External relations boost FDI attraction to Binh Duong

(VOVWORLD) - Previously, Binh Duong province only specialized in growing industrial trees. Now it has become an industrial hub and a leading province in attracting foreign direct investment (FDI), thanks to a prolonged effort to expand foreign relations to lure investors.
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Dialogues are held regularly to support FDI enterprises in Binh Duong (Photo: Thien Ly)

Twelve years ago, wanting to learn about Vietnam’s investment environment, Yamamoto Kazuhito, CEO of Taisei Bijutsu Printing Company, decided to come to Binh Duong.

At that time, Binh Duong was the vanguard of Vietnam’s open-door economic policy.

As soon as he registered, Mr. Yamamoto was welcomed by leaders of the provincial administration, departments, and sectors and guided through local procedures and preferential policies.

Taisei Bijutsu Printing Company was quickly built and put into operation at My Phuoc Industrial Park III in Ben Cat town.

Mr. Yamamoto said that in addition to being adjacent to Ho Chi Minh City, Binh Duong has well-developed infrastructure and industrial zones and an abundance of human resources.  

“In Binh Duong all industrial zones have been planned and approved by the  government for operation. Land lease prices at My Phuoc Industrial Park are low. The park is equipped with stable power and has convenient access to seaports to obtain materials,” said Mr. Yamamoto.

External relations boost FDI attraction to Binh Duong   - ảnh 2Provincial leaders and representatives of foreign companies in Binh Duong visit a business in the locality. (Photo: Thien Ly) 

In recent years, foreign companies have been ramping up investment in Binh Duong. The province now has 62 South Korea-invested projects worth 68 billion USD in garment and textiles, footwear, automotive accessories, healthcare, cosmetics, and food processing.

Kim Won Sik, Chairman of Chamber of Commerce in Vietnam (KOCHAM) in Binh Duong, said, “Relations between Binh Duong’s administration and agencies and FDI enterprises are good. Dialogues between provincial leaders, foreign business associations, and foreign companies  are held every year to address problems faced by enterprises.”

“I think Vietnam, and Binh Duong in particular, have given preferential treatment to Korean companies. That’s why more and more Korean investors want to do business here,” added Kim Won Sik.

Thanks to its investor-friendly policy, Binh Duong ranks 3rd in Vietnam after Ho Chi Minh City and Hanoi in attracting foreign investment. It has more than 3,900 FDI projects with worth billion USD invested by investors from 65 countries and territories. In the first half of this year, Binh Duong’s investment attraction reached 69% of the year’s target, despite the coronavirus epidemic.

Binh Duong owes its achievements in part to its effective application of the Party and State policy of being a friend and reliable partner to other countries. Binh Duong has established formal cooperative relationships with 10 provinces and cities around the world.

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Binh Duong successfully organized the Asian Economic Cooperation Forum

(Horasis-Binh Duong) in 2018 and in 2019. (Photo: Thien Ly)

Le Phu Hoa, Director of the provincial Department of Foreign Affairs, said Binh Duong has successffully organized international programs including the Asian Economic Cooperation Forum in 2018 and 2019 and the World Technopolis Association (WTA) conference.

Those events have helped Binh Duong expand cooperative ties in various fields and promote its image as an industrial province full of potential and investment opportunities.

“Provincial leaders have  paid lose attention to boosting external economic activities and increasing marketing and investment promotion. To help businesses resolve production and trade problems, dialogues and meetings with foreign enterprises have been held by the provincial People’s Committee,” said Hoa.

External economic activities have helped attract many FDI projects to Binh Duong. Mai Hung Dung, Vice Chairman of the provincial People's Committee, said, “In the future, we’ll make full use of our relationships with sister localities and large business associations. Foreign investors in Binh Duong are big contributors to the province’s external relations events.”

The efforts in strengthening external relations and timely decisions will surely help Binh Duong make firm progress in international integration.