New opportunities from "green" capital flows

After 25 years of construction and development, Binh Duong has become a convergence of many of the world's leading corporations, helping the province deeply involve in the global value chain. In order to meet the development requirements as well as the trend of "greener" and more sustainable investment, Binh Duong has been shifting towards selective investment attraction by increasing gray matter, high-tech science and environmental friendliness. The US$1.3 billion project in VSIP 3 of Lego Group (Denmark) is a boost to improve the quality of investment, choosing technology in accordance with the development orientation set by the province.

To open up new opportunities

In March 2022, Lego group's $1.3-billion project officially received an investment registration certificate. According to a representative of Lego Group, Lego's new factory in Binh Duong will start operations in 2024. Earlier, at the signing ceremony of a memorandum of understanding with VSIP Joint Venture Company, Carsten Rasmussen, Operations Director of Lego Group said: "In our group's development strategy, Vietnam is one of the countries selected to invest in. Therefore, the group was very careful as choosing the locality to implement this project. We came to Vietnam and surveyed many large provinces and cities, with dozens of different industrial parks. In the end, we decided to choose Binh Duong to build a new factory. We look forward to working with the province, with VSIP to build this state-of-the-art factory, contributing to bringing thousands more new job opportunities as well as indirectly supporting local businesses and communities."

Provincial leaders award investment certificates to enterprises in the first phase of 2022, including Lego Group, in the presence of Prime Minister Pham Minh Chinh.

"Every Lego factory, wherever it is located, is designed to create the safest products, with the best quality, and to provide a world-class working environment for our colleagues. Hence we always try to live up to our promises, bring out the best. With this investment, we will bring the Lego fun experience closer to future generations. In addition to committing to meeting exceptionally high-quality safety and quality standards at the factory, skilled local workers will be trained by the Lego Group to operate high-tech manufacturing equipment and machinery used in every Lego factory worldwide," said Carsten Rasmussen.

Vo Van Minh, Deputy Secretary of the Provincial Party Committee, Chairman of the Provincial People's Committee, said that at a time when many investors were still hesitant to make decisions due to concerns about the impact of the Covid-19 pandemic, a European corporation's decision to invest in a large-scale project located in Binh Duong has once again affirmed the potential and advantages of the province. Before the memorandum of cooperation was signed with VSIP, Lego Group and provincial leaders met and worked together many times. Lego is one of the largest toy manufacturers in the world. Therefore, Binh Duong is very glad when Lego Group decides to invest in the province. In particular, this is a carbon neutral plant that is in accordance with the orientation of Vietnam at COP26; at the same time, it is also a green and clean project with advanced technology, environmentally friendly... That's what the province is aiming for.

To make investment inflows “greener”

It can be said that Lego's project in Binh Duong is a new "green" project among FDI inflows into Vietnam in general and Binh Duong in particular. This project will continue to improve the quality of investment, choose technology in accordance with the development orientation set by the province. In the coming time, not only Lego but investors, both at home and abroad, must attach importance to green growth, sustainable growth in their investment activities.

Lego said it would be the group's first carbon neutrality plant. In the short term, solar panels will be placed on the roof of the plant; and next, a solar power plant will be built next door, meeting the annual energy demand of the project. Electric vehicles will be operated on the factory premises. 50,000 trees will also be planted by Lego and VSIP to compensate for the vegetation that was cut down during the construction of the plant; creating 4,000 jobs when the factory starts operation in 2024, along with the values of industrial production, exports ...

On the day of receiving investment registration certificate, Preben Elef, Vice Chairman of Lego Group, said that the Vietnam Government’s plans for expanding renewable energy production infrastructure and promoting cooperation with high-quality foreign investment companies were the motivation for Lego Group to decide to build a 44-hectare factory. The project is developed sustainably using rooftop solar energy and solar fields, and is the "most sustainable" factory of the group in the world in terms of design and construction with modern equipment and machinery.

- Preben Elnef, Vice President of Lego Group: We highly appreciate the dynamic, professional investment environment and long-term development orientation of Binh Duong. Lego Group is committed to speeding up the construction of the factory in accordance with the signed agreement. At the same time, the group is also accelerating recruitment in Vietnam; Lego's goal is to bring 4,000 job opportunities to Vietnam within the next 15 years. In addition, Lego will indirectly support local businesses and communities.

- Alain Cany, President of the European Business Association (EuroCham): Lego chose Binh Duong for our new factory. This is a great success of the province in attracting FDI capital. This is a proof that Binh Duong continues to become a dynamic, innovative, convenient, safe locality and a new investment destination, offer attractive investment opportunities for investors, including European businesses.

- Gabor Fluit, General Manager of Asia, De Heus Group (Netherlands): Lego Group invested in a factory in Binh Duong, this marked a strategic step in Asia, also the trend of 2022 in terms of foreign investment. Binh Duong will continue to become a dynamic, innovative, convenient, safe locality and a new investment destination, opening up opportunities for foreign investors.

Reported by Ngoc Thanh – Translated by Ngoc Huynh