Attracting Selective Investment for Sustainable Development

10:49:55 AM | 5/8/2019

To ensure sustainable development, Binh Duong province has meticulously selected investment projects. Project selection does not make the local investment and business environment less attractive, but facilitates enterprises to do long-term business in the province by law and in consistence with local socioeconomic development, said Mr. Nguyen Thanh Truc, Director of the Department of Planning and Investment of Binh Duong Province. Linh Nguyen reports.

Could you please briefly introduce some remarkable investment attraction results of Binh Duong province in the past time?

Binh Duong province achieved optimistic investment attraction results in recent years. The province has attracted more than US$8.4 billion from 2016 to date, exceeding 20% of the foreign direct investment (FDI) target set for the 2016 - 2020 period. Currently, Binh Duong ranked third in the nation, after Ho Chi Minh City and Hanoi, in FDI value with 3,620 projects and US$33.59 billion of registered investment capital. On average, each project is invested US$9.2 million.

How are recent investment outcomes different from previous years?

Binh Duong has become a favorite destination for domestic and foreign investors, including many multinational corporations with powerful financial resources and modern technologies. Since 2016, the province has lured many large-scale projects worth hundreds of millions of US dollars each. As many as 64 countries and territories have invested in Binh Duong, led by Taiwan with US$5.4 billion, followed by Japan, Singapore, Samoa and South Korea.

Investment attraction results showed that foreign investors believed in the investment environment and prospects in Binh Duong. FDI projects have contributed to driving the province's economy in the right direction with industry and service playing a key role in leading the local economy towards sustainable development.

 

For you, what has caused Binh Duong to exert such strong magnetism and achieve these impressive investment attraction results in the past years?

Binh Duong province lies advantageously in the southern key economic zone, with a flat terrain and hard soil ground that is favorable for developing urbanization, industry and service. It is also located on important national transport routes and is served as an important trade hub for the Central Highlands, the Central Coast and Ho Chi Minh City.

Binh Duong province has good infrastructure. Provincial leaders always pay attention to investing in synchronous infrastructure construction, giving high priority to strongly developing the transport network, creating favorable connectivity with neighboring provinces to grasp locational advantages. A lot of important transportation routes have been invested and operated put into operation, including Binh Duong Boulevard and My Phuoc - Tan Van Road.

Binh Duong has concentrated all resources to form and develop industrial zones to woo foreign investors. Currently, the province has 29 large-scale industrial zones covering ​​12,743 ha (27 are operational) and 12 industrial complexes covering ​​790 ha (nine have been put into operation).

Besides, the province has introduced and continuously improved investor support mechanisms and policies; see administrative reforms as a key consistent task; and create a favorable business environment for investors. The locality has regularly hosted foreign business dialogues, investment certification ceremonies and many business support programs to listen to aspirations of investors and solve their problems.

To further improve the efficiency of investment attraction, what solutions has Binh Duong province introduced?

To further improve the investment attraction outcome and enhance local competitiveness, Binh Duong is currently focusing on mobilizing and promoting resources from all economic sectors to invest in social and economic infrastructure development. Specifically, on transport infrastructure, the province has kept investing in road traffic system construction, including National Highway 13, Bau Bang - My Phuoc - Tan Van - Nhon Trach Highway, Belt Road 3, Belt Road 4, and a metro line linked to Ho Chi Minh City. The province has studied railway development plans to carry goods, form an intelligent logistics system, expand river ports and shallow ports, focus industrial zone construction under the industrial development planning to 2020 ratified by the Prime Minister (34 industrial zones covering 14,790 ha); and learn to set up rental price frames in industrial zones to attract and arrange projects invested small and medium-sized enterprises (SMEs).

The province has continued implementing solutions for better investment environment, reformed administrative procedures and higher competitiveness. Binh Duong has developed support policies on social housing and worker housing; and deployed human resources training, support labor training and supply for enterprises. Investment registration agencies have coordinated with industrial infrastructure investment and development companies to court corporations with modern technical and production technologies in developed countries.

In addition, Binh Duong has hosted effective external economic activities. In 2018, the province successfully celebrated the 20th founding anniversary of the World Technopolis Association (WTA) and the 2019 Horasis Asia Economic Cooperation Forum. In 2019, the Horasis Asia Meeting will be held in Binh Duong New City on November 24-25, 2019.

As known, in order to ensure sustainable development, in the past years, Binh Duong province has selectively attracted investment projects. Could you please tell us more about this policy?

Since 2016, Binh Duong has carried out an innovative investment attraction program, aiming to woo transnational corporations of strong economic potential, advanced technology and modern management level to make breakthroughs in industrial development. The province has given high priority to environmentally friendly high-tech industries that are capital-intensive and create high added values; financial services, logistics and industrial support services; high-tech agriculture, and especially new industries. It will continue to draw industrial production projects into planned industrial zones.

Binh Duong has meticulously selected registered investment projects based on overall planning and environmental protection requirements. The consideration and selection of investment projects match the Party’s and State’s consistent guidelines on investment attraction for sustainable development.

Project selection does not make the local investment and business environment less attractive, but facilitates enterprises to do long-term business in the province by law and in consistence with local socioeconomic development.

Thank you very much!