Binh Duong's FDI attraction strategy

Nov 13, 2021

As of March, Binh Duong has more than 50,000 domestic enterprises operating with a total registered capital of over  473,000 billion. In the province, there are nearly 4,000 projects attracting foreign investment (FDI) from 65 countries and territories that are still valid, with a total registered investment capital of nearly 36 billion USD.

Despite being affected by the Covid-19 epidemic, Binh Duong still promptly and effectively implemented the new generation FDI strategy. More and more corporations, transnational companies with large financial resources and modern technology are interested in investing in this province.

Ranked third in the country in terms of FDI attraction
For many years, Binh Duong has always been evaluated as one of the leading localities in the country in attracting FDI. This is an important resource for Binh Duong to have an annual GDP growth rate twice as high as the national average.

In the strategy to attract FDI, Binh Duong prioritizes industries and projects with advanced technology, high science and technology content and added value; Modern management, spillover effects, connecting global production and supply chains. The province also advocates to limit projects that are labor-intensive, use a lot of imported materials, consume a lot of energy and resources, and cause environmental pollution... Thanks to that, Binh Duong is currently ranked third in the country. in attracting FDI, only after Ho Chi Minh City and Hanoi.

FDI enterprises have participated in and promoted the process of industrialization and modernization in Binh Duong through the transfer and innovation of production technology, contributing to the creation of a number of key industries such as manufacturing, wood processing, textiles, footwear, electronics... Foreign-invested projects are considered as the main driving force behind the province's economic and social development.

Digital transformation in industrial zones
To take advantage of the results of the industrial revolution 4.0 into economic development, Binh Duong is building a comprehensive digital transformation strategy, in both the public and private sectors, and businesses. Digital transformation promises to help Binh Duong optimize operations in both the public and private sectors, existing business models, increase productivity, and reduce labor intensity.

Business models in the digital space will gradually be formed in the province. With the achievements of developing industrial parks and attracting investment in recent years, Binh Duong has great advantages for digital transformation such as building e-government, digital transformation in industry, developing production, factories. smart…

With strong development potential, industrial parks in the province can apply 4.0 technology such as artificial intelligence, big data, blockchain... thereby building a new industrial park model in the digital era, creating a foundation for Binh Duong to move towards a knowledge economy, digital economy, becoming a smart city and improving people's living quality.

Create a breakthrough to attract FDI
In 2020, Binh Duong promotes the development of a development strategy for a new phase of "Binh Duong Innovation Zone", with the expectation of creating leverage to build a broader and broader innovation ecosystem. sustainable innovation culture.

The project is considered an interdisciplinary solution, relevant and affecting many aspects of social life, from urban planning to building a culture of innovation, balanced economic development, transformation. digital, industry 4.0, human resource development.

This is also the key content in the process of building Binh Duong smart city in the next phase, integrating functional areas such as central management office, science city, science and technology industrial park. , the world trade center.

In the future, Binh Duong new city will be the center connecting subdivisions in the province's innovation region, and at the same time connecting provinces and cities in the southern key economic region.

This is considered a springboard to help the province build an attractive environment for startups, technology companies, continue to participate in many major economic organizations in the world... Since then, the province has upgraded its production base. emerging, creating new production tools and developing evenly in all aspects of social life, gradually increasing the proportion of the digital economy.

Over the past years, Binh Duong has been named three times in a row in the list of 21 cities and regions with typical smart city development strategies in the world by the World Smart Community Forum (ICF). According to experts, this achievement opens an opportunity for Binh Duong to cooperate and exchange experiences with ICF's network of more than 180 smart cities around the world.

In addition, this contributes to increasing confidence for investors and businesses, making a breakthrough in attracting foreign investment in the new phase, creating a foundation for the development of trade - services and high-tech production. Future.

Currently, Binh Duong is drastically implementing research on logistics and new transportation solutions to create conditions for businesses and people. The province continues to cooperate with experts, international partners and the World Association of Science and Technology Urban Areas to develop science and technology industrial parks… This strategy promises to create many new added values ​​for whole province.

In the 2020-2030 period, Binh Duong prioritizes attracting high-tech, clean technology, low-labor-intensive, high-value-added projects and spillover effects, connecting the global production and supply chains bridge. With the above orientation, the province's investment attraction strategy has made basic adjustments to both continue promoting existing strengths and be in line with investment trends in the digital era and the industrial revolution 4.0.

Binh Duong was honored for the third time in a row as one of 21 cities with typical smart city development strategies in the world, voted by ICF (World Smart Community Forum).

With the goal of becoming a grade I city, in the coming time, Binh Duong will continue to focus resources from all economic sectors, invest in developing a quality and synchronous infrastructure system, associated with embellishment. urban upgrading according to the roadmap.

Source: Zing News