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After 25 years of construction and development, Binh Duong has become the "bright spot" of the southern key economic zone as well as the whole country. This success has come from upholding the potential and advantages of the locality, especially in promoting infrastructure construction, drastically improving the investment climate and creating favorable conditions for enterprises to work, strongly attracting foreign direct investment (FDI) inflows.

Unlocking FDI inflows

Gricha Safarian, Honorary Consul of Belgium in Ho Chi Minh City, General Director of Puratos Company in VSIP 1 recalled: “I have lived and worked in Vietnam since 1993 and decided to invest in Binh Duong as soon as arriving in this land. In late 2000, I built the first chocolate factory in Vietnam at VSIP 1. On the first days of coming here to learn, Binh Duong's economy did not yet develop with traffic that was not as seamless as it is now. But I had faith from beginning because we have always been created all the best conditions for development from provincial leaders.” He said he was really satisfied because he decided to choose Binh Duong to set up a factory for production and business.

FDI enterprises have contributed to the success of the province on the way of industrialization and modernization. In picture: Workers operate an electric conductor production line

Possibly speaking, one of important policies that contribute to the local socio-economic development and investment attraction is to "roll out the flowered mat to call for investment" and "roll out the red carpet to call for talents" during the past 25 years. So far, this policy has still been a topical issue in the southern provinces and the whole country... From the decision, the province has created an open mechanism to welcome the investment wave of enterprises at home and abroad.

Recalling the early days of the province's establishment, Song Than and VSIP were the firstly built industrial parks (Ips), creating the premise for the birth of other Ips in the province. Especially, VSIP 1 has become a typical model in Vietnam in all aspects, a reliable address of prestigious investors around the world.

Pham Ngoc Thuan, General Director of Becamex IDC shared that Binh Duong takes industry as the foundation and is a breakthrough stage with core being the construction of IP infrastructure associated with urbanization. Upon this, Binh Duong has created a large "clean land" fund to develop IP infrastructure, creating good and effective IPs in the eyes of investors. The province has to date developed 29 IPs, many of which have become "brands", attracting many large-scale enterprises and multinational corporations…

Mai Hung Dung, member of provincial Party Standing Committee, Permanent Vice-Chairman of provincial People's Committee said that with FDI inflows, Binh Duong today has brought about a completely different appearance, being one of the country’s localities with the highest urbanization rate (82%) with 3 cities and 2 towns possessing a synchronous and modern transport infrastructure system. Up to now, Binh Duong has been one of the country’s leading localities in industrial manufacture, FDI attraction. In 2021, despite going through a difficult year, due to Covid-19 pandemic, Binh Duong's economic growth has continued leaving many imprints with highlight being the result of FDI attraction that is still at the top position in the country. From the above efforts, the business community's confidence in opportunities and potentials is multiplied increasingly.

Position confirmed

The FDI capital strongly pouring into Binh Duong has pushed the local economy to shift strongly from agriculture to industry and services and is the driving force of growth in all fields. In addition, it has helped increase State budget revenue, export value, shift labor structure from agriculture to industry, creating jobs for laborers in the province and attracting a large number of immigrant laborers.

According to Mai Ba Truoc, Director of provincial Department of Planning and Investment, in 1997, Binh Duong had only 185 FDI ​​projects with a total capital of US$961 million, creating jobs for about 35,000 workers. So far, the province has absorbed 4,016 FDI projects with a total registered capital of more than US$ 37 billion. This result has made the local investment climate highly appreciated by investors.

Bui Minh Tri, Head of provincial Industrial Parks ‘Management Board said that from now to 2025, Binh Duong aims at developing sustainable IPs under the "3 in 1" model (industrial park - urban area - service zone) with a synchronous and modern infrastructure system. Therefore, attracting investment in province-based IPs will continue getting positive changes towards specialization, ecology, smartness with new attraction.

In 2021, in the context of a sharp decline in global and national investment, due to Covid-19 pandemic, Binh Duong will also suffer many impacts. Amid difficulties, many foreign investors still see Binh Duong as a "good land" for long-term development. This is also the result of the efforts by the province in being flexible in investment promotion from "on-site" to online forms. According to economic experts, with its attractiveness, Binh Duong has become a "destination" for domestic and foreign investors, which is as a matter of course. In fact, these results and breakthroughs have come from the efforts by the province in cooperating with large corporations to build "brands" in attracting investment resources.

Mai Hung Dung, member of provincial Party Standing Committee, Permanent Vice-Chairman of provincial People's Committee: Looking back on its journey after more than 35 years of renovation, 25 years of construction and development, along with the development process of the country, Binh Duong has made a vigorous transformation to become one of the country’s top localities in terms of State budget revenue, export and investment attraction. To get outstanding results, attracting FDI does not only come from one or a few key reasons, is but also a combination of many factors. Obviously, the success in investment attraction also comes from the province's own resources. Along with infrastructure investment, Binh Duong has also actively improved the investment climate, built and promoted the local image to the world.

Up to now, the province has lured 4,016 FDI projects from 65 countries and territories with a total registered capital of more than US$ 37 billion. Notably, in 2021, despite being affected by the pandemic, as of December, the province has attracted nearly US$ 2.5 billion (up 127% over the same period). This result has shown the relentless efforts by the province as well as new and drastic ways in economic management, investment climate improvement in the right direction, which is highly appreciated by the business community and investors.

Reported by Ngoc Thanh-Translated by Kim Tin