Teleconference boosts Belgian investment in Binh Duong

The event was co-hosted by the Becamex IDC Corp and the provincial People’s Committee.

In his opening speech, Vice Chairman of the provincial People’s Committee Nguyen Thanh Truc said as of the end of March, Binh Duong had drawn nearly 4,000 foreign-invested projects worth nearly US$37.9 billion, ranking third nationwide in terms of foreign direct investment (FDI) attraction, only behind Ho Chi Minh City and Hanoi.

The province is now home to five Belgian projects worth over US$39 million, ranking 37th out of 65 countries and territories investing in the locality, mostly pharmaceuticals, apparel, additives, beer and malt, and goods storage.

Vietnamese Ambassador to Belgium and Luxembourg Vu Anh Quang said amid uncertain developments caused by COVID-19 pandemic in the world, Belgium and Vietnam continue to be important trade-investment partners of each other because they serve as regional trade hubs and gateways to the European Union and ASEAN.

The two nations’ enterprises hold the potential of deeper collaboration within the framework of the EU-Vietnam Free Trade Agreement (EVFTA) and the Vietnam – Belgium strategic partnership in agriculture, he added.

The Vietnamese Government attaches special importance to the implementation of major FTAs such as the EVFTA, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and the Regional Comprehensive Economic Partnership (RCEP), he said, adding that FDI continues to serve as an important resource for Vietnam’s economic growth and contribute to the implementation of the 2021-2030 socio-economic development strategy with a vision to 2045 which was adopted by the 13th National Party Congress.

Belgian delegates hailed Vietnam as a significant gateway linking ASEAN with the world via roads, waterway and airway. With a widespread system of deep-water seaports capable of receiving big vessels, political stability and the Government’s business incentives, Vietnam is well-positioned to attract foreign investors.

Belgium now invests in 78 projects valued at US$1.1 billion in Vietnam, placing 23rd out of 131 countries and territories investing in the country, predominantly in seaports, infrastructure, logistics, real estate, water supply and drainage, waste treatment, manufacturing and processing, electricity production and distribution, agro-forestry-fisheries, which are strength of Binh Duong.

The European nation is also Vietnam’s fifth largest importer in the EU, behind Germany, the Netherlands, France and Italy while Vietnam is Belgium’s second largest trade partner in ASEAN, behind Singapore. Two-way trade reached EUR2.83 billion last year, EUR633 million of which was Belgium’s exports.