FDI Investment: Accompanied by aspirations Binh Phuoc

(BP Portal) - Located in the southern key economic zone, Binh Phuoc identified attracting investment capital from businesses as a key way to accelerate industrialization and modernization. Under these policies of fair investment appeal, Binh Phuoc has become a destination for many foreign investors. The attraction of Binh Phuoc's FDI (foreign direct investment) was also an important point in the economic picture, contributing an important source of capital for growth. In a trend of integration, FDI is seen as a significant driver of this process.
The positive contribution of FDI inflows

MTV C&T Vina Limited liability company (Minh Hung - South Korea, Chon Thanh District) is a textile manufacturer with foreign investment capital in Binh Phuoc Province. In 2021 and the first months of 2022, despite the severe impact of Covid-19, the company managed to break through and became one of the largest tax payers in the provincial budget, spending billions of dong in taxes. The company has also contributed to employment for over 600 workers. Mr.Kim Hyun Sung, vice president of the company stated: "We see Binh Phuoc as one of several places where the potential for industrial development is possible. To produce fabric for export, we needed mobility and transportation in Binh Phuoc was quite convenient, and we had ample labor. "The import and export process of production orders is also advantageous".

On the feet of Chon Thanh district, the Hayat Kimya plant produces Molfix child diapers brand in the Becamex - Binh Phuoc industrial Park with a total investment of $250 million. With Hayat's automated production system according to global quality standards, the plant serves as the manufacturing hub for the entire region, which specializes in the production of essential consumer products for domestic markets and exports, expecting to export 40% of the production to Thailand and Malaysia with an estimated total export value of US $50 million a year.

The Hayat Kimya plant opened and was a notable result of Binh Phuoc province's FDI attraction, in the last two years despite the impact of the Covid-19 epidemic. In the first phase of 2020, Hayat Group established The Vietnam Hayat Company with $100 million of capital to create more than 500 employees. Mr.Hasan Ugur, Vice president of Hayat Group Asia stressed: "By 2021 there have been difficult times but with the right corrective measures and the full, timely support of the local government at Binh Phuoc, we have been able to move forward to our goal. And at this point, Hayat expanded into the region and developed an efficient, sustainable operation. Hayat set high expectations and ongoing efforts for his goal of owning 30 percent of the baby diapers market by 2025 with Molfix "Made in Viet Nam" diaper product and reached the no.1 position in the Vietnamese market”.

"The Key" attracts FDI

The role and contribution of capital and activities of FDI firms is increasingly confirmed for local development. In addition to the pervasive impact of technology, FDI is linked to the budget revenue; To supplement the important source of capital for development investment; Contributed to economic growth; Increasing the share of exports created a modern industrial environment. Mr. Nguyen Hoang Rin - an import and export officer with SIT Vina Limited Responsibility (Minh Hung - Korea industrial Zone) said: "Procedures relating to Binh Phuoc's import and export activities are very favorable, with related sectors providing active support to the unit. That has created a lot of good for the company, typically not disrupting production".

Binh Phuoc currently has 15 industrial zones with a total area of 4,686 ha and 8 industrial clusters with an area of 380 ha; Eleven of these industrial zones have been fully invested in infrastructure and are now operational. Besides, it has the Hoa Lu International Border Gate Economic Zone, which covers an area of 28,300 hectares. Over 3,500 hectares of this complex have been operational.

Binh Phuoc has received the attention of many foreign and domestic investors. In 2021, there were 63 foreign investment projects with capital of US $514 million, an 88.5% increase in the number of projects and three times the amount of capital compared to 2020. Attracting domestic investment attracted 120 projects with a total capital of 12 trillion VND. During the 1st quarter of 2022, the province attracted nine FDI projects with a us $23 million registration. Having obtained this result, the leadership of Binh Phuoc province regarded the success of business as a provincial success. "With a  ‘4 good foundation’ currently available on good infrastructure, good people, good policies, good public services," Binh Phuoc always welcomed and welcomed investors to come and learn about and invest in the province. The province has always been assosiated with the enterprise; Listening, sharing and solving difficulties for enterprises; "Facilitating business investment in production and business in Binh Phuoc", said Mrs. Tran Tue Hien, the Provincial People's Committee chairman.

From a province with a focus on exporting key agricultural products, Binh Phuoc is now known for reputable products such as garments, electronic components, plywood, mechanical processing, etc., in order to increase the production capacity and in due time Binh Phuoc will enhance domestic investment promotion, foreign direct investment on a selective basis based on quality, value added as well as technologies used by projects, to improve the productivity, efficiency and competitiveness of the economy./.