Strong attraction of foreign investments incurred to industrial parks

Overcoming the heavy impact of the COVID-19 epidemic, the province's economy has recovered strongly since the last months of 2021. In which, foreign direct investment (FDI) into the province in the first two months of 2022 has reached VND 47.3 million, mainly focusing on industrial parks in the field of processing and manufacturing industries.

During the epidemic situation, Binh Duong still focuses on investment promotion through online meeting and exchange with foreign investors. In the photo: The Dutch investment promotion conference has just been held online by Binh Duong.

Processing and manufacturing industries lead

Binh Duong is drastically implementing "safe adaptation, flexibility, and effective control of the COVID-19 epidemic". Up to now, the socio-economic situation in the province has been attributed with many positive and optimistic changes. Accumulatedly in the first 2 months of the year, the province has attracted over USD 47 million of investments including 5 new investment projects of USD 14.9 million, 3 projects of increasing capital at USD 8.5 million and 16 capital contribution projects of USD 23.8 million. Up to now, 4,033 foreign investment projects have been in the province with thetotal capital resource of over USD 37.7 billion.

Leaders of Department of Planning and Investment said that in the first two months of the year, foreign investors have invested in four areas, in which the processing and manufacturing industry continues to be the field that attracts a lot of attention with total investment capital resource of USD 39.1 million, accounting for 87.34% of the total registered investment capital. Real estate business was ranked second with total capital resource of USD 3.9 million, accounting for 8.81% of total registered investment capital resources. Such investments was followed by the wholesale and retail sectors, automobile repair, motorcycles, distribution of electricity, gas, and water, and air conditioners.

According to investment partners, 13 countries and territories own investment projects in Binh Duong in the first 2 months of the year. In which, Korea was ranked first with total investment capital resource of USD 13.6 million, accounting for 32% of total registered capital, Seychelles second with total investment capital of USD 10 million, accounting for 23.5% of total investment capital, British VirginIslands third with total investment capital of USD 8.25 million, accounting for 19.4% of total registered investment capital. Following up was Japan, China, Singapore, USA, Hong Kong and Taiwan. By investment area, foreign investors invested in industrial parks with total investment capital resource of USD 14.8 million, accounting for 31% of the total registered investment capital since the beginning of the year. Up to now, Binh Duong has been ranked second in the country in terms of attracting foreign investment capital after Ho Chi Minh City with total registered investment capital resource of USD 37.7 billion, accounting for about 9.1 % of total investment capital of the country.

Synchronized measures

Up to now, the FDI sector has contributed greatly to state budget revenue and actively contributed to technology transfer, job creation as well as skill training for workers in the province. In which, over 86% of FDI capital has been invested in the processing and manufacturing industry including projects over USD 1 billion. In the first 2 months of 2022, a number of large projects in the field of processing and manufacturing industry registered for new investment and increased capital were Rooftop solar power generation project with an installed capacity of less than 1MW of Green Cross Vietnam Co. Ltd in VSIP 1 industrial park, the project of manufacturing components and accessories for the garment industry at Protrade international industrial park, the project of production and processing of ordinary steel, special steel, carbon steel pipes, and stainless steel pipes in My Phuoc 2 industrial park, the project of manufacturing bathroom cabinets and accessories, the project of manufacturing kitchen cabinets and accessories in Tan Binh industrial park in Bac Tan Uyen district, and so on.

Binh Duong continues to reform administrative procedures and deploy information applications in public service delivery to reduce time and costs for businesses while maintaining and implementing online business registration documents to ensure quick processing time of administrative procedures and integrate utility services in supporting businesses. Mr. Mai Ba Truoc, Director of Department of Planning and Investment, said that the Department is still persisting in organizing meetings with investors to promote, introduce and search for locations and guiding procedures for implementing specific steps to facilitate investors to implement the projects. The province continues to favorably support investors in the spirit of accompanying and sharing difficulties with focus on attracting FDI to improve the province's competitiveness and realize the goal of fast, sustainable and modern growth.

In 2022, the province strives to attract over USD 1.8 billion in FDI. To achieve the goal, the province is proactively taking all solutions to attract increasingly quality and effective FDI capital resources. In particular, they focus on potential partners such as the US, Europe, Japan, Singapore, and etc. to cooperate, receive technology transfer, and take advantage of the ability to spread to the domestic industry. The province is also preparing well conditions such as clean land fund, proactively planned industrial parks, technology ecosystems, human resource training, and social housing to provide adequate and timely labor resources for businesses to invest in the province.

Mr. Mai Ba Truoc, Director of Department of Planning and Investment, said that in 2021, although the COVID-19 epidemic caused a lot of damage to the province, FDI capital into the province still reached nearly USD 2.7 billion, exceeding 36% of the same period. The affirming results of the efforts to stabilize production and business and improve the investment environment have been for all levels and branches of the province to have effectively implemented. In the first months of 2022, Binh Duong is still facing difficulties due to the impact of the CUVID-19 epidemic, but many foreign investors are still placing their trust and expectation in the development of the province. A series of projects have been increased in capital and expanded in the first days of the new year.

Reported by Ngoc Thanh – Translated by Vi Bao