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Closing 2023 with many difficulties and challenges, Binh Duong is still in the group of the country’s top localities in FDI attraction. Positive results in FDI attraction have been spreading, significantly contributing to the province's overall economic growth. The business community's confidence in opportunities and potential is increasingly multiplying.

Investors trusting in province

Yeh Ming Yuh, General Director of Polytex Far Eastern (Vietnam) Co., Ltd., said: "In 2023, the company faced many difficulties in production and business activities. However, we still have faith and decided to stick with Binh Duong for a long time. The company will further pour more than US$250 million into the province. The company's total investment capital after increasing is nearly US$ 1.7 billion, becoming the largest FDI project in Binh Duong".

Delegates participate in a special dialogue session with the theme of "Binh Duong - Creating a Smart Community to attract new generation investment" at the Horasis Meeting 2023

Not only Polytex Far Eastern Co., Ltd., other FDI enterprises also believe in the prospect of soon overcoming all common difficulties as well as the economic development of the province in the coming time. According to Priyamvada Srivastava, General Director of Procter & Gamble Group (P&G) Vietnam, P&G will further invest nearly US$ 100 million in production expansion at its Ben Cat factory.

During a recent working session with provincial leaders, Liu Sui Long, Chairman of China’s Guangdong Chamber of Commerce, Chairman of the Guangdong Shoe Industry Association also proposed a project on establishing a raw material supply center for the footwear industry to the province, serving production while promoting commercial development in the coming time. The project aims at improving product quality and ensuring the supply of raw materials and accessories while transferring technology towards green and sustainable development.

Recently, Binh Duong has gradually shifted to attracting high-quality investment capital flows. Noticeably, many European investors, including Denmark, the Netherlands, Australia, France... are choosing Binh Duong as their destination. According to provincial Department of Planning and Investment, FDI capital is still making a major contribution to the province's economic development. In 2023, although newly registered capital tended to slow down and there was no new breakthrough, foreign investors’ increased investment capital and capital contribution and share purchases still increased steadily. Especially, there are more and more large-scale projects, in line with the province's investment attraction orientation.

Taking advantage of opportunities, welcoming new capital flows

At the recent "Meet Japan 2023" event, 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 that many foreign businesses are interested in. Currently, there are more than 300 Japanese enterprises operating in the province. In recent years, with the implementation of large commercial projects centered on Binh Duong new city, Binh Duong province is expected to attract more and more Japanese citizens and businesses to live and make investment, thereby becoming a center for Japanese-Vietnamese exchanges in many fields.

Up to now, the province has attracted 4,195 investment projects from 65 countries and territories, with total registered capital of over US$ 40.3 billion. Noticeably, more and more FDI capital is pouring into trade and service sectors and other fields as the province is making a strong breakthrough in infrastructure. The cooperation between the province and large corporations with global brands such as Warburg Pincus, Sembcorp Tokyu, CapitaLand Development, Aeon... is actively contributing to the local development.

In addition to organizing large forums and conferences to invite guests to home, promoting brands and investment, in 2023, provincial leaders were also proactive to call for investment in new markets in Asia, Europe and America. The business trips not only achieved important results in foreign affairs activities, strengthening friendly cooperative relations with localities and partners, but also promoted investment, contributing to popularizing Binh Duong's image.

After Vietnam and the United States upgraded their partnership to a comprehensive strategic level, leaders of provincial People's Committee and Becamex IDC proactively went to this country to organize an investment promotion seminar. Vo Van Minh, Deputy Secretary of provincial Party Committee, Chairman of provincial People's Committee affirmed that Binh Duong always creates many conditions to exchange information about investment cooperation opportunities with US partners. The province has always accompanied and promptly resolved difficulties, creating favorable conditions for investors and businesses to produce and do business effectively.

Binh Duong is still an attractive destination for foreign investors. To take more advantage of opportunities from the new investment wave, Mr. Minh said that in addition to making efforts to improve the investment environment, develop infrastructure, connect traffic, and improve the quality of human resources,... Binh Duong has actively built, promoted and brought the province's image to the international level. Together with this effort plus existing advantages, Binh Duong believes that investors are truly satisfied and secure when investing in the province, further promoting and expanding the scale and quality of investment in the province in the coming time.

Reported by Ngoc Thanh-Translated by Kim Tin