German investors eager for Binh Duong

March 21, 2024 | 06:51
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Binh Duong People’s Committee held a meeting on March 19 with the German Business Association (GBA) in Vietnam, along with 40 German firms wishing to explore investment opportunities in the region.

According to Le Thanh Toan, deputy director of Binh Duong Department of Planning and Investment, "Binh Duong is currently home to 18 German-invested projects to the tune of more than $50 million."

German groups have mostly invested in the manufacturing sector, with one notable project being telecommunications equipment venture, Teleq, a joint venture between VNPT and Siemens AG.

Hasan – Dermapharm Joint Venture Co., Ltd., Messer Vietnam Industrial Gases Co., Ltd., and Siemens are among the other players in Binh Duong.

German investors eager for Binh Duong

Alexander Ziehe, chairman of the GBA in Vietnam, said, "German investors consider Binh Duong as a potential investment destination due to its proximity to Ho Chi Minh City. The province boasts a system of qualified suppliers and a skilled workforce, with most industrial parks providing quality services and infrastructure. The province also has attractive tax incentive policies."

At the meeting, German investors expressed their interest in developing rooftop solar systems for factories in Binh Duong. They also proposed for the province to resolve the infrastructure bottlenecks, especially the main routes connecting with Ho Chi Minh City.

Other areas where German investors are looking for improvement include customs clearance procedures, work permits for foreigners, and fire safety regulations in factories. Meanwhile, several German businesses in Binh Duong proposed that they be notified of any policy updates at least three months in advance, with them being clearly announced on media channels in both English and Vietnamese.

In response to the proposals, Nguyen Loc Ha, Vice Chairman of Binh Duong People’s Committee, said, "Binh Duong is committed to creating improvements for business as we provide supporting policies and investments in modern infrastructure to ensure that foreign businesses can feel secure in doing business here."

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The southern province of Binh Phuoc is calling for foreign investment in high-tech agricultural projects, food processing, large-scale production, and renewable energy.

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This year, Binh Duong province plans to attract 130-140 investment projects to industrial parks (IP), securing 1.2-1.3 billion USD from foreign capital and 1.1-1.2 trillion VND (about 48.535 million USD) from domestic investors.

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In the context of ongoing global economic uncertainties, German businesses still consider Vietnam as one of the most potential developing markets in Asia. What is more, with Germany’s investment diversification strategy, Vietnam is being evaluated as a promising and reliable investment destination for German enterprises.

By Thanh Van

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