On July 5, 2022, the investment promotion conference between Binh Phuoc province and Singaporean businesses was held in a combination of both in-person and online formats, chaired by the Provincial Party Secretary - Mr. Nguyen Manh Cuong, Chairman of the Provincial People's Committee - Mrs. Tran Tue Hien, and the provincial leaders.
Representatives from Singapore's business associations, including Ms. Amy Wee - National Director of the Singapore Business Federation (SBF) and Mr. Jeffrey Lee - Honorary Secretary of the Singapore Business Association in Vietnam (SBG), also attended the conference.
On the side of the business community, the conference had the participation of 64 Singaporean enterprises with a total of 124 delegates and 44 Vietnamese enterprises with a total of 90 delegates. Major Singaporean corporations such as VSIP, GSUM, UOB International Bank, Shinhan, Savills, Tractus, VS Technology Corp, Reecons Engineering, EY, among others, showed their interest in the event.
At the conference, Binh Phuoc province introduced its potential, strengths, investment opportunities, and favorable policies on its territory to Singaporean investors. The province provided information on the activities of its industrial zones, facilitating discussions and answering queries from Singaporean enterprises.
Binh Phuoc is currently home to 13 industrial zones covering a total area of 6,061 hectares, with an occupancy rate of 53.5%.
At the working session, Chairman of the Provincial People's Committee - Mrs. Tran Tue Hien provided preliminary information to investors and businesses from Singapore about the Covid-19 situation in the province, as well as shared information on the province's potentials, strengths, and investment attraction policies. He particularly emphasized that Binh Phuoc province is actively investing in the development of modern and synchronized technical infrastructure, constructing a relatively complete system of internal and inter-regional transportation networks. Notably, at the beginning of 2021, Binh Phuoc province proposed and received the Prime Minister's approval for the implementation of several key transportation projects, including the expressway project from Ho Chi Minh City to Thu Dau Mot to Chon Thanh, the Di An - Loc Ninh railway project connecting to Cai Mep - Thi Vai port, and potentially linking with Cambodia through the Hoa Lu International Border Gate. Other projects include the Dak Nong - Binh Phuoc expressway, the DT753B road and Ma Da Bridge connecting to Dong Nai and Long Thanh International Airport. These projects are expected to be implemented in the 2021-2025 period.
Currently, Binh Phuoc has 13 industrial parks covering a total area of 6,061 hectares, with an occupancy rate of 53.5%. Among them, the Becamex Binh Phuoc Industrial Park covers an area of 2,450 hectares, with an occupancy rate of 11.6%, and the Minh Hung - Sikiko Industrial Park covers an area of 655 hectares, with an occupancy rate of 39.7%. These are two newly developed industrial parks with large-scale areas, comprehensive and modern infrastructure, and convenient transportation, making them suitable for investors. In the period from 2021 to 2030, the province plans to expand with an additional 3 industrial parks covering a total area of 2,500 hectares, including Bac Dong Phu Industrial Park (900 hectares), Nam Dong Phu Industrial Park (600 hectares), and Minh Hung - Sikiko Industrial Park (1,000 hectares). There are also plans for 5 new industrial parks covering a total area of 6,800 hectares, including Dong Phu Industrial Park (3,300 hectares) near Binh Duong province, Ho Chi Minh City, and Dong Nai province. Additionally, the province has the Hoa Lu Border Economic Zone with an area of 28,000 hectares ready to meet the needs of investors. Chairman of the Provincial People's Committee, Mrs. Tran Tue Hien, stated that
Binh Phuoc is currently an ideal destination for foreign investors.
With modern and comprehensive infrastructure, an investor-friendly environment, attractive investment policies, and a commitment to expeditiously resolve investment procedures and focus on social welfare for workers, Binh Phuoc has become an ideal destination for foreign investors in recent years, including businesses from Singapore.
Mrs. Tran Tue Hien further mentioned that in 2021, Binh Phuoc attracted 63 foreign direct investment (FDI) projects with a total investment capital of $515 million. In the first six months of 2022, the province attracted 18 FDI projects with a registered capital of $48 million. Cumulatively, the province has attracted 354 FDI projects with a total investment capital of $3.369 billion from various countries and territories worldwide. Among them are 15 projects from Singapore with an investment capital of $286 million, accounting for 8.5% of the province's total FDI, mainly in livestock farming, poultry slaughter, animal feed production, and the manufacture of batteries.
Chairman of the People's Committee of Binh Phuoc Province - Mrs. Tran Tue Hien, further stated: “At this workshop, we aim to introduce the potential and investment opportunities of Binh Phuoc province – a rich and dynamic region. Simultaneously, we invite Singaporean investors to explore investment prospects in areas of interest for Binh Phuoc, such as wood processing and furniture manufacturing, food processing, rubber-based goods manufacturing, electronics industry, production of electronic components, supporting industries, and mechanical engineering for agricultural sectors.
We always appreciate the potential of investors and desire larger investments from major corporations, as well as small and medium-sized enterprises from Singapore, into Binh Phuoc province. We believe that, with the strengths in technology, finance, international market networks, and business management skills of Singaporean enterprises, once combined with the advantages of Binh Phuoc, it will bring significant and practical benefits to both parties.”
The conference received numerous questions from businesses and investors from Singapore regarding policies, labor resources, land funds, and preferential industries. After adequately addressing the concerns of these enterprises, Chairman of the Provincial People's Committee, Mrs. Tran Tue Hien, emphasized, “Binh Phuoc province is always ready to welcome investors, especially those from Singapore. We are committed to standing side by side and accompanying businesses, ready to create the most favorable conditions for their production and business activities.”
At the end of conference, Secretary of the Provincial Party Committee - Mr. Nguyen Manh Cuong expressed gratitude to the conference participants. He highlighted Binh Phuoc's strong development, achieving an economic growth rate of 6.32% in 2021, the highest in the Eastern and Southwestern regions. He emphasized that the province is rapidly transitioning from a "development reserve" position to a "development driving force" with various strengths, including geographical location, land fund, improving infrastructure, and a focused development of the labor force in terms of quantity and quality. Binh Phuoc has been developing rapidly in recent years and is expected to continue its strong growth in the future. Secretary Nguyen Manh Cuong affirmed that specialized agencies and local authorities in Binh Phuoc are always ready to meet and address the investment needs of foreign investors, especially those from Singapore. Central Party Committee member - Mr. Nguyen Manh Cuong hopes that in the future, Singaporean businesses will make even stronger investments in Binh Phuoc province.
According to NGUYEN THI HANG
ELECTRONIC INFORMATION PAGE DEPARTMENT OF FOREIGN AFFAIRS - BINH PHUOC PROVINCE: binhphuoc.gov.vn