However, the province will select investors carefully with focus on large economic groups and partners with strong economic potentials in high technology, high added value, less labor-intensive and environmentally friendly industries and sectors.The investment attraction will also give priority to industrial parks and industrial clusters in the province, Liem said.
Binh Duong gives priority to FDI projects in high-tech and and environmentally friendly industries
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“The province will issue a range of policies and incentives to further attract investment in hi-tech industries and take advantage of the fourth industrial revolution,” he said, adding that the improvement will be taken in administrative procedures, and land and facility construction.
To create a better investment climate, the province’s leaders and authorities will also regularly meet with investors and businesses to help them resolve problems.
“Improving the infrastructure system and creating an open dialogue with foreign investors are the keys to attracting investment,” Liem said.
Binh Duong last year experienced a prosperous year in FDI attraction with more than US$2.51 billion, up 125 percent against last year and surpassing the yearly target of 79 per cent, according to the province’s Department of Planning and Investment.
With the surge, the total FDI capital to the province has so far reached US$28.28 billion. The capital was poured in 3,027 projects of investors from 64 countries and territories. Taiwan (China) has so far surpassed Japan to become the province’s largest investor with US$5.8 billion, accounting for roughly 20 percent of the province’s total FDI capital.
Vu Ngoc Khiem, chief representative of Global Sources, a Hong-Kong based B2B media, said that many FDI firms, especially those from Taiwan, had been expanding and shifting their production to Vietnam, especially Binh Duong, which is home to manufacturers of garments, textiles, furniture, shoes and hardware.
Binh Duong Province is Vietnam’s second-highest FDI recipient, following Ho Chi Minh City. To gain this success, the province has made great strides in improving its water and power supply, road network, waste treatment facilities, and in providing available land for new projects.
The province has invested a great deal in road infrastructure, facilitating connections with Ho Chi Minh City, the Mekong Delta and the Central Highlands region. Major transport routes, including Binh Duong Boulevard and My Phuoc-Tan Van Highway, connect local Industrial Parks (IPs) with seaports and airports in the southern region.
The province is also the leading province in the country in IPs, new urban areas and services. In addition to the existing IPs, the province plans to open new industrial zones to attract more foreign investment.
