Local IPs towards higher standards in investment attraction

Currently, the province is making a master plan for the period of 2021-2030, with a vision to 2050. It is expected to further invest in new industrial parks (Ips) and expand the existing ones, but aim at higher standards in terms of science and technology, environmental protection, focusing on attracting industries that bring high added value and meet strict standards of international investors.

Effective investment attraction

Right after provincial People's Committee approved the detailed planning of Vietnam - Singapore Industrial Park III (VSIP III) at 1/2000 scale, on the basis of the approved construction master plan at 1/5000 scale, investors have focused on speeding up the progress of infrastructure construction in this industrial park. Accordingly, VSIP III for the phase I is a multi-industry integrated IP, in which priority is given to exploiting high-tech industries. This is an area associated with the service and management center of the whole IP and connecting the DT746 external traffic axis, prioritizing construction in the immediate period to attract potential investors. Although just being started construction, VSIP III has absorbed more than 30 corporations and companies being interested in researching and developing production, equivalent to 175 hectares of industrial land. Province-based IPs are also aiming at attracting investment projects with depth and sustainable development.

The province’s existing industrial parks and new ones are implementing many solutions to improve their competitiveness and attractiveness to investors. In picture: Bau Bang Industrial Park

According to provincial IPs’ Management Board, in the first quarter of 2023, investment capital implemented by enterprises was US$881.46 million, up 9.46% over the same period or 44.07% of the year’s plan. Of these, the foreign investment sector reached US$781.26 million (accounting for 88.63%), an increase of 9.53% over the same period while the domestic investment sector gained US$100 million (accounting for 11.37%), an increase of 8.94% over the same period. Nguyen Trung Tin, Head of provincial IPs’ Management Board said that with the local orientation to 2025, with a vision to 2030, Binh Duong aims at developing sustainable IPs under the "3 in 1" model of industrial parks, urban areas and service zones with a synchronous and modern system of technical and social infrastructure. Therefore, Binh Duong has set up many preferential policies to support investment in IPs while actively supporting and removing obstacles in legal procedures pertaining to land for secondary investors in IPs.

Competitiveness and sustainability strengthened

As of now, 27 IPs in the province have been basically covered by investment projects. With many positive and effective solutions of the province, enterprises have still maintained the rhythm of production and business, creating the added value of products, contributing to the local overall growth. As a result, in the first quarter, the revenue of enterprises in the local IPs was US$9 290 million, up 11.57% over the same period and or 26.54% of the year’s plan. Their export turnover was more than US$ 5.29 billion, up 9.16% over the same period and or 24.06% of the year’s plan while import value was more than US$ 5.22 billion, up 9.11% over the same period and or  26.12% of the year’s plan…

Binh Duong is speeding up the progress of the construction of IP infrastructure under the plan. The outstanding advantage of Binh Duong compared to other localities is transport infrastructure, infrastructure of IPs with inter-regional connectivity, meeting the production and business requirements of domestic and foreign enterprises. Currently, Binh Duong is focusing on well preparing conditions, satisfying the needs of investors in order to enhance cooperation efficiency; exploiting opportunities from the 4th industrial revolution to be proactive to welcome new FDI inflows. Provincial IPs Management Board is bending on implementing land procedures, planning, building infrastructure of VSIP III, realizing procedures for expanding South Tan Uyen, Rach Bap, Cay Truong IPs under the regulations.

Mr. Tin said that compared to the whole country, Binh Duong currently accounts for 9% in number and 13% in area of IPs. Up to now, the total number of planned IPs in the province has been 33 with a total area of ​​15,790 hectares. The current land fund of the local IPs has reached a fairly high occupancy rate at over 91%. In the first 3 months of 2023, most enterprises in the local IPs operated stably. With many solutions such as improving the business environment, perfecting infrastructure facilities, etc., province-based IPs have continued being a driving force for the local economic growth.

“In the coming period, the province’s work of attracting investment into IPs will have a positive change, be more substantive, more selective in the direction of specialization, ecology, intelligence and will create a new attraction. The existing IPs and new ones are having many solutions to improve their competitiveness and attractiveness. Along with that, province-based IPs will continue synchronously deploying solutions for socio-economic recovery and development, support enterprises and turn industrial production into a driving force for growth, contributing to fulfilling the set targets in 2023”, said Mr. Tin.

Reported by Ngoc Thanh-Translated by Kim Tin