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On March 9, Nguyen Hoang Thao, Deputy Secretary of Provincial Party Committee, Chairman of Provincial People's Committee, chaired an online conference on promoting Japanese investment in Binh Duong. Participants of the conference were representatives of provincial departments, branches, Management Board of provincial industrial parks, Becamex IDC, Director of Jetro Ho Chi Minh City Office, Consul General of Japan in Ho Chi Minh City, and about 180 Japanese investors.

Becamex Tokyu Bus (Becamex Tokyu Bus Company) is a 100%-Japanese-invested subsidiary of Becamex Tokyu, a joint venture between Tokyu Corporation (Japan) and Becamex IDC (Vietnam).

Potential and opportunities

Opening the conference, Mr. Nguyen said that in 2020, despite many difficulties due to the COVID-19, Binh Duong sustained economic growth. Specifically, provincial Gross regional domestic product (GRDP) was estimated to increase by 6.91%; GRDP per person reached 151 million VND/ year (equivalent to US$6,500); economic structure, maintaining and improving the value of agriculture in a reasonable way; export turnover was estimated at US$27.4 billion (up 8.5%); import turnover was US$21.4 billion (up 7.5%); provincial trade surplus in 2020 reached nearly US$6 billion. Regarding foreign investment (FDI), in 2020, Binh Duong attracted more than US$1.84 billion. At present, the province has 3,953 FDI projects with total capital of 35.8 billion USD, ranked third in the country, just after Ho Chi Minh City and Hanoi.

From the Japanese endpoint, Ta Duc Minh, Commercial Counselor of Vietnamese Embassy in Japan, said that Binh Duong's dynamic development over recent years had attracted great interest of Japanese business community. It shows the dynamism and creativity of Binh Duong provincial leaders and the attention, and support of departments and branches; these have contributed to making Binh Duong be one of the leading localities in the country in FDI attraction. According to the socio-economic development orientation, Binh Duong defines Japan as a strategic investment partner. Therefore, the province has actively implemented many measures to boost cooperation and investment attraction from Japan. The province's efforts are recognized and appreciated by investors from the rising-sun country.

To actively attract investment

Among the 66 countries and territories investing in Binh Duong, Japan continued to lead with a total investment capital of over US$5.7 billion, accounting for 16% total investment capital in the province. Japanese FDI-projects in Binh Duong mainly focus on areas, such as: Manufacture of electronic components, electronic circuits and chips; car production and assembly; iron and steel; other supporting industries. In particular, the province has stepped up cooperation with Tokyu Group to upgrade infrastructure, urban areas and transport; Aeon Group for commercial development; Mitsubishi on automotive industry development; Toshiba and Foster Electronics Group in manufacturing electronic components... All these projects have been contributing to promote socio-economic growth of the province.

Mr. Nguyen emphasized that Binh Duong constantly improved its investment environment, enhanced competitiveness and support for the development of investment enterprises in the province through perfecting the infrastructure system. Provincial leaders, together with leaders of departments and branches of the province, always create favorable conditions, promptly solve difficulties and problems of investors and enterprises for production and business activities. With all its hospitality, Binh Duong leadership hoped that Japanese investors would continue to choose Binh Duong as a destination to seek investment opportunities, make long-term commitment, continue to create many relationships and cooperation for investors from both countries in the coming time.

Nguyen Hoang Thao, Deputy Secretary of Provincial Party Committee, Chairman of Provincial People's Committee: Binh Duong is undergoing a strong transformation to become a potential land to welcome investors. Up to now, Binh Duong has signed friendly cooperation agreements with 10 foreign provinces and cities, and is currently an official member, a reliable partner of 4 highly prestigious international organizations: World Technopolis Association (WTA), World Intelligent Community Forum (ICF), Asian Horasis, and World Trade Center Association (WTCA). In three consecutive years, Binh Duong was honored by ICF to be one of the 21 regions that have the world's exemplary smart city development strategies.

Mai Hung Dung, Member of Provincial Party Standing Committee, Permanent Vice Chairman of Provincial People's Committee: Japan is at the top of countries and territories investing in Binh Duong province. The province continues to affirm that Japan is the top-priority market of Binh Duong in investment and trade promotion. Recently, Japanese corporations investing in the province are mostly in supporting industries, which is the most needed sector in Binh Duong as well as the whole country. Japanese enterprises investing in Binh Duong have well observed the law, operated effectively, applied modern and environmentally friendly technologies and machines; have good relationship with and good care of workers' lives. In the coming time, Binh Duong wants Japanese enterprises to continue to invest in the agricultural sector with advanced technologies with high added value.

- Wantanabe Nobuhiro, Consul General of Japan in Ho Chi Minh City: Binh Duong is a locality chosen by Japanese investors, especially for industrial production. Namely, supporting industries for machinery manufacturing, electronics, deep processing... Japanese businesses investing in Binh Duong receive attention and good asssistance from local leaders for business development.

- Yasuyuki Nagae, Director of International Department, NTT East Group: I am really satisfied when I choose Binh Duong as the place to locate our factories. Japanese businesses investing in Binh Duong receive attention and favorable conditions from local leaders. Most of our products here are exported to the world market. The recent accomplishments investment attraction are an opportunity for Binh Duong to continue promoting its image to large corporations. Currently, with the advantage of modern and complete industrial park infrastructure, Binh Duong has become a preferred destination for investors. Japanese enterprises support innovation orientation to attract investment and call for investment in high-tech industries of Binh Duong.

Reported by Ngoc Thanh - Translated by Ngoc Huynh