Opening up green capital inflows

Attracting foreign direct investment (FDI) in association with sustainable development has become an important goal in the socio-economic development strategy of Vietnam in general and Binh Duong in particular. During the past years, Binh Duong has changed its strategy, especially focusing on attracting green FDI to support the implementation of sustainable development goals. Therefore, it can be said that Binh Duong is one of the earliest localities to open up green capital inflows when knowing how to uphold its pioneering role in international cooperation to promote the shift of FDI inflows.

In recent years, FDI inflows into Binh Duong have had a very positive change in both quantity and quality. Investment projects that meet standards and are in line with the province's green and sustainable growth goals are increasing day by day. The most typical project is the first carbon neutral factory project of Denmark’s LEGO Group, with total investment of more than US$ 1.3 billion; or the jewelry making factory project of Pandora Group, with total investment of more than US$ 100 million, has just been invested and built in VSIP III in Tan Uyen town…As planned, LEGO’s factories will use solar energy and renewable energy to operate equipment to improve the efficiency of green and sustainable development.

With the policy of encouraging sustainable growth, Binh Duong has made great efforts in achieving its goals, taking methodical, dynamic and creative steps. Especially, the province has created an open and favorable climate for State-owned enterprises to develop. The proof is the effective cooperation of Becamex IDC with Singapore’s Sembcorp Development Corporation for many years with the birth of VSIP I, VSIP II, VSIP IIA, VSIP III and many other projects in provinces and cities across the country. This is an effective channel for FDI inflows of foreign investors as well as multinational corporations. Becamex IDC has been proactive to integrate and reach out for international competition, clearly demonstrating the key role of State-owned enterprises in creating a foundation for the local development, taking that as the focus and springboard to reach out, connecting with global and regional value chains.

Over the past time, provincial leaders welcomed many multinational enterprises and corporations to learn about the local investment climate with the desire of using renewable energy in the production process, in accordance with regulations in export markets that they were aiming at. This is also the direction that the province is aiming at and has spent a lot of time on building necessary and sufficient conditions to attract green capital inflows, not only from Singapore, but also other countries on a global scale.

Reported by K.Tan-Translated by Kim Tin