Forum connects Binh Phuoc with European businesses
The southern province of Binh Phuoc introduced its potential and incentives to invite European investors to invest in industry, trade, and high-tech agriculture in the province at a business forum held in Dong Xoai city on March 12.
Giving a brief introduction of Binh Phuoc, Chairwoman of the provincial People’s Committee Tran Tue Hien said her province, about 110km from Ho Chi Minh City, is a rubber and cashew production hub. It owns an abundant land reserve for developing industrial parks, trade, service and urban areas, and high-tech agricultural projects.
The province is home to comprehensive and gradually modernised infrastructure, along with 13 industrial parks that cover 4,686 ha and has an occupancy rate of 69%.
She went on to say that there are 413 foreign direct investment (FDI) projects worth US$4.25 billion in Binh Phuoc at present. They include 17 projects with combined capital of US$523 million from Europe, accounting for 12.3% of the total.
With good infrastructure, good human resources, good policies, and good public services, Binh Phuoc will serve and satisfy investors, including members of the European Chamber of Commerce in Vietnam (EuroCham), at its best, Hien stated.
The official pledged that her province will always stand side by side with businesses and are ready to create the best possible conditions for foreign investors, including European ones.
Gabor Fluit, chairman of EuroCham Vietnam and CEO of De Heus Asia, said Binh Phuoc holds a strategic location in the southern key economic region and acts as an important gateway connecting Vietnam with Cambodia and other regional countries. With an abundant land resource, it offers attractive investment chances in agriculture, aquaculture, food processing, and large-scaled production. Besides, favourable climate conditions also make it an ideal candidate for large renewable energy projects.
Thanks to the EU - Vietnam Free Trade Agreement (EVFTA), under which nearly 99% of tariffs will be eliminated and reduced in the next decade, Binh Phuoc is well-positioned to benefit from the expanded access to the EU market with 500 million people, he said.
Deputy Minister of Agriculture and Rural Development Phung Duc Tien said EuroCham businesses are not only technologically strong but also financially capable while the EU is a highly potential market for Vietnam’s agricultural sector. Therefore, the presence of European businesses will not only help Binh Phuoc sustainably develop agriculture but also contribute to local socio-economic development.
