$2 billion investment pouring into Binh Phuoc province

Binh Phuoc province held a conference to shake hands on $2 billion worth of investment

Today, at the Binh Phuoc investment promotion conference, 35 investors and 46 projects have received investment registration certificates with a total registered capital of VND46.276 trillion ($2 billion).

These figures are nearly twice as high as those from the investment promotion conference in 2018. 26 projects of this year's crop are investingVND19 trillion($826 million) in manufacturing and processing, three projects are injecting VND17.66 trillion ($768 million) in the renewable energy industry, along with eight agricultural projects of VND4.97 trillion ($216 million), and nine projects in trade, service, and infrastructure of the industrial cluster with a capital of VND4.64 trillion ($202 million).

The conference also witnessed the signing of an MoU on financing between MBank and Becamex Binh Phuoc Infrastructure Development JSCto provide credit loans for investors in the zone, as well as the signing of the credit contract between Shinhan Bank Vietnam and Thac Mo Hydropower JSC worth VND495 billion ($21.5 million) to build a solar power plant, providing power for the entire province and the industrial zone.

Furthermore, entrepreneurs, along with domestic and foreign investors were also provided with information by the local government on policies on investment promotion, incentives, and support with a list of 80 projects calling for investment in Binh Phuoc province for 2021-2025 with a total capital of VND47.56 trillion ($2.07 billion).

According to Tran Tue Hien, chairwoman of the Binh Phuoc People’s Committee, the province’s goal for 2020-2025 is to have 6,000 new businesses established. “The province’s orientation is to draw investment in the spheres of processing, manufacturing, supporting industries, and hi-tech agriculture,” she emphasised.

“To accomplish that goal, Binh Phuoc will continue attracting investment projects of high quality, added value, as well as technology used so as to improve the productivity, efficiency, and competitiveness of its economy,” she added.

“Binh Phuoc province always considers the success of entrepreneurs its own. We have directed the effective performance of the motto 'Two Quick – Three Good', which includes quick site/land clearance and paperwork/investment procedures, as well as good policy, infrastructure, and sentiment to create all favourable conditions for investors and entrepreneurs to set up business and investment projects in the province,” she confirmed.

The projects signed at the 2018 investment promotion conference have all been realised or are being deployed by now. These include 15 projects ($455 million) already in operation, three projects ($412 million) currently under construction, and six projects ($266 million) in the process of completing investment procedures/paperwork. They all contribute to the province's economic growth, job creation, and stability of people’s lives, as well as affirm the success of the provincial investment promotion conference in 2018.

Along with convenient transportation, Binh Phuoc has 13 industrial parks with a total area of 4.7 hectares and eight industrial clusters with an area of 380ha, in which eight industrial parks have received infrastructure investment and been put into operation.

“We are now preparing to request the prime minister to expand industrial parks such as Minh Hung III (577ha), North Dong Phu (317ha), South Dong Phu (480ha), Minh Hung-Sikico (1,000ha), and others,” chairwoman Tran Tue Hien explained. “These zones have a total area of over 28,300ha, 3,500ha of which is the centre area that is already in operation.”

Despite COVID-19, in 2020, Binh Phuoc has attracted 120 projects from the domestic investment with the registered capital of VND12 trillion ($522 million), a 17 per cent increase, and 36 foreign-invested projects with the registered capital of $432 million, equaling 96 per cent of 2019.

As of date, the province had 272 foreign-invested projects with a registered capital of $2.7 billion. The number of newly-established enterprises in 2020 is 1,230, a rise of 11.8 per cent compared to last year.