Part 2: Potential promotion to affirm position

Achievement of outstanding results in attracting foreign direct investment (FDI) comes not only from one or a few key factors but also from a combination of many factors. And, obviously, the success in attracting investment also comes from the potentials of the province. Along with investment in infrastructure, Binh Duong has also actively improved business investment environment, built and introduced Binh Duong's image to the world.

Vietnam-Singapore Industrial Park I, a model of industrial development of Binh Duong has now been multiplied to North-Center-South of Vietnam. Photo: Quoc Chien

Brand-name construction

From the beginning of 2015-2020 tenure, Binh Duong has made daring moves to reform development model to create breakthroughs of investment attraction, promoting new growth and sustainable development by issuing the project of Binh Duong New City in a triple-helix framework of government-enterprise-schools to effectively make use of the resources. Binh Duong has at the soonest recognized the on-site investment promotion and leave foreign investors free to talk about its own development and the best investment invironment. A good example was Horasis – an annual event of Asian economic cooperation. Horasis is normally organized at a nation in a year; however, this time, the event has been organized in 2 consecutive years of 2018 and 2019 in Binh Duong of Vietnam. By this advantage, Binh Duong has made it a center of investment luring in the region.

Besides, to refine the regime and policies and create favorable investment environment assisting investors, the provincial authority has regularly organized talks with foreign enterprises with various enterprise assisting programs to remove obstacles for investors. Accordingly, production and business operations of enterprises have been continually developed. According to foreign investors, beside the coherent reforms for investment luring, the modern and relatively refined infrastructure advantages have made Binh Duong a prioritized destination of investments.

Kim Won Sik, Chairman of Korean Enterprise Association in Binh Duong said: “We highly appreciate the efforts and determination of Binh Duong in improving investment environment and business operations. The critical thinking of leaders of the province has always been for reforms, creativity, and uniform direction. Those are vital factors that we, the investors, hold on to for long-term cooperation. We are ready as connector of other FDI investors.”

Position affirmed

By predicting development trend and integration of the nation to the world, Binh Duong has become a place for world leading groups, positioning the province in global value chain.

Mai Ba Truoc, Deputy Director of Provincial Department of Planning and Investment, said that the investment luring is prioritized to high-tech industries, supporting industries, information technologies, and electronics. For the time, 86% of FDI have been poured to industries of processing, creation, mechanics, and electronics. The trend has been maintained for many consecutive years. The provincial authority has signed MOUs with localities of many nations of high FDI flow to Binh Duong like Korea, Japan and others. Besides, the investment promotion has called upon large enterprises from Europe, USA, and Taiwan to commit to develop new projects or increase capital resources of current projects in Binh Duong. Those are good signs for FDI flow for the time to come.

Being decisive for investment luring to fields of high added value and low labor use, Binh Duong for the time has strongly called FDI to supporting industries like projects of Tetra Park Binh Duong (Singapore) specialized in sterilized paper, plastic and aluminum food packages of USD 124 million, garment making project of Taiwan’s Polytex Far Eastern Co. Ltd. of USD 760 million, and project of Nito Denko Co. Ltd. of USD 186.2 million.

Tran Thanh Liem, Deputy Secretary of Provincial Party Committee cum Chairman of Provincial People’s Committee informed that the mentioned results have been thanks to major policies issued by Binh Duong to improve investment environment along with competition improvement to lure FDI and develop the economy. Binh Duong has focused on all resources to form and develop new industrial parks and clusters to call for more foreign investors. By such efforts and ready-made advantages of a locaity, enterprises have been at ease to promote and expand the reach and improve investment quality for the time to come into Binh Duong.

Reported by  Ngoc Thanh – Translated by Vi Bao