Innovating Investment Promotion Methods by Strengthening Local Promotion Activities

11:01:48 PM | 1/6/2015

More than 18 years after re-establishment with low base, Binh Phuoc has faced many difficulties in attracting domestic and foreign investment. However, with engagement of entire political system, local governments at all levels and people in the province that have been attracting investment in the province over the years obtain many positive changes in both quantity and quality. After the province was established, there were only 181 domestic enterprises registered with an investment of VND35 billion, but now the number of the businesses has grown to nearly 4,000 with an investment of VND29,175 billion.
As for FDI, at the beginning of 1997, the province attracted only one project with registered capital of US$20.58 million but now there are 116 projects with registered capital of US$1,010 million and the investors come from many countries and territories such as Korea, Taiwan, Japan, US, Australia, Singapore, and Brazil. The foreign and domestic communities have contributed significantly to the socio-economic development, security and defence, creation of jobs and income for the people of the province in recent years.
Currently, the province has Hoa Lu economic zone with area of more than 28, 364 hectares and 8 industrial zones with area of 5,244 hectares which are divided into 19 small industrial zones. Currently, there are 12 industrial zones with 7 operational zones that attract 65.4 percent of investment funds. The province is focusing on expanding a Dong Phu urban complex of service and industry with more than 14,000 hectares, and 3 areas for commerce, services and border gate including Tan Thanh (320 hectares); Hoang Dieu (495 hectares); and Loc Thinh (420 hectares) to create clean lands to welcome foreign and domestic investors.
To succeed in attracting investment in recent time, the government leaders at all levels and the people of Binh Phuoc always recognize the successes of the industry as their own successes. Last time, Binh Phuoc focused more on strengthening local investment promotion activities. The province also works closely with the businesses and investors to promptly remove difficulties and apply policies flexibly. Besides, the province considers the effective support for investors as a measure of investment climate, which is an effective way to attract firms to invest. Also, the province is gradually building a secured and effective investment to help Binh Phuoc be a province with comparative advantages in the region to attract investment.
Investment promotion will generate spillover effects in the business community and promote investment indirectly through the businesses who have invested locally to create a flow of investment. The businesses will recommend to their community about the investment environment if they think it is effective. To promote the achievements, the leaders of Binh Phuoc have directed departments and agencies of districts, and towns to promote local investment. Annually, the leaders of the provincial People's Committee, along with the departments, organize meetings with local businesses and the FDI investors in order to create coherence between the government and the representatives of the business community. Besides, the province creates a business forum to help the businesses share about their difficulties with the government officials, so that leaders of departments and agencies can come up with timely resolution for the businesses.
The province is determined to overcome the difficulties of 2015 in attracting the FDI, by building investment promotion programs such as the new year's meeting with investors from Korea and Taiwan to gradually attract more quality investment projects. Along with the investment promotion programs, the province focuses on improving the qualifications and professionalism of the staff and employees, reviewing and improving the administrative procedures, and providing support, as well as timely information, to remove difficulties for enterprises and investors.
Hopefully, with open policies and innovation in investment promotion activities, Binh Phuoc will rapidly increase investment projects in both quantity and quality, and create a solid foundation to be a modern industrialized province.
Nhat Linh - Thanh Hung