Binh Phuoc licenses 24 projects worth $1 billion

Prime Minister Nguyen Xuan Phuc made a keynote speech at the Binh Phuoc Investment Promotion Conference 2018

At the conference, the Binh Phuoc People’s Committee has granted investment licences to 10 foreign invested projects and 14 locally-invested projects with the total investment capital of $1.13 billion.

Prime Minister Nguyen Xuan Phuc lauded Binh Phuoc’s efforts to attract investment despite the province’s relatively small budget of VND1 trillion ($43 million). The local authorities have created the most favourable conditions for companies through direct dialogues to identify and solve their problems as well as investment promotion activities.

The prime minister said that the attraction of $1 billion investment capital is impressive. However, it is important to turn the commitments into reality. Binh Duong, the neighbouring province, has become an attractive investment destination in the country. He stressed that Binh Phuoc can do the same if the province can unlock its full potential.

Binh Phuoc is located in the southern key economic region and is a gateway for trade exchange between the provinces of the south-eastern region and the Central Highlands provinces and the Kingdom of Cambodia.

The prime minister cited the recent partnership between Thaco and HAGL to develop agricultural projects worth tens of trillions of dong in the Cambodia-Laos-Vietnam Triangle Development Area. Binh Phuoc should build stronger connection with these agricultural projects as part of the province’s strategy to attract investment.

Binh Phuoc should also focus on smart agricultural projects with an emphasis on its local cultural identity. Also, the province needs to tap into the potential of the fishery sector and develop a hi-tech processing industry for agriculture, industrial crops, and forest products to join regional and global supply chains.

Nguyen Van Tram, chairman of the provincial People’s Committee, said that Binh Phuoc is doing its best to accelerate industrialisation and modernisation to continuously promote rapid and sustainable development, environmental protection, social security, and constantly improve the well-being of its people.

“In particular, the province will maintain the growth rate of the entire agricultural sector and intensify the implementation of measures to promote the development of high-quality agricultural production,” he said, adding that Binh Phuoc continues to reform industries and prioritise the development of industrial products with competitive advantages and industries in service of agricultural development.

Binh Phuoc is home to eight industrial parks with complete infrastructure. Spanning 193 hectares, Minh Hung-Korea Industrial Park has attracted several Korean investors and achieved an occupancy rate of 100 per cent. Meanwhile, Becamex-Binh Phuoc Industrial Park and urban complex covers a total area of 4,600 hectares, including a 2,400ha industrial park and a 2,200ha resettlement area.

According to the master plan until 2020, Binh Phuoc will have 13 industrial parks covering a total area of 4,700ha as well as Hoa Lu Border Economic Zone with a total area of 28,000ha.

Binh Phuoc will focus on attracting projects in the field of high-technology and organic agriculture, agricultural and forestry product processing with the key products being rubber, cashew nuts, pepper, and fruits.

In the first seven months of 2018, Binh Phuoc has attracted 22 projects with the total registered capital of $314 million. Among them, seven new projects are located in Becamex Binh Phuoc Industrial Park with the registered capital of $272 million.