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Improving the business and investment environment and creating favorable conditions for the growth of enterprises has been a core priority for Binh Duong. Especially in the current situation as enterprises face various challenges, the province’s support and close cooperation with provincial departments, sectors and localities provide a stable foundation for companies in their development journey. This is a critical factor positively contributing to the province’s socio-economic development.

An attractive investment destination

Yesterday morning (November 1), provincial People's Committee held a meeting with South Korean businesses. The meeting was co-chaired by Mai Hung Dung, Member of provincial Party Standing Committee and Permanent Vice Chairman of provincial People's Committee; Shin Choong Il, Consul General of South Korea in Ho Chi Minh city and Lee Bong Hee, Senior Vice President of the Korean Business Association in Binh Duong. Attendees included leaders from provincial departments and representatives from over 100 Korean companies operating in the province.

Mai Hung Dung (right), Member of provincial Party Standing Committee and Permanent Vice Chairman of provincial People's Committee exchanging with South Korean businesses  on the sidelines of a dialogue with South Korean businesses on the morning of November 1, 2024

Over the past time, provincial People’s Committee and various departments regularly organized dialogues with enterprises. Through these dialogues, provincial leaders showed  understanding of the challenges and concerns faced by enterprises and provided timely directives on issues that require focused attention from the province, ensuring future support for the business community. It is known that the province always strives to create the best possible environment and conditions for the business community, including foreign companies, to operate smoothly and continue growing.

According to Lai Xuan Dat, Deputy Director of provincial Department of Planning and Investment, with an open and attractive investment environment, Binh Duong has consistently been one of the country’s leading provinces in attracting foreign investment in recent years. Binh Duong is now entering a new phase in investment attraction, prioritizing sectors in the digital economy, green economic development and environmentally friendly industries based on high-tech applications…

According to provincial Department of Planning and Investment, since early this year, Binh Duong has attracted over US$ 1.58 billion in foreign investment. To date, the province has  absorbed 4,356 investment projects from 65 countries and territories, with total registered capital exceeding US$ 42 billion. Among the countries investing in Binh Duong, South Korea ranks fifth, with 775 projects capitalized at more than US$3.4 billion, accounting for 17.8% of the projects and 8.3% of the province’s total foreign investment.

Shin Choong IL highly praised Binh Duong's dynamic growth and investment environment noting that South Korean investors are impressed with the province’s achievements and investment potential. Binh Duong has a well-developed and modern infrastructure and traffic system. Through dialogue, both sides will gain a better understanding of each other and South Korean businesses are further encouraged by the province’s commitment and determination in creating a transparent, fair and attractive business environment for all investors.

Boosting enterprises’ confidence

The dynamic development of Binh Duong in recent years has attracted significant interest from the South Korean business community. Lee Young Man, Chairman of Sunghyun Vina Group shared that we are truly pleased with our decision to choose Binh Duong as the location for our production and business operations. Our company has consistently received strong support from local leaders, who have provided the best possible conditions for our growth.

Production activities at NTI Vina Co., Ltd. in Vietnam-Singapore Industrial Park II

At the conference, leaders from various departments thoroughly addressed business concerns related to issues such as amendments to VAT refund regulations, work permit issuance for foreigners, construction permit procedures, fire prevention and environmental protection requirements as well as policies on tax incentives for investment and benefits for expanding business operations. They also discussed matters related to immigration procedures.

Mr. Lee Bong Hee shared that over the past year, Korean enterprises faced many challenges, but with the support of Binh Duong provincial authorities, they were able to maintain stable production and growth. Through dialogue sessions, enterprises’ difficulties were promptly addressed, further strengthening their confidence in the province’s investment environment.

In discussions with enterprises, Mr. Dung noted that this dialogue with South Korean businesses allowed provincial leaders to gain a more comprehensive, clear and detailed understanding of the production and business activities as well as the specific challenges faced by the foreign business community in general and South Korean businesses in particular for timely support. Conversely, South Korean businesses in the province also gained more information about the province’s socioeconomic conditions and the actions the province that have been taking, thereby fostering mutual understanding, shared responsibility and a commitment to achieve common goals. Mr. Dung emphasized that Binh Duong is aiming at becoming an Innovation Region in the coming time, consistently improving the investment environment and enhancing competitiveness. He affirmed that Binh Duong remains a dynamic, innovative and favorable investment destination that is safe and attractive to foreign investors in general and South Korean investors in particular.

Reported by Ngoc Thanh-Thanh Tuyen-Translated by Kim Tin