Province-based IPs enhance competitiveness, welcoming new capital flows

The production activities of enterprises in province-based industrial parks (IPs) are gradually recovering, ready to accelerate in 2024. This is also the result of the efforts by the province in removing difficulties for production and business. Binh Duong is actively preparing all conditions for infrastructure, human resources and simplifying investment procedures to welcome a new wave of investment in IPs.

Overcoming difficulties for growth

In order to create favorable conditions for enterprises and investors to come to Ips to research and seek investment opportunities, provincial IPs Management Board together with departments and sectors have regularly organized meetings with investors from South Korea, Taiwan, Japan, America, Europe...Through investment promotion conferences, the local IPs have continued introducing their potential, competitive advantages, mechanisms and policies to attract more enterprises.

Production activities at Foster Electronics (Vietnam) Co., Ltd. in VSIP II

Nguyen Trung Tin, Head of provincial IPs Management Board shared that 2023 was the year of peak difficulties from the impacts of the world’s economy and the operations of enterprises in IPs were heavily affected. Currently, the production and business situation of enterprises in the local IPs is entering a positive recovery phase. The manufacturing and processing industry is growing again, further making production and business activities at the needs of the domestic and foreign markets, contributing to the overall growth of the province.

As a result, in 2023, the revenue of enterprises in the local IPs reached more than US$ 36.16 million. Their export turnover was more than US$ 25.12 million while import value obtained more than US$ 20.74 million. The local IPs attracted more than VND6.03 trillion in domestic investment, down 43.37% over the same period and or 548% of the year’s plan. Their foreign investment attraction reached US$ 1.22 billion, down 54.8% over the same period, or 111% of the year’s plan. So far, province-based IPs have absorbed 3,089 valid investment projects, including 2,408 FDI projects with total registered investment capital of US$ 29.4 billion and 681 domestic investment projects with total registered investment capital of more than VND 93.76 trillion.

The province has so far established 29 IPs, with a total area of ​​over 12,700 hectares. Among them, 28 industrial parks of over 10,000 hectares have been put into operation with the occupancy rate of over 90%, focusing on attracting investment, especially FDI enterprises in the field of processing and manufacturing industries. The province is planning additional 15 Ips with a total area of ​​10,200 hectares at the requirements of attracting and arranging investment projects.

Creating new attraction

Provincial People's Council has unanimously approved the 1/2,000 scale construction zoning project of Cay Truong IP in Bau Bang district’s Lai Uyen town and Cay Truong II commune. Cay Truong IP has a planned scale of about 700 hectares and a workforce of 35,000 people. As planned, Cay Truong is a multi-industry IP attracting investment projects under the socio-economic development orientation of the province. It is known that Cay Truong IP has total investment capital of more than VND 5.45 trillion, with the expected construction period from 2022-2026 and infrastructure leasing period from 2022-2030.

Previously, provincial People's Council approved the planning project of VSIP III in the phase 2, with more than 800 hectares. VSIP III is planned as a multi-industry IP, with priority given to exploiting high-tech industries, in association with service centers. As of now, VSIP III has planned a construction zone of the phase 1 with an area of ​​more than 196 hectares and has attracted more than 30 investment projects.

To adapt to the new context, the province is building and developing Ips in a more specialized direction. Particularly, as a solution to attract quality investment capital, Binh Duong is well preparing conditions on socio-economic infrastructure, clean land fund, proactive to plan to develop Ips, technology ecosystems, train human resources, building social housing units, providing adequate and timely labor resources for enterprises investing in the province.

Reported by Ngoc Thanh-Translated by Kim Tin

• Creating the best conditions for Becamex IDC to develop (03/07)
• Novel impetus for investment attraction created (03/07)
• Binh Duong has 38 communes meeting advanced new rural standards (03/07)
• Participation in fairs and exhibitions: More opportunities to promote Vietnamese products (03/07)
• Industrial property to benefit from chip frenzy (02/07)
• Province urgently clears sites for key projects (02/07)
• Vietnam cuts VAT to 8% till year end (01/07)
• To promote innovation and development of sciences and technologies (01/07)