|At the Vietnam-Singapore Industrial Park in Binh Duong province (Photo: cafef.com)
Thanks to a line-up of favourable policies drawn by local authorities, Binh Duong becomes the third most attractive destination for foreign investments, securing more than 31 billion USD in more than 3,400 projects, just following Hanoi and Ho Chi Minh City.
Last year, the province rose to the sixth place in the Provincial Competitiveness Index (PCI) from the 14th in 2017. It surpassed Ho Chi Minh City to gain the top position in the southeastern region.
Information and technology has been applied to handle administrative procedures, facilitating investment registration, shortening time for tax and customs procedure settlement. Particularly, the “one-door” mechanism was set up to handle investment procedures as well as promotes both domestic and foreign investments.
The local leaders have committed to simplifying and shortening time for enterprises to start their business. Accordingly, local authority processes companies’ application for business certificates in a maximum of two working days, and reduce by half the time for settling an administrative procedure.
According to Chairman of the provincial People’s Committee Tran Thanh Liem, the province will further its efforts to improve investment climate and put forth administrative reform to improve its competitiveness.
The Department of Planning and Investment is responsible for building, updating and announcing favourable policies while the Department of Industry and Trade is in charge of supporting enterprises to build infrastructure at local industrial parks. The Departments of Natural Resources and Environment and Construction should work together on land use planning measures.
In addition, dialogues with local enterprises will be organised regularly to remove their bottlenecks in a timely manner, Liem said.