Focus, Diversity and Efficiency

Mr. Nguyen Quang Hoa, Deputy Director of the Binh Phuoc Investment, Trade and Tourism Promotion Center (ITTPC), shared the orientation for boosting investment centered on "focus, diversity and efficiency". In addition to attracting external resources, the province effectively leverages internal resources by focusing on "on-site promotion" and maximizing Binh Phuoc's "4 Good" foundation, which is highly appreciated by investors.

Can you tell us some of the key tasks of Binh Phuoc ITTPC at present?

The center operates with a proactive stance to gather information and identify opportunities. We actively seek out potential partners and develop projects, tasks and plans. We propose to the Provincial People's Committee the organization of promotional activities and events designed to introduce Binh Phuoc province, provide information, and outline investment policies. We work to promote the province's image, potential, and advantages. Additionally, the center facilitates connections between localities and partners to expand both domestic and international markets. We are also responsible for establishing a supply and distribution system for key products and advancing tourism development throughout the province.

Our core and regular tasks include updating and understanding the directives from the Provincial Party Committee and Provincial People's Committee. It involves collecting and maintaining a clear legal database system and assessing the local situation. We coordinate with relevant agencies and units to implement tasks and solutions effectively. This includes carrying out well-coordinated promotional activities in investment, trade and tourism, ensuring that these activities are practical and aimed at achieving the highest possible goals and efficiency.

Regarding specific tasks, we maintain regular contact with agencies, organizations, and partners closely connected with investors, entrepreneurs, and businesses in production, trade and tourism. This includes engaging with the Provincial Party Committee, Provincial People's Committee, functional branches, embassies, consulates, counselors and associations. We aim to obtain and provide accurate information, discuss and agree on work programs, and conduct field surveys. These efforts ensure that investors and businesses can easily research, choose and implement suitable production and investment projects. Additionally, we propose necessary actions to competent authorities to ensure compliance with regulations.

The province's authorities are dedicated to supporting businesses by fostering an open and transparent investment environment

In the first six months of 2024, the situation of investment attraction and enterprise development in Binh Phuoc province is as follows: The province granted and adjusted three Direct Domestic Investment (DDI) projects, increasing their total capital by VND703 billion 333 million. This brings the total number of DDI projects in the province to 1,200, with an overall capital investment of VND119,637 billion. The province granted and adjusted 11 Foreign Direct Investment (FDI) projects with a registered capital of US$82.5 million. This increases the total number of FDI projects to 418, with a combined capital of US$4,320 million. Additionally, 520 new enterprises were established with a registered capital of VND 11,050 billion, bringing the total number of enterprises in the province to 12,165, with an overall registered capital of VND202,962 billion. The province currently hosts 338 cooperatives.  In the first six months of the year, the Gross Regional Domestic Product (GRDP) grew by 7.76% compared to the same period in 2023, ranking 2nd in the Southeast region (after Tay Ninh province) and 18th nationwide. Notably, industrial production consistently maintained a high growth rate, reaching 14.25%.

Recently, Binh Phuoc has organized many promotion activities, attracted investment and achieved impressive results. Could you share more about this?

Overall, Binh Phuoc's investment and industry development results have not fully met expectations despite the province's potential. However, its strategic location in the South is advantageous. The Provincial Party Committee and People's Committee have set a clear strategic vision, enacted policies, and focused on improving infrastructure and the investment environment. Their targeted and effective investment promotion strategies are attracting increasing interest from partners, leading to promising prospects for future investment.

Binh Phuoc has successfully established and promoted its "4 Good" foundation, which includes: good infrastructure, good human resources, good policies, and good public services. This foundation is becoming a key "brand" of the province in promoting and attracting investment. Additionally, the province's leaders and authorities demonstrate a commitment to welcoming investors. They take decisive actions to uphold their promises, ensuring an open and transparent investment environment.

The implementation of the Adjustment of Binh Phuoc Provincial Planning for the period 2021-2030 with a vision to 2050 is opening up many opportunities to attract investment but also posing new requirements for the province's investment promotion and attraction work. Can you elaborate on this issue?

As I discussed above, our efforts to organize promotional activities such as searching, approaching and providing official information on policies for partners coming to the province to learn, invest in production and business have been carefully researched with a clear and transparent legal basis, creating attraction, persuasion and trust for investors, businessmen and enterprises in general.

For investment projects to be most effective, they must align with a long-term vision and integrate into the overall development strategy of the province and region. The Provincial Master Plan serves as the important foundation for ensuring sustainable development across all sectors and localities.

The quality of planning in Binh Phuoc integrates intelligence, science, and method with a strategic vision that is broad, deep, and forward-looking. This approach enhances information promotion, effectively showcases the province's potential and strengths, and builds trust and attractiveness, thereby drawing the attention of investors and businesses. On the other hand, the authorities propose and advise the Provincial Party Committee, the Provincial People's Committee and competent authorities to quickly decide and promptly resolve legal procedures to help investors and businesses immediately implement projects to develop industry, agriculture, trade, services, tourism, education and training, environmental treatment.

Binh Phuoc has a natural area of 6,873km2, of which agricultural land accounts for 64%; the current economic structure is: 23.4% agriculture, 43.77% industry, 32.83% services. Binh Phuoc also has the advantage of large land funds, adjacent to Binh Duong, Ho Chi Minh City and Dong Nai, which are dynamic and strong developing localities. It is also a gateway to the Central Highlands provinces and bordering the Kingdom of Cambodia; the high-speed transport infrastructure system connecting localities in the region, seaports, airports and trans-Asian railway are good conditions for future development.

Binh Phuoc currently has 13 operating industrial parks (IPs) with an area of 6,065 hectares that have been invested in infrastructure to connect services and utilities. At the same time, it has additional development planning in the future until 2030 with an area of IPs up to 18,105 hectares waiting for investors.

Currently, land rental prices in Binh Phuoc's industrial parks are relatively low, ranging from US$80 to US$100 per square meter for a 50-year lease. This offers a competitive advantage compared to neighboring provinces and cities, where prices range from US$130 to US$150 per square meter.

Binh Phuoc is targeting investment across various sectors, including industry, trade and services, tourism, agriculture, health and education. The province is focusing on overcoming obstacles, prioritizing infrastructure development, administrative reform and human resource training. Specific programs and actions are being implemented to achieve breakthroughs and address key tasks and solutions effectively.

To create a favorable investment environment, it's important to emphasize proactive, creative and flexible leadership with a motto of "dare to speak, dare to act, dare to take responsibility." This involves promptly addressing feedback and recommendations from investors and businesses to ensure a healthy and effective investment climate.

How do you evaluate the cooperation between ITTPC Binh Phuoc and enterprises in recent years?

In 14 years of its establishment, ITTPC Binh Phuoc has always clearly defined its functions and tasks as building long-term programs and plans, annually coordinating with relevant units to organize promotional events, searching, closely following, serving and supporting partners who are investors, entrepreneurs and enterprises inside and outside the province with a high spirit and responsibility.

We actively participate in seminars, conferences and forums on investment, trade and tourism promotion. Our goal is to inform, introduce and promote Binh Phuoc's image, environment and investment opportunities. We also emphasize consulting activities, offering support to enterprises and investors to explore and understand the opportunities available in the province.

We regularly communicate with departments, branches and industrial park investors to understand and address difficulties related to investment attraction conditions. We organize survey programs to learn from experiences in other provinces and cities. We report to and propose actions to the Provincial People's Committee, facilitating meetings and dialogues to direct timely solutions for enterprises.

We also organize activities to invite and host foreign business delegations and investors. These events include site visits, opportunities to explore investment environments, and direct meetings with provincial leaders for discussions and recommendations. At the end of each program, there are about five enterprises registered to invest and carry out investment procedures in the province.

Up to now, ITTPC Binh Phuoc has consulted and supported about 300 enterprises and investors to learn and invest in the province; supported enterprises to build and register trademarks for Loc Ninh pepper, Bao Phuoc ginseng, etc.

Over the past years, we have organized 60 training courses covering topics such as customs policies, tax updates, leadership skills, sales techniques, and marketing solutions. Additionally, we have hosted 10 domestic investment promotion conferences in Binh Phuoc and Ho Chi Minh City, as well as international conferences in Korea, Singapore, the Netherlands, Thailand and Japan.

ITTPC Binh Phuoc has been building relationships with investment and trade organizations, foreign consulates general, domestic and foreign associations to link and cooperate to effectively implement investment promotion and calling for investment in the near future.

Thank you very much!

By Song Uyên, Vietnam Business Forum