Binh Duong continue to prioritize the development of industries with high added value. Photo: T.D

FDI capital contributes greatly to the economy

With a favorable location, large premises, and preferential mechanisms and policies, Binh Duong is still creating a strong attraction for FDI investors. FDI capital flows are still contributing greatly to the province's economic development, helping Binh Duong become one of the modern and dynamic provinces and cities in the country.

According to the Department of Planning and Investment of Binh Duong province, in the first 6 months of 2024, Binh Duong has attracted more than US$ 824.6 million of investment capital. Among them, there are 96 new projects with a total investment capital of more than US$ 464.6 million; 66 projects adjusted their capital to increase by more than US$ 264.8 million; 62 projects registered to contribute capital and buy shares with a total capital contribution value of US$ 95.1 million. Binh Duong currently ranks third in the country (after Ho Chi Minh City and Hanoi) in attracting foreign investment capital with 4,322 valid projects, with a total registered investment capital of more than US$ 41 billion, accounting for more than 10.6% of the total of projects and 8.5% of the country's total FDI capital.

In addition to new projects, in the first half of 2024, many investors continue to invest in new, more modern machinery lines, expand production and business factories to increase productivity. Recently, the world's largest jewelry company Pandora (Denmark) started construction on the Pandora Production Vietnam factory in Industrial Park VSIP 3. This is Pandora's third production facility and also the first Pandora factory to be built outside Thailand, with a total investment capital of more than US$ 150 million (about 3,800 billion VND). Mr. Michael Zinck Jensen, Head of the Project Department of Pandora Production Holding Company in Binh Duong, said that the project was being implemented according to the plan. The Group pledged to put the factory into operation on schedule, to create jobs for thousands of workers in the province.

As an enterprise with 100% investment capital from Denmark, a company specializing in manufacturing leather shoes, handbags... for export, attach to Binh Duong for more than 8 years, Mr. Alexander Christopher Falter, General Director of Ecco Viet Co., Ltd. Nam said that the company was planning to expand its factory to meet the company's market development needs worldwide.

According to Mr. Trinh Hoang Tuan Anh, Deputy Director of the Department of Planning and Investment of Binh Duong province, along with innovating and modernizing management, creating favourable conditions for investment activities of domestic and foreign enterprises, departments, branches, and local authorities promptly remove problems, create an open and transparent environment, and attract attention from potential investors.

Although newly registered investment capital tends to slow down, additional investment capital and capital contributions for share purchases by foreign investors in Binh Duong are still increasing steadily, especially with many large-scale projects, consistent with the province's investment attraction orientation. Recently, in addition to preparing good infrastructure, Binh Duong has also actively improved the business investment environment; Build and promote image before international partners and investors.

Expectations for high-tech industry

To overcome challenges and seize opportunities, it is clear that domestic enterprises need to innovate technology, improve human resources, as well as connect more closely and extensively to create fair competitiveness in the global market. Vietnamese manufacturers need to enhance their competitive advantage by updating new machinery and technology, increasing productivity, reducing consumption, and improving human resource qualifications.

Currently, the processing and manufacturing industry accounts for 74% of total registered FDI investment capital in Binh Duong. Binh Duong is continuing to restructure the industrial network within the province, upgrading existing industrial parks to become smart industrial parks with the ability to provide technology platforms 4.0, helping investors deploy smart factory models, fast and efficient smart production.

According to records, many enterprises in Binh Duong have pioneered the application of modern automation technologies in production and business processes, contributing to improving competitiveness in the market. To develop sustainable and in-depth industry, Binh Duong is determined to realize the goal of building the province into a modern industrial center. In the coming time, Binh Duong will continue to prioritize the development of industries with high added value, gradually increasing the localization rate of products...

Binh Duong is also making efforts to implement transport infrastructure projects connecting the region, planning industrial zones and clusters, redesigning development space, attracting high-quality FDI, promoting digital transformation, green economy and circular economy being consistent with sustainable development goals. Notably, the People's Committee of Binh Duong province is assigning departments and branches to coordinate with Becamex IDC Corporation to urgently implement the centralized information industrial park. This industrial park has a scale of 220 hectares. Priority industries to attract investment are software and application development, information technology and telecommunications services, research and development (R&D), training and development of information technology human resources... and green industries.