Binh Dinh: a bright spot in attracting investment

VSIP in Binh Dinh is a crucial facility for the locality’s development

Lam Hai Giang, Vice Chairman of Binh Dinh People’s Committee, in late August highlighted efforts by the province to establish itself as a dynamic locality, with the marine economy playing a crucial role in driving development.

Speaking at a regional conference on improving the business environment, Giang said that administrative reform was at the heart of the province’s efforts to enhance government dynamism, aiming to become a reliable destination for investors.

“The province continues to focus on improving transparency and the capacity of officials in public agencies. To align with the current trend of development cooperation, Binh Dinh is working tirelessly to innovate working methods, promote administrative reform, and place individuals and businesses at the centre. We are committed to creating better conditions for enterprises, particularly in manufacturing, within the legal framework,” Giang said.

Binh Dinh currently hosts 89 foreign-invested projects, with the total registered capital exceeding $1.2 billion. Since the beginning of the year, the province has issued new business registration certificates to almost 1,000 businesses and affiliated units, with a combined registered capital of approximately $260 million.

In 2023, Binh Dinh’s Provincial Competitiveness Index score reached 67.44, an increase of 0.79 points compared to 2022, placing it at rank 25 out of 63 localities

The province attracted 30 projects with total registered capital exceeding $170 million and ranked among the top 30 localities for economic management quality in 2023.

Giang also highlighted a decision in late 2023 to enhance coordination in handling administrative procedures related to investment, construction, land, the environment, and fire prevention.

“The processing time for projects outside economic zones and industrial parks (IPs) has been reduced from 242 to 118 days, and from 145 to 60 days for projects within such zones,” Giang said.

In addition, the province has established an investment promotion and support taskforce to assist investors in resolving challenges during the investment process. The taskforce has proposed amendments to regulations and policies to create a more attractive investment environment, while striving for breakthroughs in infrastructure development, particularly in Nhon Hoi Economic Zone and Becamex VSIP IP, as well as transport and tourism infrastructure.

By early September, Binh Dinh had attracted 34 ventures with a total registered capital volume of over $175 million. More than 50 projects were adjusted with additional capital of $76.3 million, while nine projects were terminated.

At a June conference to promote investment, trade, and tourism between Binh Dinh and Indian partners, which attracted 40 Indian corporations and enterprises, Ho Quoc Dung, Secretary of Binh Dinh Party Committee, emphasised the province’s proactive approach in attracting foreign investment.

“The province has been working closely with Indian tourism experts and travel firms to increase its visibility as a tourist destination,” Dung said.

Binh Dinh envisions becoming a centre of science and technology, innovation, and AI application in Vietnam. Its development strategy is based on manufacturing and processing, IT and AI, high-quality tourism, organic agriculture, and a robust logistics system.

“These are all areas of strength for India, laying a solid foundation for attracting Indian investors, businesses, and tourists to Binh Dinh. This opens a new chapter in the province’s development and deepens the strategic partnership between Vietnam and India,” Dung said.

At the same conference, Do Thanh Trung, Deputy Minister of Planning and Investment, praised Binh Dinh’s efforts to improve its investment environment and socioeconomic development.

“I do believe that Binh Dinh will become a top destination for foreign investors, including those from India. The Ministry of Planning and Investment is ready to support the province in creating favourable conditions for Indian enterprises to make successful, sustainable, and long-term investments,” Trung said.

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