Binh Phuoc's attraction through FDI flow

SCORING FROM A GOOD FOUNDATION

One of the “keys” to opening the door and unleashing resources from foreign investors in Binh Phuoc is the strategy of developing synchronous, interconnected, comprehensive infrastructure, harmonizing between traffic infrastructure, urban areas, agriculture and industrial zones. In developing inter-regional traffic infrastructure, the province has started construction of the Ho Chi Minh City - Thu Dau Mot - Chon Thanh expressway, passing through Binh Phuoc province. The project is an important part of the North - South traffic axis, connecting Binh Duong and Binh Phuoc with major routes such as Ring Roads 2, 3, 4 of Ho Chi Minh City, Gia Nghia (Dak Nong) - Chon Thanh (Binh Phuoc) expressway, major airports and seaports. Along with that, the province's traffic infrastructure has been fully invested with a scale of 6 to 8 lanes, convenient for traveling and transporting goods.

Deputy Prime Minister Tran Hong Ha and delegates performed the groundbreaking ceremony for the construction of the Ho Chi Minh City - Thu Dau Mot - Chon Thanh expressway, section passing through Binh Phuoc province.

The solid foundation for establishing a position in attracting investment is also the determination in reforming administrative procedures in all fields, shortening the time to handle administrative procedures to only 2/3 of the prescribed time. With a favorable investment and business environment, Binh Phuoc attracts increasing FDI capital every year. Typically, in 2023, Binh Phuoc attracted 48 FDI projects, with a capital of 830 million USD, for the first time entering the top localities attracting the largest FDI capital in the country.

Continuing the momentum of this capital growth, since the beginning of 2024, Binh Phuoc has continuously innovated in the direction of diversifying the contents of investment promotion activities; proactively innovating investment promotion through direct access to a number of large FDI investors; focusing on key and focal markets. In particular, successfully organizing the EuroCham - Binh Phuoc Province Forum connecting industrial, commercial and high-tech agricultural enterprises with the participation of more than 300 delegates who are economic experts, business associations, leaders of corporations, and world-leading brands coming to Binh Phuoc from 27 countries in the European Union. Leaders of corporations directly came to learn about industrial parks and signed memorandums of understanding on investment cooperation with the province.

Deputy Prime Minister Tran Hong Ha and delegates listen to an introduction to phase 2 of Becamex - Binh Phuoc Industrial Park, Chon Thanh town.

Mr. Gabor Fluit, Chairman of the European Chamber of Commerce in Vietnam (EuroCham), said: EuroCham member enterprises are present in Binh Phuoc, including Hung Nhon Group and some other European enterprises such as Nedspice. They all emphasized that they should participate and learn about Binh Phuoc because there are many investment opportunities such as large land funds suitable for building large high-tech livestock farms, which can provide supply chains for foreign enterprises. Good human resources in the agricultural sector, young workers with good foreign language skills. The EuroCham business community has great confidence in the infrastructure development plan, including the Ho Chi Minh City - Thu Dau Mot - Chon Thanh expressway, the section passing through Binh Phuoc province.

Binh Phuoc always implements the motto "Government accompanies enterprises". In addition to preferential policies according to the Government's regulations, Binh Phuoc also has its own incentives on land rent, corporate income tax, import-export tax, etc. In the period of 2022-2024, 35 projects will receive support from the province to exempt or reduce more than 356 billion VND in land rent; 134 enterprises will receive exemption or reduction of more than 125.8 billion VND in corporate income tax; 16 projects will be exempted from import tax of more than 96.5 billion VND; exempted from export tax on raw materials and supplies of processing and export production of more than 7,786 billion VND... This is considered an important competitive advantage in attracting investment compared to neighboring provinces and cities.

Mr. Nguyen Minh Chien, Head of the Provincial Economic Zone Management Board, said: Binh Phuoc is focusing on improving the investment environment to be favorable, equal, open, transparent and friendly. In particular, the focus is on drastically implementing administrative reforms in a substantial manner. Planning and investing in industrial park infrastructure is one step ahead and ensuring synchronization, readying land funds to attract investment. In particular, the province proactively improves the quality of investment promotion, focusing on large corporations and enterprises, prioritizing attracting projects that contribute a lot to the budget, use less labor, use advanced technology, have high investment rates and limit environmental impacts.

ATTRACTIVE "DORDER" FOR FDI CAPITAL FLOWS

With the right investment attraction solutions, in 2024, Binh Phuoc will have 1,246 newly established enterprises. Attracting 35 FDI projects with a total newly registered investment of more than 639 million USD, reaching 159.7% of the plan. Up to now, the whole province has 432 FDI projects with a total investment capital of 4 billion 515 million USD from many countries and territories around the world. Including "huge" FDI projects from countries and territories such as: China, Taiwan, USA, Turkey...

Among them is the HaoHua Automobile Tire Factory project of investor Shandong HaoHua Tire under HaoHua Group (China), with an investment capital of 500 million USD. The factory is built on an area of 43 hectares in Minh Hung - Sikico Industrial Park (Hon Quan district), with a production capacity of 14.4 million tires per year, bringing in a minimum revenue of 770 million USD.

Along with the completion of phase 1, in November 2024, HaoHua Group (China) continued to invest 280 million USD to expand the factory by 31 hectares of land. This expansion project is expected to reach a capacity of 10 million tires per year, equivalent to a revenue of 322 million USD. When both phases are completed, the total capacity of the project will reach 24.4 million tires per year, bringing in a minimum revenue of 1.092 billion USD. Thus, HaoHua Vietnam has increased its total investment capital to 780 million USD, becoming the largest tire manufacturer in Vietnam.

Deputy Prime Minister Tran Hong Ha, leaders of central ministries, branches and leaders of Binh Duong and Binh Phuoc provinces attended the inauguration ceremony of phase 1 of the automobile tire factory of HaoHua Company Limited (Vietnam) - photo: Truong Hien

Mr. Wang Keqiang, Chairman of HaoHua Group (China) shared: “Although we have surveyed and researched in several countries, through analyzing the environment and investment locations, we decided to choose Minh Hung - Sikico Industrial Park as our destination. Binh Phuoc is the center of Vietnam's rubber trees, has advantages in terms of labor resources, friendly government, quick procedures, very suitable for the company's investment criteria”.

The battery production line of GPPD Energy Company Limited, Becamex - Binh Phuoc Industrial Park (Chon Thanh Town) is fully automatic, the most advanced in the world, ensuring green production requirements for sustainable development.

The fact that enterprises with investment projects in production and business continue to expand and invest in new projects is proof of the efficiency of production and business from a healthy and transparent investment environment. Among them, Jason Furniture Vietnam Co., Ltd. (Kuka Home Group), Dong Xoai III Industrial Park (Dong Xoai City) has been operating in the province since 2020 in the field of sofa manufacturing. Thanks to effective production and business, the company has continuously increased capital, expanded production on a registered area of 38 hectares; from 4,000 workers to 6,000 workers. Mr. Wu Bin, General Director of Jason Furniture Vietnam Co., Ltd. said: Although the world economic situation is in recession, the operation of enterprises in Binh Phuoc is quite favorable, with stable output. We increased capital to increase output to serve the domestic and export markets. The provincial government also pays attention to shortening time and simplifying administrative procedures directly related to investment and business activities, always creating solid trust for the business community when doing business in the province.

With effective business operations, Kuka Home Vietnam Company , Dong Xoai III Industrial Park, Dong Xoai City has expanded production and increased labor from   4,000 to 6,000 workers

Currently, consumers in countries around the world are increasingly interested in and demanding that factories follow a circular model, reduce emissions, and create green, environmentally friendly products. Therefore, the FDI "giants" leading the capital flow into the province are very interested in investing in modern technology to participate in green production, circular production towards sustainable development. For example, GPPD Energy Company Limited, Becamex - Binh Phuoc Industrial Park (Chon Thanh Town), fully automatic battery production lines, the most advanced technology in the world, ensuring green production requirements for sustainable development. Mr. Zhao Jian Chao, General Director of GPPD Energy Company Limited, said: The factory's lines are all involved in digital transformation to reduce emissions, save energy, produce according to a circular model, contributing to environmental protection, and responding to climate change. Therefore, the company's products have been exported to many countries around the world.

The number of FDI investors interested in registering to invest in Binh Phuoc has continuously increased and improved year by year, which is the result of the continuous efforts with innovations and creativity in economic management, improving the investment and business environment, and building solid trust for the business community and investors of Binh Phuoc.

Binh Phuoc commits to protecting the legitimate rights and interests of enterprises; creating a fair and transparent legal environment; accompanying investors and enterprises to quickly resolve difficulties and problems on the principle of harmonious benefits and shared risks; implementing the motto of "4 good foundations", including good infrastructure, good human resources, good policies and good public services so that investors can feel secure and choose Binh Phuoc as the place to implement works and projects in accordance with the spirit of Binh Phuoc "being an attractive destination".

Alternate member of the Party Central Committee, Secretary of Binh Phuoc Provincial Party Committee TON NGOC HANH

With timely support from the province and the courage of enterprises, Binh Phuoc will certainly set a new record in attracting FDI in 2025. From there, Binh Phuoc's economy will develop strongly in the era of national development.

Source: https://baobinhphuoc.com.vn/news/4/168802/suc-hut-binh-phuoc-qua-dong-chay-fdi