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Binh Duong is determined to recover and develop the local economy after the Covid-19 pandemic with fundamental solutions in promoting administrative reform, improving the investment climate to promote the local growth. To be proactive to welcome big investors, the province continues promoting administrative reform, infrastructure construction and training hi-quality human resources in the local socio-economic development program for 2022.

Holding fast to advantages

In 2021, the whole society was negatively affected by the Covid-19 pandemic. But with the great efforts by the entire political system, Binh Duong still constantly improved the local investment climate, creating new imprints in attracting investment. Currently, Binh Duong ranks second nationwide in FDI attraction, after Ho Chi Minh city. Notably, although the Covid-19 pandemic had a strong impact on investment activities, in 2021, the province attracted nearly US$ 2.7 billion in FDI capital, exceeding 36% compared to the same period. Up to now, the province has lured 53,990 enterprises registering to operate with a total registered capital of more than VND 530.2trillion and 4,026 FDI projects with a total registered capital of US$ 37.74 billion.

Binh Duong sets up a favorable investment environment, creating conditions for enterprises to develop and improve their competitiveness. In picture: Production activities at Bonfiglioli Vietnam Company in Ben Cat town-based My Phuoc 3 Industrial Park

Facing the complicated developments of the Covid-19 pandemic, the province has directed the drastic implementation of urgent tasks and solutions to remove difficulties for production and business, and ensure social welfare; organized conferences to meet enterprises in order to promptly grasp their operational situation for timely support. The local investment climate has been continuously improved. The Provincial Competitiveness Index (PCI) in 2020 reached 70.16 points, the highest figure over the past 10 years and up 2.78 points compared to 2019. With such result, Binh Duong belonged to the "very good" management group, ranking 4th nationwide. The province’s Satisfaction Index on Administrative Services (SISAP) in 2020 reached 88.07%, an increase of 0.07% compared to 2019, ranking 22nd nationwide. The province’s Public Administrative Reform Index (PAR INDEX) 2020 reached 86.93 points, an increase of 4.6 points compared to 2019, ranking 4th nationwide...

Mai Ba Truoc, Director of provincial Department of Planning and Investment said that thanks to breakthrough reforms, with the spirit of taking enterprises, people as the center for service, over the past years, Binh Duong has always been one of the country’s top localities in FDI attraction. According to Kim Won Sik, Chairman of the Korean Chamber of Commerce and Industry (Kocham) in Binh Duong, despite economic challenges, in 2021, Binh Duong still maintained its performance in attracting investment and developing enterprises. This result was the effort by the province in improving the local investment climate over the past time. The provincial has always supported enterprises, creating favorable conditions for them to maintain production and business activities. The local functional agencies have attached special importance to improving the quality of service for enterprises, especially in administrative procedures.

Safe and attractive destination

2022 is still forecasted with many difficulties. Binh Duong is always determined to be a companion with enterprises, helping them overcome difficulties, stabilize production-business activities and make breakthroughs for better development. Mr. Truoc said that despite reaching remarkable results, Binh Duong was not satisfied, but drastically improved the local investment climate, with focus on reforming administrative procedures, supporting enterprises and sharing investment opportunities. Up to now, the province has still focused on upholding results done in reforming administrative procedures, creating advantageous conditions for enterprises and people to easily access and develop.

Vo Van Minh, Deputy Secretary of provincial Party Committee, Chairman of provincial People's Committee said that over the past time, the province made great efforts in improving the PCI, Par Index, PAPI...to reform administrative procedures, creating a good investment climate, attracting capital from domestic and foreign enterprises to invest in the fields of industry, commerce, services, and technical infrastructure to promote the local socio-economic development. The province's relentless efforts as well as new and drastic ways in economic management and improvement of the investment climate have been highly appreciated by the business community. “In the coming time, Binh Duong will continue persisting in its goal of improving the quality of the investment climate, accompanying enterprises. The province also strengthens investment promotion activities in association with trade and tourism promotion; continues promoting the removal of difficulties for investment projects; focuses on well realizing planning, preparing land fund, speeding up the progress of construction of industrial parks and compounds at enterprises’ needs for production premises…”, Mr. added.

In the coming time, Binh Duong will focus on implementing a number of key tasks and solutions to improve the local investment climate and enhance national competitiveness, adapting to the development trend of the fourth industrial revolution, increasing the resilience of the economy amid the Covid-19 pandemic. The province will make efforts to rapidly increase the number of newly established enterprises, striving to reach over 6,500 enterprises by 2022, reduce the rate of enterprises being dissolved; decrease input costs, opportunity costs and informal costs for enterprises and people. In addition, the province will opportunely support people and enterprises to restore production and business activities, flexibly and effectively adapt to the pandemic.

Reported by Ngoc Thanh-Translated by Kim Tin