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Province cuts red tape for investors
Binh Duong Province has made every effort to improve its infrastructure and administrative formalities so as to attract more foreign investors, said chairman of the provincial People's Committee, Nguyen Hoang Son.
The province had also taken advantage of its geography and offered incentives to lure foreign invested projects.
The province attracted more than 846 foreign invested projects with registered capital reaching US$7.3 billion between 2005 and 2010, bringing the total number of projects in the province to date to 1,966 capitalised at $13.5 billion, said Son.
Investors include Korean tyre manufacturer Kumho Asian Group, with a total investment capital of $360 million and Thailand's Siam Cement Group, which specialises in producing packages, with a total investment capital of $140 million. Malaysian property developer SP Setia Berhad Group invested $620 million in the My Phuoc eco-urban project and a $60 million beverage factory was financed by Japan's Kirin Acecook Vietnam.
The strong attraction for foreign invested projects was a positive sign, as it made a very important contribution to the province's economic development and generated high industrial value, said director of the Department of Planning and Development Huynh Van Trai.
Local authorities have worked with vocational schools to train skilled workers to meet the greater labour demands that come with more foreign invested projects.
Paik In Ki, Chairman of the South Korea Financial Investmnt Association in Binh Duong, said foreign investos were pleased to invest in the province as they could see good infrastructure and good support from local authorities which helped investors to be successful. His company would continue to act as a bridge to provide other Korean businesses with a deep understanding of the province's investment climate and raise their investment in the province.
Binh Duong has developed 28 industrial parks covering 8,751ha.
Prominent projects in the province include the VND3.5 trillion ($179.5 million) My Phuoc-Tan Van Road, which is currently under construction. The road will be a major transportation route to international airports and seaports.
Kang Myong Jun, diretor of DJV Ltd Co, Automotive Manufacturing & Wholesales-Parts, Automotive Repair & Service, said apart from good infrastructure, other facilities such as accommodation and urban areas were also important for luring foreign investors.
vietnamnews
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