Tuesday,  Sep 25, 2018,06:39 (GMT+7) 0 0
Binh Phuoc licenses projects worth over US$1 billion
By Hung Le
Monday,  Aug 20, 2018,19:55 (GMT+7)

Binh Phuoc licenses projects worth over US$1 billion

By Hung Le

Prime Minister Nguyen Xuan Phuc poses for a group photo with investors who received investment certificates and in-principle investment approvals at the investment promotion conference in the southern province of Binh Phuoc today, August 20 – PHOTO: VGP

HCMC – The southern province of Binh Phuoc granted investment certificates and in-principle investment approvals to several projects, worth a staggering US$1 billion, at an investment promotion conference in the province today, August 20.

More than 600 delegates, including former State President Nguyen Minh Triet and current leaders of the ministries, central agencies and localities, as well as local and international investors, attended the conference.

The projects include 10 foreign direct investment (FDI) projects, worth more than US$315 million, and 14 locally invested projects, capitalized at more than US$818 million.

Nguyen Van Tram, chairman of the People’s Committee of Binh Phuoc Province, said that the province’s economic growth rate has reached an estimated 6.83% in the 2016-2018 period. Its per capita income averages at VND57.2 million (more than US$2,400) this year, equal to that of the country.

According to Tram, the province has great potential for the agriculture sector, of which the amount of farmland and volumes of some highly valued trees, such as rubber, cashew, coffee and pepper, are among the highest in the country.

To fulfill the targets of the industrialization and modernization processes, the province has focused on the development of the industrial sector so far, the local leader added.

As a result, eight industrial zones, covering more than 1,000 hectares and having adequate infrastructure, have been put into operation.

The province expects to have a total of 13 industrial zones, covering more than 4,600 hectares, as well as build a 28,300-hectare economic border zone at the Hoa Lu International Border Gate by 2020.

Binh Phuoc Party Secretary Nguyen Van Loi said that the local government always stands alongside businesses to help them ride out their difficulties and to create the most favorable conditions for them to do business and make investments.

High-tech, organic and clean agricultural projects, in addition to farming and forest product-processing projects, are high on the list of the province’s investment priorities.

Besides this, the local government has enticed private investors to develop projects involving healthcare, education, environmental issues and sports.

Meanwhile, the province has tried to limit the number of projects using outdated technology and disallow projects that can have adverse impacts on the environment.

Addressing the conference, Prime Minister Nguyen Xuan Phuc urged Binh Phuoc to further improve the business climate and remove bottlenecks for investors.

Lauding the province’s initiatives to attract more investments, including regular meetings between the local authorities and businesses, PM Phuc asked the province to create major breakthroughs in policies and development models.

He asked the local government to work towards doubling the number of companies to 10,000 by 2020.

The government leader expressed delight at the comprehensive development of the province’s socioeconomy, defense, security and foreign affairs.

The local per capita income should increase twofold by 2020, he stressed, adding that it is necessary for the province to develop smart agriculture and a hi-tech processing industry, as well as join regional and global value chains.

“Binh Phuoc should become more aware of its untapped potential, such as in the tourism industry, to create solutions for attracting investments and translate its potential into reality,” he stated.

He pointed out that the province has various stunning tourism attractions such as the Suoi Lam and Thac Dinh tourism areas and the Hoa Lu International Border Gate, which serves as a gateway for trade and exchanges of culture and friendship between Vietnam and other ASEAN member states.

PM Phuc also asked local authorities to prioritize the development of local brands, especially for local staples such as coffee and cashew.

The Prime Minister analyzed the province’s advantages in its economic geography, particularly its favorable transport location adjacent to Binh Duong Province, one of the nation’s economic locomotives, and Dong Nai Province, whose population is ranked second in the southern region. He said Binh Phuoc is cementing its position as an important industrial pillar of the country.

As such, he requested the Transport Ministry to study transport connectivity between Binh Phuoc and Dong Nai’s Long Thanh International Airport and to develop railways and ports in a bid to create momentum for local growth in the future.

Separated from Binh Duong Province on January 1997, Binh Phuoc is currently home to 6,425 companies whose registered capital is in excess of VND53.5 trillion (US$2.3 billion). It saw 568 new companies registered with total capital of about VND7.5 trillion (US$321 million) between January and July this year.

Meanwhile, the province has attracted 22 FDI projects worth US$314 million so far this year. At present, it houses 185 FDI projects, 125 of which have become operational and created jobs for 48,500 people.

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