Binh Dinh: Breakthrough in Investment Attraction

9:51:53 AM | 15/9/2020

In the first six months of 2020, Binh Dinh was the only province in the central key economic region to achieve positive growth in investment value and higher growth than the national average. From this successful foundation, from now until the end of the year, the province will focus on inviting domestic and foreign investors with strong potential and strong brands to invest in key projects in tourism - services, urban development, transport infrastructure, education, health, supporting industries, processing industry, high-tech agriculture and information technology, among others.

Explicit appeals

Situated in the South Central Coast and in the central key economic region, Binh Dinh province has a particularly important geo-economic position in regional and international exchanges. The transportation system, consisting of road, rail, water, air and sea lanes, is quite complete with five national highways. Particularly, National Road 19, which connects Quy Nhon international seaport with the North Central Highlands provinces and Vietnam - Laos - Cambodia border areas through Duc Co and Bo Y international border gates, is one of the axis roads in the central region to create the East-West route that promotes economic exchange and develops external cooperation. Currently, Binh Dinh province is investing in traffic routes in Phu Cat Airport - Nhon Hoi Economic Zone, Canh Vinh - Quy Nhon City, new National Highway 19, and a coastal route connecting economic regions and zones. Especially, Binh Dinh has Quy Nhon international seaport, Thi Nai port and Tan Cang Newport, which are key for economic development of seaports and logistics.

Strong makeover of Nhon Hoi

Addressing the Central Economic Development Conference held in Binh Dinh in August 2019, Prime Minister Nguyen Xuan Phuc emphasized: "The Central region has enough resources for rapid, high speed and more sustainable development, and we need to act right away”. Grasping this guiding spirit of the Prime Minister, the leaders of Binh Dinh province were determined to move forward for a substantial breakthrough.

According to the Binh Dinh general development plan, Nhon Hoi Economic Zone will become a driving force of Quy Nhon City and an economic locomotive of the central key economic zone in the south. The economic zone was expanded from 12,000 ha to 14,308 ha, and accelerated transport infrastructure connection to Quy Nhon City to shift development forces towards the north of the city. According to experts, it plays an important role in socioeconomic development of Binh Dinh province in particular and the Central Coast and the Central Highlands in general. At the same time, this place possesses poetic nature and a long-standing cultural identity, very suitable for resort tourism development - the so-called “shuttle” model that gives Nhon Hoi a chance to make breakthroughs.

Indeed, in 2020, Nhon Hoi has strongly transformed after expanding and shifting its focus to tourism development. With synchronous investment, it has become an attractive destination for domestic and international investors with outstanding projects such as Becamex Binh Dinh Industrial, Urban and Service Complex, Nhon Hoi 1 and Nhon Hoi 2 wind farms, Bamboo Airway Training Institute, and Ky Co Gateway Seaside Urban Area. Given its robust development over the past time, Nhon Hoi Economic Zone is playing an increasingly important role in the socioeconomic development of Binh Dinh province in particular, and of the Central Coast and the Central Highlands in general

Focus on inviting potential, well-branded investors

Determining that the year 2020 will witness breakthroughs in investment attraction and leverages to accelerate socioeconomic development, Binh Dinh aims to draw more domestic and foreign investment funds. After the COVID-19 epidemic is over, the province will organize investment promotion campaigns in developed economies (like Japan, South Korea, Australia, Singapore, Germany and the United States) or send documents to investment promotion events hosted by ministries and agencies to attract potential investors to Binh Dinh.

In addition, local investment authorities will focus on consistent and effective investment promotion activities and programs. Well-prepared promotion events will be made according to State policies to ensure that domestic and foreign investment funds will help local socioeconomic development. In addition to overseas promotion, Binh Dinh province will persuade existing investors to invite new ones to the province and support licensed projects to clear emerging hardships to speed up their projects.

For domestic investment, in the first six months of the year, the province granted licenses to 45 new investment projects with VND10,057 billion (US$430 million), including one FDI project with US$434,782, bringing FDI projects in the province to 81 with US$628.19 million of registered capital. 33 projects with US$490.7 million were licensed into economic and industrial zones and 48 projects with US$237.49 million were licensed outside economic and industrial zones. FDI project monitoring is carried out regularly. Most projects are implemented in full and on schedule. Binh Dinh province continuously reviews and urges project implementation, and terminates inactive projects. Provincial authorities regularly receive and work with domestic and foreign corporations to survey and seek investment opportunities in solar energy, tourism services and high-tech agriculture.

From now until the end of 2020, the province will call for investment in projects into Phu Hau - Cat Tien Amusement Park, Nhon Hoi Economic Zone, and Hoi Van hot spring area. Binh Dinh will focus on inviting strong potential, well-branded domestic and foreign investors to key projects in core industries like tourism - services, urban development, transport infrastructure, education, health, supporting industries, processing industry, high-tech agriculture and information technology. Priority will be given to attract projects that use environmentally friendly advanced smart technologies, effectively use resources and make competitive products. Binh Dinh will concentrate on small and medium investors bringing with clean and high technologies from Japan, South Korea, Europe and developed countries to accelerate occupancy rate of industrial zones, while fostering the development of supporting industries, downstream industries and associated services to create an attractive premise to woo larger investors.

Source: Vietnam Business Forum