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Binh Duong to shoot for $9 billion of FDI capital by 2025

Binh Duong wilil try to raise $9 billion of FDI capital within five years

The southern province of Binh Duong aims to complete its plan to attract over $9 billion in foreign direct investment (FDI) in the period of 2020-2025.

Speaking at a recent meeting with foreign investors and business associations, Nguyen Hoang Thao, Chairman of Binh Duong People’s Committee, said that the 11th Provincial Party Congress 2020-2025 has been successfully organised, outlining the province’s development targets. Accordingly, Binh Duong aims to attract $9 billion in FDI capital in the next five years.

In fact, Binh Duong province is one of the top destinations in Vietnam for FDI. The province has completed and even surpassed its plan for FDI attraction.

“In the period of 2016 and 2020, Binh Duong set targets to attract $7 billion in FDI capital. The province successfully achieved the target one year earlier,” he said, noting that the plan to luring $9 billion is expected to be completed soon.

For socioeconomic development, although the domestic economy has been heavily affected by COVID-19 epidemic and natural disasters, storms, and floods, the province still ensures a stable growth rate in the past 10 months.

Industrial production has shown several positive signals while export and import activities continue to recover. Enterprises have recorded increased orders and are focusing their efforts on production at the end of the year.

Over the past 10 months, the Index of Industrial Production increased by 6.77 per cent over the same period in 2019 (the same period increased by 6.1 per cent). The total retail sales of goods and service revenue reached more than VND208 trillion ($8.92 billion), increasing by 11.7 per cent over the same period, export turnover reached over $22 billion, increasing by 6.85 per cent over the same period last year.

Domestic investment attraction as of October 15, 2020 reached nearly VND59.5 trillion ($2.56 million), an increase of nearly 21 per cent over the same period. Accumulated up to now, there are nearly 47,600 enterprises in the province with a total capital of VND424 trillion ($18.29 billion). Foreign investment attraction reaches nearly $1.7 billion, exceeding the plan by 19 per cent in 2020. Up to now, there are 3,909 foreign investment projects in the province with a total capital of $35.2 billion.

At the meeting, representatives of companies and business associations, raised their voice about the press issues to recover operation post-COVID-19 pandemic. Specifically, enterprises need a new source of capital with preferential interest to raise their competitiveness and improve facilities after disruptions caused by COVID-19 crisis.

In addition, enterprises also expect the provincial authorities to boost investment in transport infrastructure and logistics to keep up with the fast-paced development of the province. Traffic roads in Binh Duong need to be upgraded and expanded to improve connectivity with Ho Chi Minh City and Long Thanh Airport. Binh Duong also needs to complete short roads connecting with ports on Dong Nai River and Saigon River soon to reduce traffic jams on the main roads.

Tran Van Nam, Secretary of the Binh Duong provincial Party Committee, said the province pays special attention to infrastructure development and looks for solutions to address the issue. Specifically, the province will accelerate the transport projects connecting Binh Duong with Ho Chi Minh City, including expanding Highway 13, opening the entire My Phuoc-Tan Van route, and developing the Bus Rapid Transit route connecting Binh Duong New City with Suoi Tien (Ho Chi Minh City). Binh Duong province is negotiating and coordinating with neighbouring localities to propose many infrastructure projects in the southeast region to the government.

“Provincial leaders are committed to listen to enterprises and solve any problems of foreign businesses and investors in a timely fashion,” he said.

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