Investors confident in southern business climate
Investors confident in southern business climate
Foreign entrepreneurs still regard Binh Duong province as a profitable and advantageous investment opportunity despite the disturbances in May, proven by the US$350 million in foreign direct investment (FDI) in the southern locality since then.
Huang Ping Fu, an executive for the Taiwanese-owned Kaiser Vietnam Wood Industries Limited Company located in My Phuoc 1 Industrial Park, said he highly valued the local authorities’ efforts to help businesses resume their operations.
Hang Vay Chi, General Director of the Viet Huong Industrial Park, said foreign companies located in Binh Duong appreciated the timely support offered by the province to help them overcome the consequences of the disturbances triggered by the East Sea tensions in May, thus increasing their confidence in the locality and Vietnam in general.
He added that his industrial park will receive US$120 million in FDI from two US and Hong Kong (China) investors next week.
Chairman of the Provincial People’s Committee Le Thanh Cung said investors’ confidence in the local investment environment had been maintained thanks to the province implementing effective measures at the right time.
In a meeting with the executives of 100 companies in August, he revealed that Binh Duong plans to earmark VND1 trillion (US$47.6 million) to be made available to businesses facing financial difficulties.
He informed the business leaders that the province had provided support to companies in 11 different locations, refunding taxes worth VND525 billion (US$25 million) to 203 enterprises, and waiving taxes and property rental fees worth VND155 billion (US$7.3 million) for 594 enterprises.
To date, Binh Duong has attracted more than US$1.2 billion in FDI, 20% higher than the target for 2014, with 53% of investments coming from Japan and the Republic of Korea - the largest investors in the province, Cung noted.
He reported that to facilitate smooth operations, the locality is accelerating and streamlining its administrative procedures, implementing the Government and province’s assistance measures, and ensuring security and order.
The province is also running a new campaign to promote investment in advanced technologies and its support industries, as well as in services and trade, the official said.
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