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The province faced difficulties in the first 9 months of 2023, due to domestic and foreign multi-dimensional impacts, with FDI attraction not being equal to the same period of the previous year. However, foreign investors still poured more capital into the province. By the end of the third quarter of 2023, the province's total newly registered, adjusted and contributed capital to purchase shares reached nearly US$ 1.3 billion, or 49%  compared to the same period in 2022, 70.7% of the set targets.

Grasping the opportunity

Currently, there are 65 countries and territories registering to invest in Binh Duong. Particularly, countries and territories in Asia have total investment capital accounting for more than 75% of the total investment capital of the province. Notably, Binh Duong is gradually shifting towards attracting high-quality investment capital inflows. Many European investors from Denmark, the Netherlands, France... are choosing Binh Duong as a production base.

Binh Duong has attracted more and more investment projects in hi-tech and environmentally friendly industries. In picture: Production activities at R-PAC Vietnam Co.Ltd. in Thu Dau Mot city-based VSIP II

In the early days of October 2023, a delegation of Binh Duong province, led by Vo Van Minh, Vice-Secretary of provincial Party Committee, Chairman of provincial People's Committee, visited and worked in the state of Nebraska of the United States. This trip aimed at concretizing the task of tightening the relationship between the two localities after a Memorandum of Understanding (MoU) between the People's Committee of Binh Duong province and the Nebraska state government was signed on July 12.

According to the MOU, Binh Duong province and Nebraska state will give priority to cooperation in science and technology, trade promotion, and investment cooperation in the fields of industry, high-tech services, education - training, improving human resources and supply chain. The two sides will jointly create favorable conditions for business delegations of the two localities to learn about and step up trade and investment promotion activities in accordance with the potential and strong points of each side. In the context of unpredictable developments in international trade, provincial leaders and businesses ‘trips to countries in order to call for investment have showed proactiveness, further focusing on investment promotion in the new context  by many forms.

Vo Van Minh, Deputy Secretary of provincial Party Committee, Chairman of provincial People's Committee emphasized that the strong development of the industry has contributed to making Binh Duong currently rank second nationwide in FDI attraction, only after Ho Chi Minh city. Recognizing the important role of attracting investment in socio-economic development, Binh Duong has continued promoting many solutions to attract quality FDI capital inflows. The province is focusing on investing in infrastructure facilities, actively improving the business investment and promoting the local image internationally.

Effective attraction

Dynamic and effective investment promotion activities have contributed to helping Binh Duong attract more and more quality FDI projects. Although there have been obstacles from both domestic and foreign sources, Binh Duong has still achieved important results in FDI attraction. As of now, the province’s total registered investment capital has reached more than US$40.2 billion.

Production activities at Takako Vietnam Co., Ltd.

In the first 9 months of 2023, the province absorbed nearly US$ 1.3 billion in registered, adjusted and contributed capital to purchase shares, or 49% compared to the same period in 2022 and 70.7% of the set targets. Particularly, there were 94 new projects with total investment capital of US$ 527.5 million; 28 projects adjusted capital, with total registered capital increasing by US$ 128.3 million; 108 projects registering to contribute capital and buy shares with a total capital contribution value of US$ 766.1 million.

Manufacturing and processing industry absorbed a lot of attention from foreign investors with 73 newly registered investment projects, 23 capital adjustment projects, 69 projects registering to contribute capital and buy shares with total investment capital of US$ 839 million, accounting for 54.15% of total registered investment capital. The real estate business sector ranked second with total registered investment capital of US$ 624.6 million, accounting for 40.32% of the total registered investment capital. The construction sector ranked third with total registered investment capital of US$ 70.6 million, accounting for 4.56% of the total registered investment capital.

According to provincial Department of Planning and Investment, FDI capital is still making a major contribution to the province's economic development. In the first 9 months of 2023, although newly registered capital tended to slow down without new breakthrough, adjusted and contributed capital to purchase shares in Binh Duong was increasing steadily. Especially, the province has lured more and more large-scale projects in line with the local investment attraction orientation.

In 2023, Binh Duong has strived to attract about US$ 1.8 billion in FDI capital. The province has given priority to attracting investment in high-tech, advanced, environmentally friendly, less labor-intensive industries with high added values. With the highest efforts in attracting investment, Binh Duong has constantly improved a safe and attractive investment environment to lure more large-scale projects.

Reported by Ngoc Thanh-Translated by Kim Tin