Binh Duong awaits new investment inflow

22-01-2019

Binh Duong with many breakthrough and innovative methods has become one of the provinces attracting the largest foreign investment of the country. Now, with many advantages and experiences, the province is openly waiting for a new wave of investment. 

 

An important handshake

 

That is the cooperation in opening Vietnam - Singapore Industrial Park 1(VSIP 1) in Thuan An town between Becamex IDC and Sembcorp Group (Singapore). More than 20 years ago, when the wave of foreign investment began to flow strongly into Vietnam, while many enterprises investing in infrastructure were mostly interested in land fund, basic infrastructure, then rent out to investors, Becamex IDC made the first breakthrough in Binh Duong. Accordingly, VSIP was invested with complete transport infrastructure, electricity and water, environmental treatment system... VSIP was established with its own management board, which is always ready to support investors, especially in the connection with local authorities.

 

Many other IPs in Binh Duong, more than 20 years ago, have been built with infrastructure meeting international standards, creating a difference in service quality compared to other industrial parks in the country. In addition, provincial IP Management Board have done well the connection with local authorities to support investors, including FDI enterprises, such as assisting businesses in investment procedures in the fastest and most convenient manner; connecting with customs departments to get quick customs clearance, reduce costs for import export enterprises; connecting with tax authorities to promptly solve difficulties...

 

It is not a coincidence that VSIPs have attracted 760 domestic and foreign investors, creating jobs for about 210,000 workers. VSIP models have been developed in 6 other provinces and cities nationwide, attracted $11.3 billion of FDI capital. Notably, enterprises investing in VSIPs mainly in high value-added, less labor-intensive, environmentally-friendly industries such as precision engineering, electricity - electronics, and consumer goods, from many leading investors of the world. “We have been cooperating for more than 20 years and keep joining hands to continue for years to come. The cooperation between Sembcorp and Becamex IDC will not only in developing IPs but also expanding many other important and potential areas in Vietnam”, said Sembcorp Group's leader.

 

An attractive destination of FDIs

 

Up to now, Binh Duong has attracted many investors, who are large enterprises, multinational corporations in the world. For example, Tokyu Group (Japan) cooperates with Becamex IDC to establish a joint venture to deploy investment projects with registered capital of up to 1.2 billion USD. This joint venture is "the owner" in the investment, implementation of infrastructure, urban development projects ... in Binh Duong New City. Oh Dong Kun, Deputy General Director of Becamex Tokyu Company, said the two sides were executing the Smart Transport Project. In the short term, the Smart Bus Project has been put into operation, brought positive results. In the future, Tokyu Group will expand their cooperation with Becamex IDC.

 

BW Industrial's Launch Event

 

Recently, some big FDI enterprises have appeared in Binh Duong. For example, Warburg Pincus Group - the US-based global private equity fund - formed BW Industrial Joint Venture. Binh Duong province granted investment license to 2 projects in logistics services, industrial real estate, which are invested by this joint venture in Bau Bang and My Phuoc 3 IP with registered capital of $135.2 million.

 

In particular, recently, Binh Duong has continuously received good news in its integration and elevation of its international position to implement development objectives. Namely, at the end of Oct 2018, the world’s Intelligent Community Forum (ICF) announced a list of 21 cities to have exemplary smart city development strategy (Smart21). Binh Duong is the only locality in Vietnam so far in the Smart21 list. Binh Duong has also successfully organized WTA Conference. Previously, Binh Duong became the 106th member of WTA and was honored to host the series of events on the 20th anniversary of WTA's establishment. In the last days of Nov 2018, Binh Duong also successfully hosted Horasis 2018.

 

Tran Thanh Liem, Deputy Secretary of Provincial Party Committee, Chairman of Provincial People's Committee, affirmed that the recognition of the international community and especially the credibility to be the host of important international events in 2018 will be opportunities for Binh Duong to promote its image with international partners, improve management capacity, scientific and technological level, contribute to socio-economic development, attract investment resources to help Binh Duong grows faster and more sustainably.

 

Reported by Khanh Vinh – Translated by Ngoc Huynh