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Creativity and innovation to attract foreign investments

Part 2: Continue to improve investment and business environment

Update: 30-11-2020 | 15:07:35

Despite appreciable initial achievements, Binh Duong provincial authority has been determined for higher targets of investment and business environment improvement as surplus for development and continual maintenance of socio-economic development momentum.

Attractive investment environment

Up to date, 66 nations and territories have invested into Binh Duong province. Binh Duong provincial authority has approved plans for development of 34 industrial parks on an area of 14,790 hectares. Quantity of enterprises in the province have increased to 45,000. Binh Duong provincial authority targeted to attraction of USD 7 billion of FDI in 2016-2020 but the target has been nearly USD 12 billion.

The mentioned achievement is an affirmation of investment environment in Binh Duong province that have been trusted and highly appreciated for development. To achieve such target, in years, Binh Duong provincial authority has comprehensively directed and synchronously implemented measures for improvement of investment and business environment. Such efforts have been evidenced by new and rational approaches to economic management and improvement of investment and business environment up to the expectation of enterprise community and investors. The province has continually ranked on top of Par Index, PCI and many other indices.

The improvement of business and investment environment has been uninterrupted aim made by departments and sectors in the province. In this photo: Production at an enterprise is recovered after the pandemic 

According to Kim Won Sik, Chairman of Association of Korean Enterprises in Binh Duong and Korean investors resident in Binh Duong for long, various projects have been implemented and gained awarding results. In their progress, the projects have been taken good attention of and true assistance of provincial authorities and functional agencies.

This creates worry-free trust in business operations and positive thoughts and readiness for long-term residence in Binh Duong. Sharing his points of view, Wada Yuji, General Director of Maruchi Sun Steel informed that the company trusted in investment environment in Binh Duong province and decided to increase capital resources for production expansion and long-term residence. Maruchi Sun Steel has actually increased up to USD 420 million of capital.

To elevate competitiveness

Administrative reforms and improvement of business and investment environment are the continual and focal tasks as the provincial authority is concentrating on improving business and investment environment to stay with enterprises and elevate competitiveness to attract investments - the thorough aim targeted by all-level departments and authorities of the province for the time.

In fact, Binh Duong has recently implemented many synchronous measures to assist enterprises. Binh Duong has issued specific plan for implementing Resolution No. 02/NQ-CP dated January 1, 2020 of the government on continual measures and major tasks of improving business environment and elevation of competitiveness in the nation in 2020. Accordingly, companies and investors’ trust in business and investment environment of the province has been constantly improved and major investors are seeking for opportunities to expand their investments for developments of projects in the province.

The provincial authority has also directed credit managers and institutions to continue with interest rate reduction, expansion, and exemption to help enterprises and create more momentum for recovery of production and business operations in the last months of 2020. In long-term, to facilitate enterprises, Binh Duong provincial People’s Committee issued Document No. 4169/UBND-KT dated August 27, 2020 on decisions of extending hiring terms for factories of industrial production projects beyond industrial parks and clusters in the South of the province.

Mai Ba Truoc, Director of Binh Duong provincial Department of Planning and Investment informed that the provincial authority has designated departments and sectors to simplify procedures and increase exchanges to improve effectiveness. Besides, the policies of supporting the incorporation have been maintained while being ready for investment attraction and reception of opportunities brought about by FTAs that Vietnam had signed. The ratio of business registration through the internet is maintained at more than 95% while electronic tax payment 98% with efforts to conduct 100% of administrative procedures of units and localities at the levels 3 and 4.

At a recent meeting of provincial leaders and business community in 2020, Nguyen Hoang Thao, Deputy Secretary of Provincial Party Committee cum Chairman of Provincial People’s Committee once again affirmed the commitment to be with investors for sustainable development. By the wishes to become better, Binh Duong provincial authority is proactively listening to business community to extend effective measures and create equal competitive environment. In the meantime, the provincial authority wished that enterprises would be with the province in seeking out specific measures to resolve any long-term and/or urgent issues for socio-economic development. (To be continued)

Reported by Ngoc Thanh - Translated by Vi Bao

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