Province creative, overcoming difficulties and gaining high growth in FDI attraction

Update: 07-12-2021 | 17:16:35

Part 1: Affirming as an attractive destination for investors

Despite experiencing a tumultuous year, due to the Covid-19 pandemic, Binh Duong province’s economy has continued leaving many imprints with a highlight being FDI attraction that is still in the top position of the country. From that result, the faith of the business community in investment opportunities and potentials in the province has increased.

Growth in both quality and quantity

The inflow of FDI into the province has still surged in 2021, despite challenges. According to provincial Department of Planning and Investment (DoPI), as of November 15, the province attracted more than US$2 billion in FDI capital, exceeding 14.9% of the year’s plan. Up to now, the whole province has lured 4,016 valid FDI projects with a total registered capital of more than US$37 billion, ranking second nationwide in FDI attraction after Ho Chi Minh city.

Thanks to an effective strategy on investment attraction, Binh Duong has continued welcoming new FDI inflows amid the complicated developments of the pandemic. In picture: Production activities at NTI Vina Co., Ltd in VSIP 2

Talking about the above results, Mai Ba Truoc, Director of provincial DoPI said that thanks to having an effective investment attraction strategy, Binh Duong has still retained its position in investment attraction and business development amid difficulties caused by the pandemic. Especially, in the face of the complicated developments of the pandemic, there is still a "wave" of new investment from a number of reputable foreign investors in the fields of industrial production and processing pouring capital into Binh Duong. This is also the result of the efforts by the province in continuing being proactive and vanguarding in online investment promotion and "marketing".

Mai Hung Dung, member of provincial Party Standing Committee, Permanent Vice-Chairman of provincial People's Committee said that Binh Duong has always been one of the country’s leading localities in FDI attraction. Noticeably, in 2021, although the Covid-19 pandemic has created a negative impact on investment activities, Binh Duong has still attracted FDI very effectively. The province has focused on attracting FDI projects with high technologies, modern management ways, pervasive effects on technology, connection of global production and supply chains.

Faith multiplied

Binh Duong has always paid more attention to supporting enterprises by improving the local investment climate and competitiveness. The province has strongly applied sci-tech advancements in reforming administrative procedures, deployed human resource training, built social housing projects for workers, and provided qualified workforces for enterprises. Binh Duong has always been evaluated as one of the country’s leading localities in terms of economic development, especially industrial manufacture and FDI attraction.

In the context of the global and national investment plummeting, due to Covid-19 pandemic. Many foreign investors have still seen Binh Duong as a "good land" for long-term development amid many difficulties, due to the pandemic. This is obviously shown when the province has so far welcomed investors from 65 countries and territories around the world.

Over the past time, the province organized many dialogues with enterprises, helping them soon stabilize production and business activities. At the online investment promotion and dialogue sessions, most enterprises said that although Covid-19 pandemic is causing negative impacts on Binh Duong, the province is still an attractive destination for investors.

Highly appreciating Binh Duong's investment environment, Osaki, General Director of Amon Vietnam Co., Ltd. said that although the company has a decrease in revenue in 2021, with the attention of the local government, especially amid the complicated developments of the Covid-19 pandemic, the company has still maintained stable production activities. Japanese investors in Binh Duong have always been created the best conditions for development.

Mr. Dung said that Binh Duong is focusing on building up a smart city and a science - technology industrial park to serve investors. In the coming period, the province will continue investing in infrastructure, especially arterial roads connecting with airports and seaports to shorten the time of goods transportation and save transportation costs. The province will also promote digital transformation, striving that in early 2022, some administrative procedures related to the investment field will be carried out online. With its efforts, Binh Duong increasingly asserts its advantages in FDI attraction. In the coming time, the province will continue mobilizing all investment resources for development, in which FDI attraction continues playing an important role. (To be continued)

*Mai Ba Truoc, Director of provincial Department of Planning and Investment: Binh Duong is actively preparing conditions on clean land, industrial parks, startup ecosystem, especially infrastructure to serve foreign investors. In order to recover and promote the local economic growth, the province is actively implementing many solutions to support enterprises to soon recover and develop.

*Scott Ellyson, CEO and co-founder of East West Manufacturing Group: We have developed our 2 factories in Binh Duong. In the coming time, the group will continue expanding additional 2 factories in the province. We spoke highly the support of the province for enterprises during the past time. The pandemic has also affected the group’s production and business activities, but with the support of local authorities, group workers have been fully vaccinated with 2 vaccines to stabilize production and business activities. Up to now, Binh Duong has controlled the pandemic very well, so it is attracting special attention from investors.

* Sompob Witworrasakul, General Director of Vina Kraft Co., Ltd: The company has invested in building 2 paper packaging factories in Binh Duong with the annual capacity of 500,000 tons. They are seen as the largest and most modern paper packaging factories in Vietnam. Investing in Binh Duong, we are always created all the best conditions for development. The achievements in investment attraction over the past time are the opportunity for Binh Duong to continue promoting its image to attract investment from large corporations. Currently, with Ips having well-built infrastructure systems, Binh Duong has become an attractive destination for domestic and foreign investors. Foreign investors have always supported Binh Duong's innovative orientation in investment attraction.

Reported by Ngoc Thanh-Translated by Kim Tin

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Province creative, overcoming difficulties and gaining high growth in FDI attraction

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