Binh Dinh province paves way for investments
By rapidly building a favourable environment for investors, Binh Dinh province has grown to be an appealing economic hub in central Vietnam, attracting both domestic and foreign investments in all key sectors.
This is attributed to the effort in boosting infrastructure development, Nguyen Tuan Thanh, Standing Vice Chairman of the Provincial People's Committee, said at a press conference on March 23.
“Infrastructure investment is seen as the province’s ultimate competitive edge. With airports, seaports, airways, railways, waterways and interconnected routes along the North-South and East-West economic corridors, as well as inter-regional and inter-district connections, Binh Dinh has essentially completed its infrastructure,” Thanh said.
“This comprehensive infrastructure network positions the province as a highly attractive destination for investment.”
Binh Dinh province also focuses on building industrial zones and clusters to attract major investors and manufacturers.
As per the development plan for industrial zones and clusters in the province, there are plans to establish 10-15 industrial zones covering a total area of about 7,500ha by 2030. Currently, seven industrial zones have been successfully launched and are in operation.
Meanwhile, it aims to establish 68 industrial clusters spanning an area of 3,470ha by 2030. Currently, there are already 42 operational industrial clusters, boasting an impressive occupancy rate of over 78%.
“The land clearance process has been expedited and there has been a relatively cohesive investment in infrastructure,” Thanh added.
Also contributing to the province’s successes are the improvements in labour force and administrative procedures.
Currently, 50% of the province's population is of working age and they have been well trained to meet employment needs.
“Every year, we can provide up to 3,000 appropriately trained workers for businesses,” Thanh said.
On the other hand, the province has created optimal conditions for businesses, aiming to expedite administrative procedures.
In 2023, Binh Dinh province ranked 18 out of 63 provinces and centrally-run cities in terms of competitiveness index, while securing the top position in terms of satisfaction among its residents and businesses.
Furthermore, it organised numerous investment promotion conferences in the province and in various countries in Europe, North America and Asia last year.
These conferences are crucial opportunities for both domestic and foreign investors to learn about the potential, advantages and opportunities offered by Binh Dinh province.
Later this month, a trade promotion conference with the Vietnamese - Canadian Business Association (VCBA) will be held in Binh Dinh, the province's leader shared.
Future AI hub
Given the core target of sustainable and green growth, the province has shown interest in developing the information technology industry, especially AI technology.
“We use our best land fund for research and science. We have made extensive efforts to attract software companies, including FPT, to set up their factories here,” Thanh said, adding that the establishment of such an ecosystem will drive the province to become a powerhouse in artificial intelligence and advanced science and technology in Vietnam as well as the region.
In 2021, FPT officially launched the Quy Nhon Artificial Intelligence Research and Application Centre in Quy Nhon city, Binh Dinh. And last May, the company continued to build a research, production and expert training centre complex here. The construction project has a total investment of more than VND2 trillion (US$44.7 million).
