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According to the report of Department of Planning and Investment, as of the end of February 2021, the total newly registered, adjusted and contributed capital, and purchased shares of foreign investors was over USD 396 million, reaching 28% of the year plan. In particular, foreign investment (FDI) projects in Binh Duong are selected towards quality improvement, efficiency and sustainable development.

Positive signals

It can be clear that, in the first 2 months of 2021, the Covid-19 epidemic had more or less affected the economic growth of the province. Many production and business activities of sectors and fields have declined, especially, regarding the services and consumption. However, the result of attracting FDI by the end of February 2021 of the province continued to remain in the group of leading localities nationwide with over USD 396 million USD. Up to now, the province has 3,953 FDI projects with total capital of USD 35.8 billion.

The leader of Department of Planning and Investment said that up to now, foreign investors have invested into 17 sectors and fields, in which, the processing and manufacturing industry is leading. Particularly in the first 2 months of 2021, the processing and manufacturing industry had a total investment capital of USD 165 million, accounting for 41.65% of the total registered capital.

To promote FDI attraction in the new stage, Binh Duong provincial authority is focusing on investment promotion through online meetings and exchanges with investors in the world

Based on partners, investors of 65 countries and territories are holding investments into Binh Duong and those from Japan lead the listing with total capital of over USD 5.7 billion, accounting for 16% of total investments poured into the province. Taiwan is ranked second with a total investment capital of USD 5.44 billion, accounting for 15.2% of total investment capital. Singapore is ranked third with total registered investment capital of USD 4.53 billion, accounting for 12.7% of total investment capital. Considering the number of new projects in the first 2 months of 2021, Singapore is ranked first for 4 projects with total capital of over USD 225 million.

Measures synchronized

Over the past years, Binh Duong has always been one of the leading localities in the country for attracting FDI. In order to promote investments, Department of Planning and Investment together with other relevant departments and agencies focus on reviewing land funds and planning for attraction of large projects. Officers are assigned to urge, monitor and support investors to complete investment procedures and put the projects into implementation at the soonest. Investment promotion in the new situation, through online meeting and exchange with foreign investors, is focused. Specifically, in March, the provincial authority will hold 3 online investment promotion conferences with businesses from Japan, China and Thailand.

According to Department of Planning and Investment, Binh Duong has set a target of 2021 to strive to attract USD 1.8 billion of FDI. To accomplish this goal, the provincial authority perseveres in the view of selective attraction towards quality and efficiency. In particular, they focus on partners of rich potentials such as Japan, Singapore, the US, and Europe to cooperate, receive technology transfer, and take advantage of the ability to spread to the domestic industry.

Departments, branches and localities are making efforts to support and provide information while solving difficulties and problems in the business investment process and guiding investment procedures, promoting business investment expansion, increasing the rate of investment capital for implementation of projects that have been granted investment certificates. Reforms of administrative procedures and application of information in public service provision have been persistent to reduce time and costs for businesses and maintain the implementation of online business registration documents to ensure the processing time of administrative procedures within 3 days with integration of utility services in business support.

Mai Ba Truoc, Director of Department of Planning and Investment, said the department is reviewing and listing projects capable of attracting capital and implementing licensing in 2021 and assigning staff to monitor and support investors while ensuring the plan to be set out. Up to now, Department of Planning and Investment has persisted in organizing meetings with investors to promote investments, to introduce and search for locations and guide procedures for implementing specific steps to facilitate investors in project implementation. The provincial authority continues to create favorable conditions to support investors in the spirit of companionship and sharing difficulties. FDI to enhance the province's competitiveness has been enhanced to realize the goal of rapid, sustainable and modern growth.

Reported by Ngoc Thanh – Translated by Vi Bao