Binh Duong bumps up foreign funding appeal
After two consecutive years as host of the HORASIS Asia Meeting, the southern province of Binh Duong is now firmly on the radar of international investors.
According to Mai Hung Dung, Standing Deputy Chairman of Binh Duong People’s Committee, more and more global investors are arriving to scope out funding opportunities.
“Binh Duong will create favourable conditions for foreign investors to collaborate with domestic investors to implement a range of large scale projects in the province,” Dung said. “Many members of the HORASIS network come to learn more about Vietnam generally and Binh Duong in particular. Big events like HORASIS are a new way of attracting effective investment into the province.”
At a dialogue on the theme of investment opportunities in Binh Duong, Dung fielded many questions from foreign investors regarding projects offered by the province.
According to Binh Duong Department for Planning and Investment, the province is now calling for investment into many large-scale developments. The establishment of the World Trade Centre in Binh Duong New City and a science and technology industrial park attracted the most interest.
These two projects were submitted by Becamex IDC, a leading company which has more than 20 years of investment experience in Binh Duong.
Nguyen Van Hung, chairman of Becamex IDC, commented that these projects will provide major motivation to encourage growth in Binh Duong and the whole region in the near future.
“The Fourth Industrial Revolution and the science and technology boom has been overwhelming for the`world, creating both opportunities and challenges. Therefore localities in the southern key economic region, including Binh Duong, must be more active in development, to increase their competitiveness on the global stage,” Hung said.
The proposed science and technology industrial park will be built on a 900-hectare area in Bau Bang district, next to National Route 13 and the My Phuoc-Tan Van Road connecting Binh Duong to Ho Chi Minh City. This park will attract key manufacturing sectors with high added value and advanced human resources.
Meanwhile, the World Trade Center in Binh Duong New City will create opportunities for the province to reach out to more than a million global companies who are members of the World Trade Centers Association.
Over the past three years, Binh Duong has taken appropriate steps to become a smart city. The province has assigned relevant departments and agencies to implement key plans, including a project to develop smart logistics, creating motivation to attract high value-added businesses, promoting business production, and developing a back-end semiconductor factory.
These will all lay the foundations for motivating Binh Duong to make future breakthroughs and are vital in attracting investment in the future.
According to the recent report of Binh Duong Department of Planning and Investment, from early 2019 to October 31, more than $2.77 billion in foreign direct investment (FDI) was licensed for the province, an on-year increase of 69 per cent and exceeding the plan of $1.5 billion set for the whole year. This has led to Binh Duong being ranked third nationwide for FDI attraction.
The province so far has attracted nearly $34 billion in 3,700 foreign-invested projects from 64 nations and territories, mainly concentrating on manufacturing, trade, and services.