4:56:55 PM | 9/5/2013
“Amid competition among Vietnamese localities to catch the strong inflow of Japanese investment, Binh Phuoc province will introduce policies specifically suitable for Japanese investors, in addition to upholding its potential and comparative advantages when they come to explore investment and business opportunities in the locality," said a Binh Phuoc leader at a seminar on investment promotion into Binh Phuoc province held recently in Ho Chi Minh City.
Delivering the opening speech at the seminar, Mr Pham Van Tong, Vice Chairman of Binh Phuoc Provincial People’s Committee, said in the context of deeper global and international economic integration, Binh Phuoc province is constantly changing to become a land of opportunities and potential for investors to unlock. The province is focusing investments on basic infrastructure, site clearance and personnel training in order to help investors carry out their projects in the shortest time. Especially, land fund for investors has been prepared with 8 industrial parks, approved for establishment and development by the Prime Minister, covering a combined area of 5,244 ha. Notably, Hoa Lu Border Gate Economic Zone, approved by the Prime Minister, has a total area of 28,364 ha, including 3,535 ha in the first stage. This land is mainly for domestic and foreign investors.
In addition, transport infrastructure connected with industrial zones is very convenient. Such infrastructure as the power grid, communications network, and water supply system are guaranteed. In particular, according to the development plan towards 2020 and beyond, a Trans-Asia railway route will go past Hoa Lu International Border Gate of Binh Phuoc province to reach Ho Chi Minh City and southwest provinces. This is a very favourable condition for the circulation of goods between Vietnam and its neighbouring countries of Cambodia, Laos, Thailand and Myanmar. Taking advantage of statutory investment incentives provided by the Government (Binh Phuoc is granted more beneficial conditions than other provinces in the region), the province has also introduced efficient investment encouragement policies in order to attract processing projects while constantly improving administrative procedures to manage and draw investment capital, and creating favourable conditions for investors to operate effectively.
According to the Department of Planning and Investment of Binh Phuoc, in 16 years since re-establishment, by utilising existing advantages and potentials, the province has achieved good results in investment attraction, which has played an important part in the province's social and economic development. As regards foreign investment attraction, the province now has licensed 99 projects with a total registered value of over US$720 million, of which 62 projects have gone into operation.
To date, Binh Phuoc province has licensed investors from South Korea, Taiwan, Australia, Singapore, Japan and other countries. However, the number of Japanese investment projects in Binh Phuoc province is very modest in relation to available potential. Specifically, only two Japanese projects worth US$2.05 million have been licensed into Chon Thanh 1 Industrial Park and Minh Hung 3 Industrial Park. One has been gone into operation and made interior wooden furniture and construction plywood and another is going to come into operation, specialising in chemical production and trading. According to the Department of Planning and Investment, the number, quality and performance of Japanese FDI projects in Binh Phuoc are not high. So far, no Japanese projects with strong influence on local socio-economic development have arrived in the province. The degree of technology and intellectual content in Japanese FDI projects in Binh Phuoc is generally not high, mainly relying on resource utilisation and preliminary processing rather than modern technology and downstream processing, which generate higher value-added products and taps local potentials and advantages.
Mr Vu Thanh Nam, Director of the Department of Planning and Investment of Binh Phuoc, said FDI and ODA from Japan are important strategic sources for the province to accelerate social and economic development in the future. Therefore, in the coming time, to draw more Japanese investors, Binh Phuoc will intensify investment promotion activities, create the most favourable environment, and have suitable policies for Japanese investors to explore opportunities and invest in the locality. The province will attract investment capital for supporting industries; auto parts, equipment and tyre production projects; latex-used consumer goods; canned food processing projects; electronics projects; and environmentally friendly projects.
Mr Harumitsu Hida, Consul General of Japan in Ho Chi Minh City, appreciated the efforts of Binh Phuoc province in organise this investment promotion conference. Through events like this, Japanese investors will have the opportunity to learn about cooperation and investment opportunities in localities with huge potential economies like Binh Phuoc province. Then, Japanese projects will expand their investment presence in the province, help local economic growth, and strengthen the relationships between the business communities and the peoples of the two countries, he said.
Vice Chairman Pham Van Tong said with strong potential and modern technologies, Japanese investors are “hunted” by Vietnamese localities. In recent times, not only Binh Phuoc province but most provinces and cities in the country have organised investment promotion meetings and prepare all resources ready for the expected new wave of Japanese investment. In this competing atmosphere, high potential alone is not enough to persuade Japanese investors. Therefore, along with every effort to unlock every available potential and comparative advantage, Binh Phuoc will also focus on administrative reform, improve the investment environment, and support investors to deal with any difficulties arising from the process of carrying out their projects in the province, especially Japanese investors.
Thanh Phuc
Vietnamese
