Taking advantage of new opportunities in investment attraction

With its inherent potential and advantages, along with comprehensive strategic directions outlined in provincial planning for the period of 2021-2030 with a vision to 2050 (briefly called as provincial planning), Binh Duong is expected to continue opening up new breakthroughs in investment attraction.

Infrastructure advantages

Several key projects in Binh Duong province have been inaugurated or commenced during the announcement of provincial planning, bringing joy to the local residents, businesses and investors. If Bach Dang 2 bridge, a symbol of the close cooperation between Binh Duong and Dong Nai provinces, promises significant benefits for the socioeconomic development of the Southern Key Economic Region. Meanwhile, the completion of the North Tan Uyen - Phu Giao - Bau Bang arterial road will not only facilitate cargo transport, but also open new development spaces for northern districts and the entire province. This project plays a critical role in completing Binh Duong’s and neighboring areas' traffic networks.

Provincial planning opens up new opportunities for Binh Duong to accelerate FDI attraction in the next period. In picture: Production activities at Yazaki EDS Vietnam Co., Ltd. in Di An city

In addition to traffic infrastructure projects, Binh Duong has launched the 7-hectare A1 Roundabout Complex in Binh Duong New City and Cay Truong Industrial Park. According to experts, provincial planning gives an opportunity for Binh Duong to further exploit its geographical advantages, leverage its distinctive strengths and seize new opportunities for rapid and sustainable development. The planning also assists investors in identifying the province’s potential, advantages and specific directions when deciding to make investment in the province.

Mai Hung Dung, member of provincial Party Standing Committee and Permanent Vice Chairman of provincial People’s Committee stated that thanks to breakthrough policies that “pave the way” for infrastructure development, Binh Duong has gained significant socio-economic achievements. The province has mobilized resources to increasingly perfect its traffic infrastructure, better serving people and businesses’ travelling, goods transportation and trade activities. Moreover, major inter-regional traffic projects like Ho Chi Minh city’s belt roads 3, 4 and the Ho Chi Minh city - Thu Dau Mot - Chon Thanh expressway will help connect and alleviate pressure on National Highway 13 and the My Phuoc - Tan Van expressway, creating new momentum for economic development. These efforts not only relieve traffic congestion, but also create a foundation for urban development so that Binh Duong will reach more and more sustainable growth.

Breakthrough opportunities

Prime Minister Pham Minh Chinh has repeatedly emphasized that “planning must come first while ensuring inheritance and development; good planning leads to good projects, which in turn foster good investment, creating new opportunities and values”.

A customer visiting the 2024 Global Energy and Automation Exhibition in Binh Duong

To date, Binh Duong has ranked third nationwide in foreign direct investment (FDI) attraction, with 4,354 projects capitalized at over $41.8 billion, accounting for 8.5% of the nation’s total FDI. This is a commendable result of Binh Duong’s continuous efforts. In recent years, FDI projects in the province have not only increased in number, but also become better in quality, greener and smarter.

Tektro Technology Corporation has recently been granted an investment registration certificate during the announcement of the provincial planning. In terms of the reason for choosing Binh Duong as the location for the corporation’s manufacturing plant, Tsai Szu Fang, Chairman of the corporation stated that while many regions have similar locations and conditions as Binh Duong, the province holds certain advantages over other cities and provinces. One of these advantages is that Binh Duong has developed an infrastructure system highly suitable for high-tech manufacturing. Additionally, Binh Duong demonstrates a dynamic and favorable investment environment as evidenced by the corporation receiving its investment license in just 7 days

The development goal of Binh Duong by 2030, with a vision toward 2050, is to become a modern urban, industrial and service hub of regional and international stature. It aims at being one of the key drivers of national economic growth, with primary growth drivers being industry, services and innovation. Binh Duong seeks to establish a solid economic foundation, high competitiveness, a high-income population and balanced, inclusive economic development in all areas. From 2021 to 2030, Binh Duong will focus on regional connectivity, building up a smart city, creating an innovation zone, developing policies for business restructuring, promoting cross-border e-commerce and establishing urban-industrial-service complexes. Adhering closely to the provincial planning for effective implementation, maximizing internal resources and attracting external investment will be crucial in adding new value and strengthening Binh Duong's position in the upcoming period.

Reported by Ngoc Thanh-Translated by Kim Tin