Binh Phuoc calls for investment from European businesses

Talking with more than 360 international participants at a conference on March 12 themed "EuroCham High Technology Agriculture, Industrial and Commercial Enterprises Connection Forum – Binh Phuoc Province 2024", Chairman of Binh Phuoc People's Committee Tran Tue Hien said the province is calling for investments in industrial parks and clusters, economic zones, and hi-tech agricultural projects.

Hien said the province has invested in transportation such as national highways No.13 and 14, and Provincial Road No.741, connecting the Central Highlands, Binh Duong, Tay Ninh, and Ho Chi Minh City, as well as Cambodia through Hoa Lu International Border Gate.

It is expected that by the end of 2026, Ho Chi Minh City-Thu Dau Mot-Chon Thanh Expressway and the North-South Expressway west of Gia Nghia (Dak Nong)-Chon Thanh (Binh Phuoc) section will be completed. This will shorten the distance from Binh Phuoc to Ho Chi Minh City to about 70km and travel times to seaports and cargo terminals.

“In the future, the Trans-Asia railway will pass through, promising to create a boost for the province's socioeconomic development,” Hien added.

She also added that more than 80 per cent of the province's administrative procedures have been completed on the online public service portal and connected to the National Public Service Portal.

Moreover, investors will enjoy preferential policies on taxes, land rent exemptions and reductions, and support for connecting infrastructure, vocational training, and IT.

“With sound infrastructure, human resources, policies, and public services, Binh Phuoc is determined to best meet the needs of investors,” Hien said.

Chairman of Binh Phuoc People's Committee Tran Tue Hien talks with investors at the conference. Photo: Le Toan.

Speaking at the conference, Gabor Fluit, chairman of EuroCham and general director of De Heus Group Asia, said he was happy to see the participation of so many influential guests from the business community, as well as politicians and representatives of state agencies.

“I can really feel the energy and enthusiasm radiating from everyone. EuroCham is honored to be here with all of you as innovators and change-makers to together shape the future of Binh Phuoc's economy," Fluit said.

Fluit said that Binh Phuoc has a strategic location in the Southern Key Economic Region, serving as an important gateway connecting Vietnam, Cambodia, and the region.

Fluit added that in the future, the EU-Vietnam Free Trade Agreement (EVFTA) promises to be a positive development step for Binh Phuoc.

“With a nearly 99 per cent reduction in tariffs over the next decade, Binh Phuoc is well positioned to benefit from expanded access to the EU's 500 million consumer market,” he added.

The conference was also attended by domestic businesses.

Vu Manh Hung, general director of Hung Nhon Group, said that Binh Phuoc has made efforts to lure investment, especially overseas capital, in the processing fields, agricultural exports, supporting industries, and renewable energy.

However, compared to its potential and advantages, Binh Phuoc remains less attractive than other provinces and cities in the Southern Key Economic Region such as Ho Chi Minh City, Binh Duong, Dong Nai, and Ba Ria-Vung Tau.

“To turn Binh Phuoc's potential into a reality, it is necessary to have dialogues and promote investment activities,” Hung emphasised.

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