Taking advantage of external force

Over the past time, Binh Duong made efforts in FDI attraction, aiming to meet the local demand for development in the new period.

Industrial development is defined as a breakthrough factor for development. From this, Binh Duong has carried out a policy of “Rolling out the red carpet to call for investment”, effectively grasped and tapped all opportunities to absorb internal and external forces, in which FDI capital is of great significance for the local development. Over the past time, the province excelled at calling for foreign investors and FDI capital has so far become an important resource for the local process of industrialization and modernization.

 Together with many other foreign investors, Hongkong’s Esquel Garment Group set up its subsidiary company Esquel Vietnam at Thuan An town-based VSIP 1 in the period of 2000 and 2015

Possibly speaking, during the 2000-2005 period, Binh Duong reaped great successes in FDI attraction, ranking fourth nationwide in this field after HCM city, Ha Noi and Dong Nai.

During the period, Binh Duong attracted more than US$16trillion in domestic capital and 705 FDI projects with more than US$2.6billion. Noticeably, 93% of FDI projects in the province focused on industrial manufacture in Thuan An, Di An and Ben Cat districts. The province’s FDI attraction during the period saw a 2.9-fold increase in quantity and a 2.1-fold surge in quality of FDI projects compared to 2000. The great success played an important role in creating resources for the local socio-economic development.

Thanks to having ample internal resources, Binh Duong bent on developing traffic infrastructure and industrial parks (IPs) infrastructure to welcome investors. During the period, there were additional 9 IPs, bringing the total number of IPs in the province to 16, thereby luring 606 FDI projects capitalized at more than US$2.25trillion. FDI capital also poured into hi-tech industries…

Also upon external resources, province-based IPs were built in a synchronous and logical way and became attractive destinations for investors worldwide. VSIP 1 was a typical example. Covering 500 hectares with modern infrastructure, it was appreciated as the country’s best IP with 161 FDI projects capitalized at US$893million. Whilst, Viet Huong IP with more than 100 hectares absorbed more than US$100million. My Phuoc IP was seen as a highlight in FDI attraction of the province during the period.

Along with defining the importance of industrial manufacture for breakthrough development, effectively absorbing FDI capital helped Binh Duong take advantage of necessary resources to realize the set targets. Also upon this, the province reaped successes in socio-economic development in the period of 2001-2005 and in the following periods.

Reported by Khanh Vinh-Translated by K.T