Province enhances competitiveness, proactively attracts high quality investment

Over the first 10 months of 2023, Binh Duong attracted more than US$1.3 billion of FDI capital, to be in the top of provinces and cities attracting the highest FDI in the country. Although newly registered investment capital decreased compared to the same period last year, the number of projects adjusting capital increased over the same period, showing that investors continue to expanding their production and business in the province.

By proactively attracting selective investment, Binh Duong attracts more and more with advanced and environmentally friendly technology. In photo: Production activities at R-PAC Vietnam Co., Ltd.

Investment capital increased

According to Provincial Department of Planning and Investment, during 10 months of 2023, Binh Duong attracted more than US$1.63 billion. Of these, there are 107 new projects granted investment registration certificates; 46 projects adjusted investment capital; 114 projects registered to contribute capital and buy shares. Accumulated to October 31, 2023, the whole province had 4,191 investment projects from 65 countries and territories with a total registered capital of more than US$40.3 billion.

In industrial zones (IPs), 80 new investment projects were attracted, 2 projects adjusted to increase capital, 52 projects registered to contribute capital and buy shares with a total registered investment capital of US$684.6 million, accounting for 52% of total foreign investment capital in the province. Outside the industrial zones, 28 new investment projects were attracted, 34 projects adjusted to increase capital, 10 projects adjusted to decrease capital, 64 projects registered to contribute capital and buy shares with a total registered investment capital of US$663, 4 million, accounting for 48% of total foreign investment capital in the province.

The processing and manufacturing industry continued to attract a lot of attention from foreign investors with 82 newly registered investment projects, 27 projects adjusted to increase capital, and 74 projects registered to contribute capital and buy shares with a total investment capital of US$874.9 million, accounting for 53.9% of total registered investment capital. Real estate business activities ranked second with a total registered investment capital of US$641.1 million, accounting for 39.49% of total registered investment capital. The construction sector ranked third with a total registered investment capital of US$70.6 million, accounting for 4.4% of total registered investment capital.

According to Trinh Hoang Tuan Anh, Deputy Director of Provincial Department of Planning & Investment, along with innovating and modernizing management, creating favorable conditions for investment activities of domestic and FDI enterprises, departments, branches and local authorities promptly removed obstacles, creating an open and transparent environment, attracting attention from potential investors.

Many strong investors

Over the first 10 months of 2023, there were 29 countries and territories making investment projects in Binh Duong. Among them, leading investors were from Singapore with US$449 million, accounting for 27.5% of total registered capital; The Netherlands ranked second with US$322.1 million, accounting for 19.7% of total registered capital; Denmark ranked third with US$163.1 million, accounting for 10% of total registered capital; Next were Hong Kong, Taiwan, the United States...

Production activities at East West Industries Vietnam Co., Ltd.

Some major investment projects in Binh Duong in the first 10 months of 2023 included Pandora Production Holding Company (Denmark) with a jewelry manufacturing facility in VSIP 3, with a total investment capital of about US$160 million; Crown Company Limited (Singapore) with a factory produces aluminum cans in Phu Tan Industrial Park (Hoa Phu Ward, Thu Dau Mot City) with a total investment of US$95 million...

Recently, in addition to good infrastructure, Binh Duong also actively improved the local business investment environment; strengthened building and promoting image to international partners and investors. Trinh Hoang Tuan Anh, Deputy Director of Department of Planning & Investment, said that Binh Duong has been in the country’s FDI attraction top, but Binh Duong aims to continue improving the investment environment, administrative reform, and innovating investment promotion work by actively expanding bilateral and multilateral cooperation in many fields. The province prioritizes attracting FDI in depth, integrated with sustainable development goals; focuses on urban infrastructure development, building smart cities, supporting industries using modern, environmentally friendly technology...

According to provincial leaders, departments, branches and localities in the province need to be faster and more resolutely in the race to welcome quality FDI capital flows. To take advantage of opportunities to attract FDI, Binh Duong not only relies on the advantages of geographical location and infrastructure, but also needs to promote and improve competitive advantages and improve the local business investment environment. Therefore, departments, branches and localities in the province need to continue to streamline investment processes and procedures; have policies and support packages to train skilled human resources, increase direct meetings between leaders of the province, departments, branches and localities with large investors to clearly understand needs, quickly solve problems and create favorable conditions for investors.

In 2024, Binh Duong province will strive to attract about US$1.8 billion in FDI, continue to mobilize all investment resources for development, in which FDI attraction capital plays an important role. The province's consistent view is that investment attraction must aim at sustainable development, the environment protection, and ensuring interest harmony between the State - businesses - people.

Vo Van Minh, Deputy Secretary of the Provincial Party Committee, Chairman of the Provincial People's Committee: Currently, Binh Duong is still being greatly affected by the difficult global situation. The Provincial People's Committee asked departments, branches and localities to continue improving the business environment and investment environment according to the digital transformation by developing the digital economy, improving competitiveness to help local businesses develop sustainably. Currently, the province is also investing in infrastructure upgrade, planning for the construction and expansion of industrial parks, creating clean land funds to attract investment, building social housing, housing for workers, human resource training, providing adequate and timely labor resources for businesses when investing in the province.

Reported by Ngoc Thanh - Translated by Ngoc Huynh