories making investment in Binh Duong. Among them, Singapore has taken the lead with 8 projects capitalized at US$360million, followed by South Korea with US$201.4million and Japan with US$116.3million. The province has to date drawn 2,775 FDI projects with a total registered capital of approximately US$16.7billion.

FDI attraction promoted

Possibly speaking, Binh Duong’s investment climate is being changed day by day. The province has upheld the local advantages and actively made administrative reform, creating an open and favorable investment climate for investors. This has helped the local strong industries like electricity, electronics, mechanism, trade-services…absorb great attention of investors.

But, Binh Duong needs to take a series of solutions in order to further improve the local investment and absorb more FDI capital. Particularly, the province will attach special importance to building up a synchronous and modern infrastructure system, facilitating investors’ development. The most important thing is to construct and upgrade a main traffic system connecting the province with the southern key economic zone. The province will also further build and expand Ips under provincial Project on adjustment of Ips planning till 2020 approved by the Prime Minister.

Such these apart, the province needs to boost activities on investment promotion and marketing in main markets like the U.S, EU, Japan, South Korea, Singapore, Taiwan…, calling for their investors to pour capital into the local Ips with auxiliary projects. Especially, the province will attach special importance to luring hi-tech projects under the local orientation for investment attraction.

Tran Thanh Liem, Vice-Secretary of provincial Party Committee cum Chairman of provincial People’s Committee said: “Binh Duong will further reform administrative procedures transparently, publicly and simply, creating the best favorable conditions for enterprises. The province will bend on fostering hi-quality services at enterprises’ needs for production, business and the local needs for industrial and urban development. The province will also further instruct sectors and authorities at all levels to ensure political security and social order, facilitating enterprises’ development. In addition, the province will implement human resource training, build social houses for workers and sufficiently, opportunely supply enterprises with workforce”.

In the coming time, provincial People’s Committee will continue realizing the Government’s Resolution No.36a/NQ-CP on e-government of publicity and transparency; open special columns on supporting enterprises on its website; make public business procedures and outcomes of solving enterprises’ complaints on the websites of relevant agencies…

Reported by Khanh Vinh-Translated by K.T