Binh Phuoc works to improve foreign investment attraction
Aug 03, 2023
A factory of the New Apparel company in the Bac Dong Phu Industrial Park of Binh Phuoc province (Photo: VNA)
Binh Phuoc (VNA) – The southern province of Binh Phuoc has been implementing several groups of tasks and measures for fostering foreign investment cooperation so as to attract major foreign enterprises.
For the 2023 - 2030 period, Binh Phuoc, part of the southern key economic region, looks to attract foreign direct investment (FDI) projects that apply advanced and new technologies, have positive influence on domestic firms, and connect with global production and supply chains. It also aims to increase the FDI sector’s contributions to local socio-economic development on par with the preferential treatment those businesses receive.
In particular, the province hopes to raise the rate of registered investment capital from certain countries and territories to over 70% by 2030, namely Japan, the Republic of Korea, Singapore, Thailand, China, Taiwan (China), Hong Kong (China), the UK, France, Germany, the US, Australia, and New Zealand.
It is set to attract one to two multinationals among the Fortune Global 500, a list of the 500 biggest companies in the world compiled by the US-based Fortune magazine, and become one of the top 35 provinces and cities in the Provincial Competitiveness Index (PCI) rankings.
To that end, the provincial People’s Committee has requested sectors and localities carry out some tasks and measures, including improving the investment and business climate along with the quality, effectiveness and competitiveness of the local economy; developing an ecosystem of science-technology and innovation; and promoting competitiveness in foreign investment attraction.
Other measures include facilitating supporting industries and enhancing businesses’ connectivity; tapping into internal strength and competitive edges; enhancing the effectiveness of international economic integration; modernising and diversifying investment promotion; and strengthening the effectiveness and efficiency of the state management over foreign investment.
Regarding infrastructure development, Binh Phuoc will build plans with a strategic mindset and long-term vision to develop comprehensive and modern infrastructure that helps connect it with other localities in the region. Besides, it will create optimal conditions for all economic sectors, including foreign invested firms, to invest in infrastructure development.
Binh Phuoc is currently home to 12 operating industrial parks among the 13 planned ones. These parks is accommodating 380 projects, including 284 FDI projects with combined capital of nearly 3.5 billion USD and 96 domestic ones worth some 17.2 trillion VND (725 million USD). Businesses there have provided jobs for over 72,000 workers. Located in the southeastern region and in the transition zone between the southern key economic region and the Central Highlands, the province boasts much potential and advantages for industry and trade. Experts held that Binh Phuoc is gradually transforming itself from a “development reserve” zone into a development impulse of the southeastern region./.