Enhancing Appeal of Economic and Industrial Zones

Binh Dinh province defines that developing industrial zones and economic zones is one of the new engines of growth and development. In order to attract investment capital and develop economic zones and industrial zones, the province has created many competitive advantages thanks to the open investment environment, simple and streamlined administrative procedures.

Nhon Hoi industrial zones and economic zones are favored investment destinations

The focus of investment

At present, Binh Dinh is home to Nhon Hoi Economic Zone (which contains three industrial parks) and seven industrial parks outside the economic zone. Operational industrial parks include Phu Tai, Long My, Nhon Hoa, Hoa Hoi, Nhon Hoi (Zone A and Zone B), and Becamex Binh Dinh.

The Binh Dinh Economic Zones Authority is currently carrying out procedures to establish Cat Trinh Industrial Park, Binh Nghi Industrial Park and Long My Industrial Park (phase 2).

The world and Vietnam were heavily affected by the COVID-19 epidemic, which produced a considerable significant impact on investing performance. Fortunately, under the close direction of the Provincial Party Committee and the Provincial People's Committee and the effort and determination of all employees of the Binh Dinh Economic Zones Authority, investment flows into Nhon Hoi Economic Zone and industrial parks increased significantly.

In 2022, the investment fund into economic and industrial zones totaled VND20,261 billion, equal to 101.3% of the full-year plan, registered by 22 new investment projects (VND5,147 billion) and 45 existing projects (VND15,114 billion). In the first two months of 2023, economic and industrial zones drew VND1,087 billion from four new projects (VND290 billion) and nine existing projects (VND797 billion).

To date, Nhon Hoi EZ and industrial zones have attracted 394 projects with total registered investment capital of VND145,695 billion, of which VND47,570 billion was disbursed (accounting for 33% of total registered capital). Of the sum, 39 foreign direct investment (FDI) projects registered to invest US$818 million. Economic and industrial zones have drawn many investment projects in renewable energy (wind power and solar power), tourism, and services from large domestic and foreign corporations.

The performance of tenants in Nhon Hoi EZ and industrial zones has generated strong growth momentum for the province. In 2022, the total revenue of tenants was VND47,000 billion, up 14.72% year on year. Their export value rose 23.3% to US$523 million. They paid VND940 billion to the State Budget in the year. In just the first two months of 2023, they obtained total revenue of more than VND7,000 billion, up 13.32% year on year, and export value of over US$93 million, up 16.7%.

Actively creating new allure

Defining administrative procedure reform as one of key and cross-cutting tasks, in addition to favorable geoeconomic location, abundant natural resources, good human resources, and investment incentive policies, the Binh Dinh Economic Zones Authority has put a premium on accelerating administrative procedure reform, digitization and investment promotion.

Strengthening the responsibility of the leadership of the authority in administrative reform; inspecting, monitoring and urging public administration reform and solutions to improve and raise the ranking of the Public Administration Reform Index (PAR Index) of the authority according to the PAR Plan. The authority reviewed and proposed expanding the list of online public services of Level 3 and Level 4; proposed the Provincial People's Committee to approve contents regarding the simplification of administrative procedures within its jurisdiction.

Fostering information technology application in operations, moving towards e-government according to the general plan of the province; continuing to apply ISO 9001:2015 standards to its work process.

On investment promotion, introducing and promoting images and information of the local investment environment and investment policies in various forms, including in person and online, to quickly convey complete information to investors. Furthermore, the authority will speed up localized investment promotion, retain investors, support them to deal with emerging difficulties, and facilitate their business operations.

Effectively educating and enhancing the spirit, attitude and sense of service of civil servants in the performance of their official duties, especially those who have direct contact with businesses; strictly handling civil servants who harass, trouble or delay the work process for businesses.

Mr. Dang Vinh Son, Director of the Binh Dinh Economic Zones Authority, said that in 2023, the province will target large hi-tech industrial projects for economic and industrial zones to create motivation for local socioeconomic development. Resolved to conduct further reforms and apply reasonable support policies for investors and businesses, in the coming time, economic and industrial zones of Binh Dinh province will continue to be favorite destinations for investors, make more active, impressive and effective contributions to the locality to be worthy of being a driving force and leverage for Binh Dinh development.

Hoai Nam (Vietnam Business Forum)