Binh Duong’s efforts to attract FDI prove fruitful

Binh Duong province has attracted over 2 billion USD of foreign direct investment (FDI) so far this year thanks to various measures taken by local authorities.

As of November 15, this southern industrial hub attracted more than 2 billion USD to 64 new FDI projects, 24 existing ones, and 161 others in the form of share purchase and capital contribution, according to the provincial People’s Committee.

That raised the total number of FDI projects here to 4,011 with the combined capital of 37 billion USD from 65 countries and territories, giving Binh Duong the second position, after nearby Ho Chi Minh City, in terms of FDI attraction.

Most of the investment was poured into industrial production, trade, and services.

At a recent online conference held by the provincial People’s Committee to promote Italian investment, Andrea Geuin, Director of Bonfiglioli Southeast Asia, said the firm’s factory, manufacturing automation equipment in My Phuoc 3 Industrial Park of Binh Duong, has recorded good production and business results over the past years.

He spoke highly of the local investment climate, the administration’s support, the uniformly developed infrastructure, and the skilled workforce, noting that his company will expand its factory and coordinate with universities to implement its projects, especially high-tech ones.

Facing travel restrictions among countries to curb COVID-19 transmission, this year, the Binh Duong People’s Committee has organised about 20 virtual investment promotion conferences with many countries and territories, including Thailand, Taiwan (China), Japan, the Republic of Korea, Australia, Italy, and European countries.

At those events, local officials introduced the province’s potential, advantages, and policies while grasping information about investors’ demand and the fields they are interested in. Authorities also fielded businesses’ questions about administrative procedures, development directions, and cooperation chances.

Standing Vice Chairman of the People’s Committee Mai Hung Dung said amid the COVID-19 pandemic, holding online investment promotion events is one of the measures helping Binh Duong connect with major enterprises and stimulate the FDI inflow.

In the time ahead, the province will push ahead with completing socio-economic infrastructure, expanding industrial parks, training human resources, building housing for workers, and ensuring sufficient and timely labourer supply for businesses.

It will also step up administrative reforms, develop high-quality services to meet enterprises’ demand, and enhance political security and social order and safety to make investors feel secure while operating in Binh Duong, Dung noted./.