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Although being significantly affected by the 4th outbreak of Covid-19 pandemic, the province's economic situation is on a good trend of recovery and is likely to further reach growth after more than a month of establishing the normal state again. Preparing for the return of foreign investment capital (FDI) after many consecutive months of decline, Binh Duong is in a position to be ready to create all favorable conditions to attract and welcome foreign investors.

Flexibility in new context

The complicated developments of Covid-19 pandemic affected the province's FDI attraction in the first nine months of 2021. But, the positive point is that Binh Duong has continued being one of the country’s top localities in FDI attraction and is still a reliable and effective destination in the eyes of foreign investors. Province-based FDI enterprises have also actively set up contingency plans to minimize risks and losses, take advantage of opportunities to boost production and business activities in all situations. Therefore, although being affected by the pandemic, province-based FDI enterprises have still had appropriate plans to maintain stable production and business and ensure workers ‘health.

Binh Duong is restarting programs on development cooperation and investment promotion, being ready to create all favorable conditions to attract large FDI inflows. In picture: Production activities at NTI Vina Co., Ltd.in the VSIP II

Over the past 10 months, the province attracted more than US$ 1.74 billion, up 5% over the same period last year. This is an optimistic sign when the situation of Covid-19 pandemic in Binh Duong as well as many provinces and cities across the country and in the world is still complicated, greatly affecting FDI capital flows. This result is the efforts by the province in early promoting investment "marketing" by online form. In the face of difficulties caused by the pandemic, the province is still interested in effectively exploiting relationship with focal points for investment promotion in foreign markets by regularly connecting, working and communicating with organizations and individuals at home and abroad getting involved in investment promotion.

Thanks to promoting investment attraction flexibly, even in times of the complicated developments of the pandemic, the province's investment attraction activities have continued having bright spots. Many outstanding projects have begun upholding their efficiency. According to Mai Ba Truoc, Director of provincial Department of Planning and Investment, during the period when Binh Duong was negatively impacted by the Covid-19 pandemic, foreign investors continued being optimistic about the local investment climate. Many still increased their investment capital for production expansion. Notably, when the fourth wave of the Covid-19 pandemic was breaking out in the province, Tetra Pak Company still invested an additional 5 million euros in its 120 million Euro packaging material factory. This is a solid demonstration about the province's good investment climate and it is a safe, attractive and stable destination for foreign investors.

Maximum support for investors

In 2021, despite being heavily affected by the Covid-19 pandemic, Binh Duong has still organized more than 10 online conferences with other countries to stimulate economic development, call for investment. In addition, creating favorable conditions for provincial delegations abroad to promote investment, attract FDI capital, etc., has contributed to supporting the province to overcome the negative impacts of the pandemic soon, rapidly reaching economic recovery and development.

Even during the peak period of the Covid-19 pandemic, the province hastily organized 7 online conferences to work and solve difficulties of industries ‘associations and investors such as EuroCharm, AmCham, Adidas Group, NTT East, Tokyu of Japan, attended a conference between the delegation of Vietnamese Ambassadors and Consul Generals abroad for the 2021-2024 term and leaders of localities in the Southern key economic region and the Mekong Delta. In addition, the province has administered 30,712 doses of Covid-19 vaccine on foreign experts and employees working in province-based enterprises.

Recently, at an online conference with leaders of NTT East Group and Tokyu Group of Japan to discuss solutions to effectively attract investment cooperation projects, contributing to the local rapid and sustainable development, Nguyen Van Loi, member of the Party Central Committee, Secretary of provincial Party Committee affirmed that Binh Duong has continued implementing the motto of “always making efforts to stand side by side with enterprises and investors. The province has always created favorable conditions for foreign investors to work effectively. Currently, Binh Duong is well controlling and flexibly adapting to Covid-19 to recover the local economy, continuing to building up the image of a safe destination for domestic and foreign investors.

Representatives of many foreign business associations and associations in the province have spoken highly of Binh Duong's quick and effective action in preventing the spread of the Covid-19 pandemic over the past time. According to foreign investors, along with the consistency of innovative methods in investment attraction, the province has reached vigorous improvement in investment climate. Enterprises are placed in an increasingly high position with guarantees of long-term interests. Binh Duong's infrastructure facilities have got more and more modern and synchronous...All are solid fulcrums for investors to feel secure. Assessing the province's investment attraction prospects in the near future, most enterprises have planned to maintain production or increase capital for production expansion.

Tanabe, Vice-Chairman of NTT East Group said: “We highly appreciated the efforts by the province in Covid-19 prevention and control over the past time. In order to effectively fight the pandemic and develop the economy, Binh Duong is taking measures to safely open the door for production. "Living safely with the pandemic" is a flexible adaptation, I believe that province-based enterprises will completely resume their production and business activities. This is an opportunity for Binh Duong to further attract quality investment projects”.

At a recent meeting with enterprises, Vo Van Minh, Vice-Secretary of provincial Party Committee, Chairman of provincial People's Committee emphasized that as one of the country’s localities with strong industrial development, Binh Duong is constantly improving the local investment climate, enhancing competitiveness and strengthening support for the development of enterprises in the province. Provincial leaders together with leaders of sectors, departments in the province have always created favorable conditions for investors, promptly solved their difficulties in production-business to work effectively.

Since October, Binh Duong and the whole country have moved into a new period of "Safe, flexible adaptation, effective control of Covid-19 pandemic". The province has continued taking measures against the pandemic while recovering socio-economic development, continued helping enterprises remove their difficulties, maintaining production and business activities. As of October 15, the province has absorbed more than US$1.74 billion, up 5% over the same period last year. Particularly, there are 54 new investment projects with US$566 million, 22 projects increasing capital with US$799 million and 149 capital contribution projects with  US$381 million. Up to now, the province has lured over 4,000 foreign investment projects capitalized US$36.95 billion. This is an impressive result when Binh Duong has been heavily affected by Covid-19 in recent months.

Binh Duong is taking the initiative in all solutions to attract more FDI projects with quality and effectiveness. The province is well prepared for conditions such as setting up clean land fund, proactively planning industrial parks, technology ecosystems, implementing human resource training, building social houses for workers, sufficiently and opportunely supplying labor resources for enterprises... Especially, Covid-19 pandemic is still complicated, so controlling the pandemic well will be the "key" to recovery, promoting the economic growth of the province, opening the door to welcome quality FDI inflows in the coming time. (Vo Van Minh, Vice-Secretary of provincial Party Committee, Chairman of provincial People's Committee)

Reported by Ngoc Thanh-Translated by Kim Tin