Binh Duong calls for stronger investment from RoK

An online conference to promote investment from the Republic of Korea in the southern province of Binh Duong was held by the provincial People’s Committee and Becamex IDC Corp on November 9.

Vice Chairman of the provincial People’s Committee Nguyen Loc Ha said after returning to the "new normal", local authorities have called for  foreign investment towards creating a new wave of development.

Besides promoting socio-economic development, Binh Duong also actively expands bilateral and multilateral cooperation in many fields.

The locality has so far established bilateral cooperation with 10 foreign localities and is an official member and reliable partner of three international organisations namely the world’s Intelligent Community Forum (ICF), the Asian Economic Cooperation Horasis Forum, and The World Trade Centres Association (WTCA).

In its development strategy, Binh Duong will continue to implement the project "Binh Duong Innovation Zone", which will focus on planning a science and technology industrial park, a creative start-up ecosystem, promoting balanced economic development, increasing the proportion of services, especially cross-border e-commerce.

In the first 10 months of 2021, investors poured US$1.92 billion in total into 59 new investment projects, 23 existing projects and 155 projects invested in the form of capital contribution and share purchase.

As of October 31, Binh Duong was home to 4,008 projects from 65 countries and territories with a total registered capital of US$37 billion, ranking the second nationwide in attracting foreign investment.

In the first 10 months, despite facing difficulties and challenges due to the COVID-19 pandemic, the locality’s export turnover was estimated at US$26.4 billion.

Becamex IDC Corp’s representatives briefed participants on the province’s investment environment and projects developed by Becamex IDC to meet investment needs of businesses.

Participants were also updated on orientations to build smart cities, Binh Duong Innovation Zone, transport infrastructure development, logistics network, and high-quality human resources training, to make it ready for welcoming new foreign projects, including those from the RoK.

Lee Jeong-won, a representative from Coex Corporation of the RoK, presented the firm’s plan to develop the World Trade Centre in Binh Duong New City (WTC BDNC) project, saying that this is expected to be a favourable investment destination for Korean businesses and investors that are interested in Binh Duong.

Ha expressed his hope that in 2022 and following years, Binh Duong will continue to receive active cooperation from the RoK side and partners, thus supporting the locality to promote  the level of bilateral cooperation and expand multilateral cooperation towards creating breakthroughs in its international integration and development in the future.