During a meeting with the provincial People’s Committee on November 21, Guo You Ting, Head of the Association of Taiwanese Enterprises hailed the improved local investment climate, saying Binh Duong is an attractive destination for foreign investors.Speaking at the event, Tran Thanh Liem, Vice Chairman of the provincial People’s Committee lauded the projects and contribution of Taiwanese firms and the association in local socio-economic development.
He updated his guests on the province’s investment attraction plans and its measures to improve the business climate, thus creating optimal conditions for enterprises. He expressed his hope that more Taiwanese companies will invest in the province.
According to Liem, Taiwan is the province’s biggest investor, with 772 projects, worth more than 5.5 billion USD. Construction of a Taiwanese factory producing polyester will begin on November 24 on nearly 200 hectares in Bau Bang Industrial Park, Liem said.
About 40 Taiwanese enterprises specialising in sectors including electronics and electronic components, automobiles and computers were at the conference organised by the Chinese International Economic Cooperation Association and the Vietnam Chamber of Commerce and Industry.
With Taiwanese investors interested in doing business in Vietnam, the association organised annual trips for them to study the investment climate
Phan Huu Thang, director of the Foreign Investment Agency, said Vietnam would implement open policies and improve its foreign investment policies to catch investment flows when the global financial crisis ended. Thang said he wanted Taiwanese investors to comply with Vietnamese laws with more focus on improving conditions for workers.
As of last month, Taiwan had invested in more than 2,000 projects in Vietnam at a total capital cost of 21.2 billion USD. In terms of project numbers, Taiwan ranked top among the 84 countries and territories investing in the country and second on value.
Taiwanese investors have contributed to Vietnam ’s economic development as the majority of their projects used advanced technologies, Thang said.
Trade between the countries had significant growth in recent few years, reaching more than 8 billion USD in 2007 and 9.7 billion USD last year. Of the total, 1.4 billion USD came from Vietnamese exports. The global crisis was blamed for exports to Taiwan falling 28.5 percent to 386 million USD during the first five months of this year.
