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Binh Duong is accelerating the preparing and submitting provincial planning for approval in an integrated direction, orienting the formation of industrial, service and urban belts for the whole region. In particular, the province has proactively reserved 25,000 hectares of land for industrial development, seized opportunities to welcome the new wave of investment pouring into Vietnam.

Binh Duong focuses on planning to utilize opportunities and competitive advantages to attract potential investors. In photo:  Binh Duong New City with its methodical planning is strongly attracting investors for trade - service and urban development.

Increase attractiveness

To increase competitiveness, Binh Duong is focusing on attracting investment in industrial parks (IPs) as planned. According to provincial leaders, with planning orientations, the province is dedicating 20,000 hectares for urban development and 25,000 hectares for industrial development. The province also researches plans to upgrade and convert existing industrial parks into ecological industrial parks, industrial - urban - service parks in accordance with the new orientation of Binh Duong urban area in 2021-2030 period, with a vision to 2050.

With this development orientation, the province is further strengthening the land fund for industrial park development, continuing to mobilize all investment resources to build a synchronous and modern infrastructure system integrated with industrial - service - urban development, creating a driving force to attract more quality investment capital flows from domestic and foreign economic sectors into the locality. The establishment of VSIP 3 is also a way to declare the determination to build a new industrial ecosystem - a high-tech ecosystem. Although construction has begun, VSIP 3 currently has more than 30 corporations and companies investing in production development. Currently, industrial parks in the province are also aiming to attract investment to achieve sustainable development.

Nguyen Trung Tin, Head of Management Board of Provincial Industrial Parks, said that Binh Duong has established 29 industrial zones, with a total area of more than 12,662 hectares, of which 27 industrial zones have been put into operation with a total area of more than 10,962 hectares. Currently, the occupancy rate of industrial parks in Binh Duong is quite high. In the coming period, the orientation to attract investment in the province's industrial parks will shift to a specialized, ecological, and smart direction to create new attraction.

According to the industrial park land use planning for the period 2021-2030, Binh Duong prioritizes investment in 18 industrial park projects with an additional land area of 6,573 hectares. It is expected that by 2050, the total number of industrial parks in the province will be 46, with a total area of 24,338 hectares.

Create favorable conditions for investors

Ono Masuo, Consul General of Japan in Ho Chi Minh City, said that with a highly appreciated investment environment and strong development potential, Binh Duong province is an investment destination interesting many foreign firms. Currently, there are more than 300 Japanese firms operating in the province. In recent years, with the construction of new buildings and commercial centers in the new city, Binh Duong province is expected to attract more and more Japanese citizens and businesses living and investing in the province.

Binh Duong's outstanding advantage is its transportation infrastructure and connected industrial park infrastructure in the southern key economic region, meeting the production and business requirements of domestic and foreign enterprises. Currently, Binh Duong is preparing conditions to satisfy investors' needs to enhance cooperation efficiency; exploit opportunities from the fourth industrial revolution to proactively welcome new FDI capital flows.

Trinh Hoang Tuan Anh, Deputy Director of Provincial Department of Planning and Investment, said that Binh Duong is currently investing in regionally linked infrastructure projects and reforming the investment environment to increase attractiveness. The province also improves the investment environment, creating favorable conditions for production and business, and attracting strong FDI capital flows into the province. Binh Duong determines that industry will continue to be a key development sector.

In the coming period, the province will be carefully selective in attracting investment to have high-tech, clean technology projects that use little labor, have high added value, and industrial and urban support services. Industrial parks in the province are continuing to complete procedures for planning, construction, land and investment in synchronous technical infrastructure development to welcome the wave of FDI capital in the province in the coming period.

Professor and Doctor of Science Dang Hung Vo, former Deputy Minister of Natural Resources and Environment, assessed that Binh Duong is a land of convergence, it is inevitable that the locality will continuously attract many large investors.  To increase the "attraction" more strongly, the province needs to review and plan space and land fund to serve development. Synchronous and in-depth development planning for high-quality service industries will also have a pervasive impact on other service industries developing in the province in a civilized and modern direction, serving industrial and urban development.

Reported by Ngoc Thanh - Translated by Ngoc Huynh