Better Investment Attraction into Economic and Industrial Zones

10:59:29 PM | 1/6/2015

The Provincial Party Committee and Provincial People's Committee of Binh Phuoc always places a premium on developing industrial and economic zones to support industrial development - a defined growth engine of socioeconomic development. With proper investment, many industrial and economic zones have been established and operated to speed up local economic restructuring and bring about a clear change in local development.
 
Motivations for socioeconomic development
Binh Phuoc province has attracted a lot of domestic and foreign enterprises into industrial and economic zones which are now employing over 25,000 local workers. Infrastructure systems in industrial and economic zones are upgraded and expanded to better serve tenants.
 
In 2014, the industrial production value of industrial zone-based enterprises reached VND9,829 billion, accounting for 43 per cent of the province’s industrial production value. In spite of contributing a moderate proportion, they played a significant role in local socioeconomic development in the current tough time. Besides, tenants have helped solve local social security issues by supporting policy-beneficiary families, building houses for the poor, and building schools and hospitals for local people.
 
So far, industrial zones in Binh Phuoc province have attracted 126 investment projects with a total registered capital of US$773.9 million and VND962 billion (US$43.7 million). Hoa Lu Border Gate Economic Zone has attracted 90 investment projects, including 22 projects licensed by the Economic Zone Management Board, with a total registered capital of US$2 million and VND969 billion (US$43.5 million). Big tenants include Dongwha VRG MDF Joint Stock Company (US$160 million), Freewel Vietnam Ltd (US$50 million), and Shyang Ying Ltd (US$34 million). Mr. Nguyen Van Dung, Deputy Director of Binh Phuoc Economic Zone Authority, said although local industrial parks have not drawn many projects, they are also housing big projects using advanced technologies, thus demonstrating business confidence in the local investment environment.
 
Actively scoring points in the eyes of investors
To improve the investment attraction efficiency, the province has placed priority on site clearance and land allocation to investors, skilled personnel training and administrative procedure reform, all major concerns of investors. He said the most basic advantage of Binh Phuoc in industrial development is a large rubber area handed over by Vietnam Rubber Industry Group. Thus, land compensation value is low when investors hire in this place.
 
While creating abundant land fund for investors, the Binh Phuoc Economic Zone Authority always places focus on environmental protection and builds technical production infrastructure to minimise environmental pollution towards sustainable development. Besides, the authority requests infrastructure developers to build centralised wastewater treatment systems to handle wastewater discharged by secondary investors in industrial zones.
 
In administrative procedure reform and investment environment improvement, the authority has applied the Government's Project 30 on administrative procedures. At present, the Provincial People's Committee approved and applied 59 administrative procedures at the authority. Besides, the authority has developed and operated an electronic single-window administrative system with eight procedures relating to land, environment and fire protection. In general, administrative procedure reform has been effectively carried out to reduce cost and time requirements on investors.
 
Currently, industrial parks in the province are ready and willing to receive investment projects except for environment-polluting projects. The province will give priority to agricultural machine and equipment production and repairing projects, electronics, telecom and information technology equipment production projects, synthetic rubber processing projects, high-quality paint production projects; electric refrigeration appliance production projects, and livestock production projects from 2015 to 2020.
 
Minh Tuan