Binh Phuoc - an attractive destination for investors

Wednesday - 09/03/2022 15:56 2427
(BP Portal) - Located in the southern key economic region, Binh Phuoc holds some comparative advantages to attract investors.
Administrative map of Binh Phuoc 

Favorable geographical location

Contiguous to provinces such as Dak Nong, Lam Dong, Dong Nai, Binh Duong, Tay Ninh, and the Kingdom of Cambodia, Binh Phuoc plays an important role in the new economic corridor that is the gateway for economic, cultural, and social exchanges among the Southeast region, the Mekong Delta, the Central Highlands, and several countries such as Cambodia, Laos, and Thailand.

Dynamic economic growth

Despite the complicated developments of COVID-19 in 2021, Binh Phuoc holds the highest growth rate in the Southeast region and ranks 20th in the country with a growth rate of 6.32 percent. Otherwise, the average growth rate of Binh Phuoc province was 7.25 percent in the period 2016-2020.

Agriculture accounted for 23.6 percent of the total, industry, and construction accounted for 43.8 percent, and the service sector accounted for 32.6 percent. The province's IIP industrial production index increased by 17.8 percent compared to the previous year, exceeding the set plan of 14.5 percent, while the processing and manufacturing industries were the main growth drivers in the province with a growth rate of 18.6 percent. Export revenue was estimated to be 3,5 billion USD, a 17.8 percent increase over the previous year.

Last year, 63 foreign investment projects with a capital of 514 million USD and 100 domestic investment projects valued at 12,700 billion VND were invested in Binh Phuoc.

Up to now, there have been 339 FDI projects in Binh Phuoc province with an investment capital of 3.342 million USD, mainly in the sectors of manufacturing raw materials, accessories, footwear production, apparel, and textiles.

Modern infrastructure

Binh Phuoc’s traffic infrastructure system is being invested synchronously and modernized step by step. The province has several arterial traffic routes such as National Highways number 13, National Highways number 14, DT.741, which are convenient for inter-regional traffic connecting with the provinces of Central Highlands, Binh Duong, Tay Ninh, and Ho Chi Minh City, and connecting to the Kingdom of Cambodia through the Hoa Lu international border gate.

Binh Phuoc province has Hoa Lu international border-gate economic zone connecting trade cooperation to the Kingdom of Cambodia 

The Ho Chi Minh City-Thu Dau Mot-Choc Thanh expressway project is scheduled to be completed in 2025. The Chon Thanh-Dak Nong highway, DT753 road, and Ma, Da bridge are upgraded to become national highways connecting with Long Thanh international airport in Dong Nai province as well as Cai Mep-Thi Vai port in Ba Ria-Vung Tau province. This shortens the distance and travel time to seaports or airports, reducing the cost and increasing the products' competitiveness.

In the coming years, the Trans-Asia Railway will be built, promising to create a boost for the socio-economic development of Binh Phuoc province.

Rich resources

Having the largest area of mainly fertile basalt red soil in the south, Binh Phuoc’s climate is favorable for the cultivation of long-term industrial crops and orchards (fruit trees) as well as the development of livestock and poultry breeding.

Binh Phuoc is known as the capital of rubber trees, with a total area of 247,000 hectares, and the largest area of cashew trees in the country, with 141,595 hectares.

Binh Phuoc province has a large land fund that can be assigned to the locality for the development of industrial parks, commercial services, and new urban areas.

Synchronous infrastructure, industrial parks

There are 13 industrial parks in Binh Phuoc with complete technical infrastructure investment and a total area of 6,061 ha, with an occupancy rate of 53.5 percent. The two largest parks that are so favorable for investors are the Becamex Binh Phuoc industrial park and the Minh Hung- Sikiko industrial park, both of which have quite a large scale, modern equipment, as well as synchronously invested infrastructure with convenient transportation systems.

The entrance gate of Minh Hưng I industrial park 

From 2021 to 2030, three more industrial parks are scheduled to be expanded, covering an area of 2,500 ha; the new planning of five industrial parks covers an area of 6,800 ha. By 2030, there will be 40 industrial clusters in Binh Phuoc with a total area of 1,600 ha. The Hoa Lu border-gate economic zone covers an area of 28,000 hectares to meet the needs of investors. Currently, procedures to establish 08 industrial clusters are being completed, covering an area of 40 to 70 hectares each. According to provincial goals, by 2025, there will be at least two industrial clusters in every district or town.

Plentiful workforce

With a population of 1 million people, Binh Phuoc has abundant human resources with a labor participation rate of 61 percent.

In the period of the golden population, Binh Phuoc held a comparative advantage compared to other localities and the whole country. The GRDP per capita is higher than the national average, with more than 3,300 USD/person/year by the end of 2021.

In the period of the golden population, Binh Phuoc held a comparative advantage compared to other localities and the whole country

The quality of Binh Phuoc’s general education is quite high. It has rolled out policies to attract high profile investors, such as FPT Joint Stock Company, to build high-quality inter-schools, universities, or university branches, interested in developing vocational education and training institutions to meet investor needs for skilled laborers.

Convenient administrative procedures

All administrative procedures are handled by the online public service level 4 and connected to the National Public Service Portal. Carrying out administrative procedures, investors just need to contact them online or directly with the Public Administration Service Center of Binh Phuoc province for instructions, receive documents, and receive settlement results. The time to settle administrative procedures for investment is shortened to 2/3 compared to the government's regulations.

Multiple investment policies

The province of Binh Phuoc has rolled out policies to boost incentives and investment support. In addition to the preferential content prescribed by the government of Vietnam, Binh Phuoc is continuing to review and supplement several specific preferential policies for socialization in fields, supporting social housing infrastructure.

CLEAR INVESTMENT ORIENTATION

Wood processing industry

Binh Phuoc has abundant raw materials from rubberwood with an area of 247,000 hectares. The average annual exploitation area is about 20,000 ha, which translates to an estimated 4 million cubic meters per year. In addition, there is an area of melaleuca forest, cashew wood, and raw materials imported from Dak Lak, Dak Nong, and the Kingdom of Cambodia.

Attracting large-scale wood and furniture processing investment projects to improve the value of local wood materials is the province’s priority.

Food processing industry

Binh Phuoc prioritizes attracting investment projects in processing food such as cashew nuts, fruits, spices, pork, and chicken in the target of deep processing, which projects have high international competitiveness in terms of scale, productivity, quality, food safety, environmental protection, and resource-saving. Priority should also be given to attracting large-scale enterprises. The FDI sector has financial potential, modern technology, consumer markets, and the formation of a variety of serving satellites.

Rubber processing industry

With the output of dried latex estimated at 300,000 tons/year, Binh Phuoc welcomes rubber latex processing projects with modern technology to produce car tires and components in the auto industry and other productions using raw materials from rubber latex.

Electronic industry

Binh Phuoc province prioritizes attracting large corporations to invest in the electronics industry to produce electronic components for export.

Supporting industry

It is of priority to invite large corporations to invest in the development of supporting industries, the mechanical industry, and the manufacture of machinery and equipment in the industrial and agricultural sectors.

Industrial park infrastructure

Experienced investors in the field of industrial park infrastructure are attracted to the province, particularly for six industrial parks in Dong Phu district that cover an area of 500 ha each, an industrial park in Chon Thanh district covering an area of 300 ha, and an industrial park in Hon Quan district covering an area of 220 ha.

Developing urban areas, commerce, and services

The development of urban areas is focused on combining trade, services, and entertainment, such as resorts, 4-star or 5-star hotels, shopping centers, and golf courses. Specifically, Binh Phuoc calls for investment in four golf courses, urban and commercial complex projects at Phuoc Hoa reservoir in Chon Thanh district, Suoi Giai reservoir in Dong Phu district, Bau Lach grassland in Bu Dang district, and Thac Mo lakeside in Phuoc Long town.

High-end residential and urban projects have been planned around Suoi Cam Lake 

The province is calling for investment to build six high-class commercial centers in Dong Xoai city, Phuoc Long, Binh Long, Chon Thanh, Dong Phu, and Phu Rieng district, along with four other supermarkets in Dong Xoai, Binh Long, Phuoc Long, and Chon Thanh. Binh Phuoc also appeals for investment to build wholesale markets, border trade infrastructure, and a logistics center system at ICD port.

Agriculture

The development of hi-tech agricultural zones will attract investors and produce high-value products for export.

Tourism

Bu Gia Map National Park ecotourism

Binh Phuoc province prioritizes attracting investment in tourism projects associated with the construction of 4 or 5-star hotels at Suoi Cam reservoir in Dong Xoai city, Suoi Giai reservoir in Dong Phu district, Ba Ra Mountain ecotourism in Phuoc Long town, Bu Lach Grassland ecotourism in Bu Dang district, expansion of Ta Thiet Regional Command in Loc Ninh district, S'tieng Soc Bom Bo Ethnic Culture Reserve in Bu Dang district, Bu Gia Map National Park ecotourism, Dao Yen Son Ha and Vinh Phuc tourist areas in Dong Phu district, Cu Lao ecotourism in Bu Dop district, and Dap Ong ecotourism area in Hon Quan district.

Training

Calling for investment in two projects of vocational training schools at intermediate and college levels with a minimum scale of 3,000 students each, and two investment projects in universities or university branches with a minimum scale of 2,000 students each in Dong Xoai city, Chon Thanh district, and Dong Phu district.

Medical care

Investments are being sought to construct private 100-bed hospitals in the Loc Ninh district, a 150-bed general hospital in both Binh Long and Phuoc Long towns, and a 200-bed hospital in Dong Xoai city.

Binh Phuoc province always welcomes investors, commits to standing by, and accompanies investors, creating the most favorable business climate for businesses. Let’s go to Binh Phuoc for new successes.

Author: Radio - Television and Newspaper Binh Phuoc

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