Binh Phuoc Development Investment Fund Spurring Local Economic Growth

Since its inception, Binh Phuoc Development Investment Fund has received valuable support from the Provincial Party Committee, the Provincial People’s Council, the Provincial People’s Committee, the Fatherland Front Committee, provincial departments and branches; the close, devoted and responsible leadership of the Fund’s Board of Directors; and the solidarity, enthusiasm and devotion of all the staff. Valuably, the fund has the trust, support and companionship of customers to achieve satisfactory results in all aspects of operation. From an initial capital of VND40 billion, after 10 years of continuous efforts, the fund now has a charter capital of nearly VND200 billion. Its current operating capital ranges from VND250 billion to VND400 billion, and its assets include 200 ha of rubber and adjacent house projects.

 

With its mandated mission, Binh Phuoc Development Investment Fund always promotes its role as a bridge between the business community and the province, contributes its efforts to bring infrastructure works (schools and markets), traffic routes in border and remote areas and inter-district roads in the province into operation to help boost socioeconomic development and create jobs for local people in its involved projects. It also actively supports businesses to pass through tough difficulties. After 10 years of operation, Binh Phuoc Development Investment Fund at all times satisfies the Class A fund status, increases its revenue and profit year after year. The fund never loses State funds, while ensuring salaries for its staff.

 

The major difficulty of the Binh Phuoc Development Investment Fund is its limited capital source, while the demand for capital from investment projects and enterprises is high. However, being aware of its roles and responsibility in carrying out socioeconomic development objectives in the province, Binh Phuoc Development Investment Fund always strives to mobilise unemployed capital of local enterprises to finance capital-short projects. To date, the fund-financed projects have positively contributed to the socioeconomic development of Binh Phuoc province.

 

Ms Vo Thi Anh Dao, Director of Binh Phuoc Development Investment Fund, said, in spite of using all of available funds and mobilised capital, the fund cannot meet all borrowing needs from investment projects and local enterprises. This is also an ongoing concern of the fund. Besides, as Vietnam has officially joined the ASEAN Economic Community, signed Trans-Pacific Partnership (TPP) Agreement, and concluded a number of free trade agreements with South Korea and the EU, more opportunities and challenges will come together.

 

In that context, Binh Phuoc Development Investment Fund must first of all have enough finance and expertise. Specifically, in finance, in addition to effectively using existing capital, the fund will seek effective projects for active investment in a bid to increase its capital while building up the trust of the provincial government of Binh Phuoc to get more working capital and strengthening the confidence of customers to raise more from them. Regarding expertise, the fund has adopted clear, transparent and compact mechanism to assure customers of the fund, while training its staff with good moral virtues, professional knowledge, experience and devotion to meet working requirements.