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On the morning of March 19, Mai Hung Dung, member of provincial Party Standing Committee, Permanent Vice-Chairman of provincial People's Committee chaired an online seminar on Chinese investment promotion co-held by the Bank for Construction of China and Becamex IDC. Attending the event were leaders of relevant departments, sectors, representatives of provincial Industrial Parks Management Board, Becamex IDC, Consulate General of China in Ho Chi Minh City; representatives of the Bank for Construction of China-Ho Chi Minh City Branch, Deloitte Vietnam Auditing Company. There were also about 200 investors at the bridge points of China.

The seminar aimed to introduce potentials, competitive advantages, mechanisms and policies to attract investment in industrial zones and compounds of the province, thereby connecting and building relations between the local administration, Becamex IDC and Chinese investors, supporting and connecting between banks and businesses through digital technology ...

The overview of the seminar at the Binh Duong bridge point

At the seminar, Mr. Dung said that despite facing many difficulties and challenges from Covid-19 pandemic, in 2020, Binh Duong still strived to maintain economic growth. The province’s gross regional domestic product (GRDP) increased by 6.91%. The province’s  GRDP per capita was VND150 million pear year (equivalent to US$ 6,500). The province’s economic structure continued being shifted positively towards gradually increasing the proportion of services and industrial manufacture, and reasonably maintaining and enhancing the value of agriculture. The province’s export turnover reached more than US$27.4 billion while import value was US$ 21.4 billion. The province’s trade surplus obtained nearly US$ 6 billion.

The province also actively expanded international cooperation relations. Up to now, the province has established bilateral cooperation relations with 10 foreign localities, including Guangzhou city in China. The province is a partner of 4 multilateral international cooperation organizations. As an official member and reliable partner of the World Smart Community Forum (ICF), the province was proactive to implement its smart city development project and achieved a number of encouraging results over the past time. Last year, the province was honored by the ICF as one of the 21 cities and regions with the world's typical smart city development strategy (SMART 21) for the third time in a row. In its development strategy, the province will continue implementing the "Innovation Zones” project " with the planning of science and technology industrial parks, creative start-up ecosystems, to promote the proportion of services, especially e-commerce, international trade with the typical project being the World Trade Center Binh Duong New City.

Ngo Tuan, Consulate General of China in Ho Chi Minh City assessed that the province's dynamic development has received great interest from the Chinese business community. This has contributed to helping Binh Duong become one of the country’s leading localities in FDI attraction. The province has always created favorable conditions for Chinese investors to work effectively. Hopefully, the province will continue becoming a dynamic and innovative locality, an attractive investment destination for Chinese investors.

As of late February 2021, the province has attracted nearly 4,000 FDI projects with a total registered capital of nearly US$ 35.8 billion. The whole province has so far absorbed 432 Chinese projects capitalized at over US$1.3 billion, ranking ninth among 65 countries and territories having investment projects herein. If including projects from territories belonging to China, there are  1,515 investment projects flowing into the province with total investment capital of  over US$ 8.8billion. Most of them focus on processing and manufacturing industries...

At the seminar, representatives of relevant sectors answered Chinese enterprises’ queries on opportunities for cooperation and investment on steel factory investment, logistics costs, waterway transportation, construction of factories, warehouses…in the province. Bui Minh Tri, Head of provincial Industrial Parks Management Board affirmed that the province will limit and not grant license to projects that consume a lot of energy, use outdated technology with the risk of environmental pollution… The province will facilitate and strengthen the linkage among businesses in auxiliary industries, and advantageous services. China is a country with many strengths in auxiliary industry. Hence, it is hoped that Chinese investors will pay attention to this field when exploring investment in the province.

On behalf of provincial leaders, Mr. Dung invited Chinese investors to Binh Duong for seeking opportunities for investment cooperation. Here, investors will feel more fully about the advantages, potentials, opportunities for investment cooperation and the benefits of socio-economic infrastructure that the province has been making efforts to improve, better serving the needs of foreign investors, including Chinese ones.

Mai Hung Dung, member of provincial Party Standing Committee, Permanent Vice-Chairman of provincial People's Committee: In the coming time, the province will further attach special importance to absorbing FDI projects, especially ones with advanced technology... for sustainable development. The province is making efforts to soon solve bottlenecks in transport infrastructure, logistics and the quality of human resources. In addition, the province is currently focusing on the roadmap of building a smart city with major development orientations such as attracting hi-tech projects that have high added value, are less labor-intensive, more environmentally friendly; innovating modern and advanced technology, improving the quality of enterprises ‘products to increase competitiveness in the international economic integration.

Reported by Ngoc Thanh-Translated by K.T