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Vietnam has initially welcomed FDI inflows in the high-tech sector and promoted technology transfer. Under the general trend, Binh Duong has also given priority to attracting investment in high-tech, environmentally friendly, less labor-intensive industries, creating high added values on the industrial 4.0 foundation.

Attracting emerging technology industry

Le Xuan Dinh, Deputy Minister of Science and Technology said that in recent years, the Party and State have issued many policies to further promote and effectively attract FDI investment, thereby improving efficiency and comprehensive quality in attracting and using FDI capital; focusing on attracting high-tech projects with modern management, high added values, positive spread effects, connecting global production and supply chains.

A delegation of leaders of Binh Duong province, departments, sectors and businesses in the province pays a visit to the Medical Center under the U.S’s University of Nebraska (UNMC)

At the recent investment promotion conference jointly organized by provincial People's Committee, Becamex IDC and Vietnam Trade Agency in Mississauga city, Ontario, Canada, Hoang Ngoc Dinh, Chief representative of Vietnamese science and technology in Canada affirmed that Vietnam is emerging as an attractive and potential destination for investors and science-technology enterprises, especially after the event of Vietnam and the US upgrading their diplomatic relations to a comprehensive strategic partnership.

Accordingly, many large-scale technology enterprises in such key fields as semiconductors, quantum, electric vehicle batteries, AI... have promoted their new construction investment projects and factories. Technology enterprises have also signed agreements and memoranda of understanding on researching, developing products, or training high-quality human resources with Vietnamese partners. "The fact that many technology "giants" in the world come to Vietnam proves the attraction and potential of Vietnam in general and Vietnam's key high-tech industrial parks in Hanoi,  Ho Chi Minh city and Binh Duong", Mr. Dinh said.

"Rolling out the red carpet" to welcome investors

Speaking at the investment promotion conference in Mississauga city, Ontario, Canada, Trevor McPherson, Chairman of Mississauga city’s Chamber of Commerce emphasized that amid the  world’s unstable political and trade situation, many Canadian businesses are wishing to move and expand production and business to countries with developing economies and stable politics. Therefore, Vietnam is one of the attractive destinations, especially Binh Duong province has a favorable and friendly business investment environment.

Binh Duong focuses on attracting investment in the field of high technology towards sustainable development. In picture: Production activities at Foster Vietnam Co., Ltd., in Tan Uyen city-based VSIP 2

With modern and synchronous investment in infrastructure and an open and attractive investment environment, in recent years, Binh Duong has always been considered as one of the country’s leading localities in terms of economic development and FDI attraction. As of September 15, the whole province has had more than 4,160 investment projects from 65 countries and territories with total registered capital of more than US$ 40 billion. Binh Duong currently ranks second nationwide in FDI attraction, only after Ho Chi Minh city.

Canada currently ranks 25 out of 65 countries and territories with investment projects in Binh Duong province with 23 projects with total investment capital of nearly US$ 88 million. The main investment fields are processing manufacturing, real estate business activities..., with a number of large-scale projects, namely ST Johns Vietnam Packaging Co., Ltd., Nam Sung Co., Ltd., Co., Ltd. CCL Label Vietnam LLC, Unic Technology Vietnam LLC, Ngu Kim Bestech Vietnam LLC... Especially, Binh Duong province was honored by the ICF Forum to be in the Top 7 communities with outstanding smart development strategies in the world for 3 consecutive years from 2021-2023.

Speaking at the investment promotion conference, Vo Van Minh, Vice-Secretary of provincial Party Committee, Chairman of provincial People's Committee introduced the image of Binh Duong transforming into a "golden land". He affirmed that Binh Duong is always ready to "roll out the red carpet" to welcome investors. He also spoke highly of the potential of Canadian investors and hopes that large-scale Canadian corporations as well as small and medium-sized Canadian enterprises will make more investment in Binh Duong province.

Binh Duong province has actively cooperated with foreign partners to build and implement smart city and innovation zone projects, especially the project of science and technology industrial park in Bau Bang, with the vision of becoming an innovation center of the Southern Key Economic Region. In the coming time, the province will give priority to attracting investment in high-tech, environmentally friendly, less labor-intensive industries with high added value while attracting investment to develop financial services, logistics, auxiliary industries and high-tech agriculture. Especially, Binh Duong will attach special importance to attracting investment in science and technology industrial parks on the basis of industry 4.0 from developed countries and the world's leading potential partners with high technology and modern management levels, including European, Canadian, and US partners...

Reported by Phuong Le-Translated by Kim Tin