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Local Economy

Last updated: Wednesday, November 22, 2017

 

20-year Investment Attraction Achievements

Posted: Wednesday, November 01, 2017


Binh Phuoc province was re-established in 1997 with a very low starting point of development. The province thus had to focus on promoting internal resources and utilising external resources, especially investment capital from domestic and foreign enterprises, for development.

Impressive results...
When it was re-established in 1997, the province had only one foreign direct investment (FDI) project with a registered capital of US$20.58 million. With 20 years of ongoing efforts, Binh Phuoc has attained remarkable achievements. As of June 2017, the province attracted 154 FDI projects with a total registered capital of US$ 1,386.8 million, of which 125 have also gone into official operation. FDI projects are invested by investors from South Korea, Taiwan, Australia, the United States, Japan, Singapore, Brazil and China.

Binh Phuoc province achieved important socioeconomic results after 20 years of development. State budget revenue reached VND 4,150 billion in 2016, a 24-fold increase over 1997 (VND176 billion). GDP per capita in 2016 was VND42 million, 16 times higher than that in 1997. Employed workers totalled 566,152 in 2016, more than doubling in 2017 (262,291 people employed). The ratio of hospital beds to 10,000 residents was 26.5 in 2016, compared with 11 beds in 1997 and the ratio of doctors to 10,000 residents was 7.2, compared with 2.2 in 1997.

When it was re-established, its transport infrastructure was very poor. National Highway 13, National Highway 14 and provincial roads were seriously deteriorated. Inter-district and inter-commune roads were mainly earthed roads. At present, Binh Phuoc has over 500 roads with a total length of over 8,000 km. National Highway 13, National Highway 14 and provincial roads have been upgraded and expanded. All communes have asphalted roads to their administrative centres. Traffic routes linked to Cambodian provinces and Vietnamese southern provinces have been gradually upgraded to facilitate travelling and commodity transportation, attract investors and establish inter-regional cooperation to boost up socioeconomic development and ensure national security.

... to right policies
Mr Vo Sa, Director of the Binh Phuoc Department of Planning and Investment, said, to attract so many investors in the past time, Binh Phuoc has always set great store by creating the most favourable conditions to draw domestic and foreign investors; and applying public and transparent investment incentive policies. At the same time, the province has concentrated all resources on building technical infrastructure and clearing the ground to provide land fund for investors; and reform administrative procedures to eradicate unnecessary investment procedures. Specifically, the Provincial Party Committee and the Provincial People’s Committee have regularly directed concerned departments to review and reduce unnecessary administrative procedures to provide the most favourable conditions for foreign investors, apply inter-agency administrative portal for business registration, tax, customs and security procedures. Wherein, the investment/business registration agency shall act as a lead agency point in coordinating with concerned units to assist investors to complete initial investment procedures.

Since 1999, the province has advocated establishing and issuing investment stimulation and incentivisation policies to attract investors; regularly reviewed, updated and adjusted new regulations on investment in order to form a system of investment incentive policies and call for domestic and foreign investment projects.

The province has regularly participated in investment promotion programmes organised by ministries and central agencies, cooperate with other provinces in the region and other countries to launch investment promotion programmes to introduce local strengths to investors and support them to study investment opportunities and do business in Binh Phuoc.

The province also has periodically organised dialogues between investment authorities with investors and enterprises where authorities have answered questions and recommended solutions to enterprises’ difficulties emerging from the course of doing business. Every year, Binh Phuoc province launches many business cooperation programmes like organising tax declaration classes and opening training courses on accounting and financial expertise, employment, salary, customs procedures and business start-ups attended by provincial officials and business leaders.

The province launched the Provincial Public Administration Centre in May 2017 which receives, directs and settles administrative procedures filed by organisations and individuals. The centre has importantly helped improve the quality and efficiency of public administrative services, ensure publicity and transparency, and facilitate organisations and individuals to handle administrative procedures in general and investment procedures.

Accelerating administrative reform
To attract more investors and enhance local competitiveness, Binh Phuoc province will continue to invest in upgrading and building technical infrastructure. Accordingly, the province will gradually complete technical infrastructure systems in industrial parks and economic zones. Binh Phuoc province is currently building 655-ha Sikico Industrial Park in Hon Quan district and 4,633-ha Becamex Binh Phuoc Industrial and Residential Complex in Chon Thanh district. These two large-scale modern industrial parks are prioritised for FDI investors.

At the same time, the province has prepared to adopt the Industrial Park Development Plan to 2025, with a vision to 2030. Accordingly, the province will develop 21 industrial clusters with a total area of 583 ha by 2020 and 34 industrial clusters with a total area of 1,259.17 ha by 2030.

Binh Phuoc province has sought State funds in addition to official development assistance (ODA) fund for transport infrastructure construction and focused on attracting investment capital in the form of public-private partnership (PPP) and socialisation for transport, power, water and communication infrastructure to link Binh Phuoc with the southern key economic zone, with the Central Highlands and with neighbouring countries like Cambodia and Laos.

Furthermore, Binh Phuoc province will further quicken administrative reform, improve the investment and business environment, and open more government - business dialogues to support enterprises and investors to tackle emerging hardships. The province will strive to lift up 5 - 6 places in the Provincial Competitiveness Index (PCI) rankings in 2017 in comparison to 2016. It will effectively execute investment encouragement and incentive policies.

Binh Phuoc has abundant human resources with nearly 600,000 people at working age but the rate of trained workers is not high. In order to raise work skills for labourers, the province has built human resources development programmes, with a focus placed on training workers in high technical qualifications, basic legal knowledge and international integration skills to meet enterprises’ demands. The province has developed local human resources and attracted high-quality human resources from other provinces to work in the city.

Selecting Environment-Friendly, High-Tech Investment Projects

Attracting environment-friendly, high-tech projects is a common trend seen in many localities, including Binh Phuoc province. The Provincial Party Committee and the Provincial People’s Committee always pay attention to creating the most favourable conditions to attract domestic and foreign investors; give priority to investors bringing with advanced technologies, employing local labourers, registering high-tech, organic agricultural, chain-linked, processing and industrial component projects. On June 7, 2017, the Binh Phuoc Provincial People’s Committee issued Decision 1372/QD-UBND on establishment of Binh Phuoc Applied Hi-tech Agricultural Park Management Board affiliated to the Department of Agriculture and Rural Development. The park has vacant land for high-tech agricultural projects and organic agricultural projects. In addition, many investors have come to seek investment opportunities in solar power, spiritual tourism and ecological tourism sectors.

Hoang Ngoc









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