With a good transport infrastructure system and a complete and expansive industrial park network, coupled with attractive policies and effective support for investors in all circumstances, Binh Duong province has affirmed itself as a top destination for foreign investors and is expected to continue as an attractive destination after the COVID-19 epidemic is over.
Since the beginning of 2016, Binh Duong has carried out innovation programs to attract more investors and mobilize resources for economic growth in the 2016-2020 period. Particularly, the province has focused on drawing foreign and domestic investment.
As a result, in recent years, Binh Duong is one of the biggest recipients of foreign investment in the country with over US$2 billion a year. In the 2016-2020 period, Binh Duong has attracted more than US$11.6 billion, 66% higher than the target of US$7 billion. 797 new investment projects were licensed into industrial zones with a total registered capital of more than US$9.42 billion, accounting for more than 80.8% of total foreign investment in the province.
To date, Binh Duong ranked third in FDI value in the country (after Ho Chi Minh City and Hanoi), with more than 3,880 valid projects that registered to invest over US$35 billion, accounting for more than 9.2% of the country’s total FDI value. On average, a project is about US$9.1 million. Among them, over 2,460 projects with US$23.75 billion were licensed into industrial zones, accounting for 68% of total FDI value in the province.
FDI attraction is a matter of high concern by the province’s leaders. Binh Duong has actively attracted selective foreign investment, taking quality, effect, technology and environmental protection as main selection criteria. Industrial production projects are encouraged in industrial zones where technical infrastructure is synchronous. The province has focused on potential partners investing in high-tech industries and supporting industries. In addition, high-quality service projects with a high content of knowledge, technology and added value have deepened service development, thus drawing more investors into the province.
Investment attraction in a new context
Currently, Binh Duong is initially successful in fighting and controlling the COVID-19 epidemic, evidenced by no infection cases found in the province. In order to successfully achieve the dual task of fighting the epidemic and developing the economy, set by the Government, Binh Duong province continues to build and implement concrete immediate and long-term solutions for investment attraction, thus helping recover and develop socioeconomic development.
Mobilizing investment fund from all sources and economic sectors to develop modern and synchronous infrastructure and create favorable conditions to attract investment; prioritizing traffic network development, deploying key traffic works like Bac Tan Uyen - Phu Giao - Bau Bang Road, Tan Van - My Phuoc - Bau Bang Road, Belt Road 3 and Belt Road 4 to take full advantage of the province’s favorable geographical position.
Planning and supporting infrastructure businesses to develop industrial zones. Currently, Binh Duong has built 29 industrial zones with a total area of 12,721 ha and 12 industrial clusters covering 790 ha. In the coming time, the province will continue to focus on planning and developing high-quality industrial parks, sci-tech parks, and supporting industrial parks. At the same time, the province focused on developing high-quality services to meet business requirements and industrial and urban development needs of the province in the new period.
Further reviewing and cutting administrative procedures; focusing on improving the business environment, attracting domestic and foreign investment to capture development opportunities, especially from investment flows relocated from other countries.
Actively building and regularly carrying out investment promotion and attraction programs for domestic and foreign investors. Industrial zone infrastructure operators continue to reform methods of promoting and calling for investment through online forms during the COVID-19 epidemic.
Further maintaining and developing relations with foreign diplomatic missions in Vietnam; regularly organizing events, forums, dialogues and conferences with domestic and foreign business communities to introduce the image of Binh Duong to world friends and listen to aspirations and concerns from investors.
For existing businesses, Binh Duong has carried out support policies, including disbursing loans to stabilize facemask prices; reducing the time for settling procedures concerning business registration, land, customs clearance, tax refund and tax payment extension; providing support for innovative startups; and settling problems in labor and employment in enterprises.
In the coming time, the province will expeditiously carry out business support tasks and solutions, speed up public investment disbursement and ensure social order and safety according to Resolution 84/NQ-CP dated May 29, 2020 of the Government with many support policies on finance, credit, exemption, reduction of taxes and fees.
Binh Duong province will actively and promptly provide official, public, transparent and objective information on results of COVID-19 epidemic prevention and control to assure the business community and investors.
Along with solutions to catch foreign investment waves, Binh Duong will continue to seriously implement selective investment attraction policies to both create confidence for investors and ensure quality, effective foreign investment cooperation under the guidelines of the Party and State.
Accordingly, in investment attraction, the province will take quality, effect, technology and environmental protection as main licensing and evaluation criteria. It will not license new investment, not allow existing projects with outdated environment-polluting technology to expand their operations.
The province will prioritize projects with advanced technology, new technology, high technology, clean technology, modern governance, high added value and spillover effects that connect with global production and supply chains.
Source: Vietnam Business Forum