Binh Duong - the "rendezvous point" for investment

Not only increasing in quantity, in 2022 FDI flows to the province will be of better quality. Photo: Chi Tuong

Billion USD project kicks off

Overcoming the heavy impact of the Covid-19 pandemic, Binh Duong's economy has recovered strongly.

Attracting investment in the area achieved positive results. According to a report by the Foreign Investment Agency, (Ministry of Planning and Investment), in the first three months of 2022, foreign investors have invested in 44 provinces and cities across the country. In which, Binh Duong leads with a total registered investment capital of nearly US$2.32 billion, accounting for 26% of total registered investment capital and nearly 5.2 times higher than the same period last year.

Specifically, in the first months of 2022, Binh Duong Provincial People's Committee awarded 22 new investment certificates to businesses in industrial zones (IZs) in the area. Notably, on March 19, the LEGO Group (Denmark) project to build a production factory on an area of ​​44ha in Vietnam - Singapore Industrial Park 3 (VSIP3) with an investment of more than US$1 billion.

Immediately after receiving the investment license, Preben Elef, Vice President of LEGO Group, expressed his excitement and said that receiving the investment certificate from the Binh Duong provincial government is the first important milestone of the group; paving the way for the groundbreaking ceremony of the LEGO factory in Vietnam. The LEGO factory built in Binh Duong is the 6th LEGO factory in the world and the 2nd in Asia. LEGO's goal when building a new factory in Binh Duong is expected to create 4,000 job opportunities within the next 15 years. In addition, LEGO will indirectly support local businesses and communities.

Similarly, as an FDI enterprise that has just been granted an investment certificate, New Motion Industry Co., Ltd (Singapore) with an investment capital of US$185 million specializes in manufacturing television screens, display screens, and building warehousing services.

Lim Hua Tiong, General Director of the company, said more and more Singapore businesses choose Binh Duong to invest. This also proves that the dynamic and favorable investment environment of the province is always an attractive destination for Singaporean businesses in particular and foreign investors in general. New Motion Industry Co., Ltd. is committed to implementing the project on schedule, completing about 40,000m2 of factories in the second quarter of 2022 and setting a goal of developing more than 200,000m2 of factories with many utilities in the next 6 - 7 years.

Up to now, Binh Duong province has nearly 4,050 FDI projects with a total registered capital of US$39.4 billion. In which, there are 29 concentrated industrial parks with a total area of ​​nearly 13,000 hectares, the average occupancy rate is over 83.4%. The formation of industrial zones is creating a solid foundation for the socio-economic achievements of Binh Duong province in terms of attracting investment and creating jobs for millions of workers.

Continue to breakthrough

With this result, Binh Duong has exceeded the province's goal of attracting foreign capital for the whole of 2022. Not only increasing in quantity, but in 2022 FDI flows to the province will be of better quality. Many projects in the fields of technology, processing, manufacturing, and energy rose to the top, gradually replacing projects with little added value.

According to Chairman of Binh Duong Provincial People's Committee Vo Van Minh, these are obtained thanks in large part to the consistent policy of inviting investment.

Despite achieving strong results, Binh Duong is not satisfied but continues to seek new ways of doing things. To maintain the advantage of attracting investment, Binh Duong accelerates the application of information technology in providing public services to reduce time and costs for businesses; maintaining and implementing online business registration documents, ensuring quick processing time of administrative procedures; as well as integrating utility services in business support.

In 2022, the province strives to attract over US$1.8 billion in FDI. To achieve this goal, the province is proactively implementing all solutions to attract increasingly quality and effective FDI capital. In particular, focus on potential partners such as the US, Europe, Japan, and Singapore to cooperate, receive technology transfer, and take advantage of the ability to spread to the domestic industry.

Currently, Binh Duong is focusing on planning industrial zones to meet the needs of technology transfer partners with high intellectual content and high economic value production fields.

At the same time, the province is also preparing conditions such as a clean land fund, proactively planning industrial zones associated with the technology ecosystem in digital transformation, implementing human resource training, and building social housing and accommodation for workers, fully supply labor resources for businesses to invest in Binh Duong.

Most recently, in Tan Uyen town, Binh Duong province broke ground on the construction of Vietnam - Singapore Industrial Park (VSIP III) with an area of ​​1,000 hectares. This is the 3rd project under the VSIP brand in Binh Duong and the 11th project of VSIP Group investing in Vietnam. In addition to large projects like VSIP, it is expected that in the second quarter of this year Cay Truong Industrial Park with an area of ​​​​about 1,000 hectares will also be started.

Binh Duong will also update the planning of some other industrial zones to expand Nam Tan Uyen Industrial Park; Rach Bap Industrial Park and a number of other industrial zones on the basis of clean, available land fund to continue to attract the wave of FDI investment.