Binh Dinh rolls out red carpet for FDI

Binh Dinh is becoming a popular destination for domestic and foreign investors

In a recent talk with VIR, Chairman of the Binh Dinh People’s Committee Ho Quoc Dung stressed that there are no barriers impeding investors when they come to Binh Dinh in search of investment and business opportunities.

The province will ensure the best conditions for the implementation of domestic and foreign investors’ projects that operate in priority fields. US investors are one of the province’s target investors.

Binh Dinh is now home to 59 foreign-invested enterprises, with the total investment capital of $554 million. The US investment capital in the province is still modest, with a total of more than $35 million from three projects, including the $11.25 million project on starch processing from Lucky Star Co., Ltd., the $3 million project on shrimp breeding from Asia Hawaii Ventures, and the $21 million project on animal feed production from Cargill Vietnam Limited’s Binh Dinh branch.

The bilateral trade between Binh Dinh and the US market stood at only around $45 million in 2015. The traded products are mainly apparel, wooden furniture, pharmaceuticals, seafood, machinery, and equipment.

“Vietnam is currently a leading trade partner of and biggest exporter to the US. The upcoming enforcement of the Trans-Pacific Partnership could provide a catalyst to bolster Vietnamese-US trade ties, providing numerous opportunities for investment expansion and job creation in the two countries, including in the province of Binh Dinh,” Dung said.

He added that the province was looking for multinational US companies in certain fields, saying that “Binh Dinh has the tremendous demand for investment capital in energy, technology, finance, banking, and building infrastructure such as roads, seaports, and airports.”

Binh Dinh has committed to creating favourable conditions for any prospective investors coming from the US or other developed countries. In particular, the investors will be supported in all stages of their projects, from conceiving ideas or searching for investment opportunities to construction and project deployment.

According to director of the Binh Dinh Investment Promotion Centre Nguyen Bay, to better serve investors doing business in the province, Binh Dinh is reviewing its plans for socio-economic development as well as plans for industrial parks, economic zones, and tourism development.

The quality of investment promotion will be improved and the province will create a wish-list of priority investment projects, working directly with targeted investors in particular fields and hosting meetings and direct dialogues. Investment incentives, including policies on attracting talent, worker training, branding, and trade promotion, will be revised to match investor requirements.

Reviewing administrative reforms is also necessary for introducing more effective measures, according to Bay.

Part of the south central coastal region, Binh Dinh is easily accessible by road, waterway, railway, and air. The province’s Quy Nhon international seaport provides a convenient gateway to the sea.

As a convergent location between National Highways 1A and 19, businesses can conveniently transport goods to the north, south, or central highlands region, or even to locations in Laos, Cambodia, and Thailand.

Binh Dinh also boasts a 134-kilometre stretch of coastline with stunning beaches and a thriving ecosystem, which is conducive for the development of tourism, aquaculture, and seafood processing.