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Perspective of Long Son Hoai Nhon Iron and Steel Complex project

As of December 31, 2022, Binh Dinh province has attracted 81 new projects (80 domestic projects, 01 foreign project) with total value of VND 19,644.61 billion and increased investment capital of 17 projects with total increased value of VND 19,475.5 billion, which reaches 135% of the plan set out at the beginning of the year to attract 60 projects. Specifically:

For domestic investment attraction: 33 projects register to invest in industrial clusters with total value of VND 2,110.61 billion, 21 projects in the economic zone and industrial parks with total value of VND 3,310.46 billion, 26 projects outside economic zone, idustrial parks and industrial cluster with total value of VND 14,123.53 billion.

Being divided by sector: 56 projects in industries, 11 projects in trade, services and tourism, 9 projects in real estate, construction, infrastructure, 2 projects in agriculture 1 project in information technology and  project in Education.

With regard to attracting foreign investment, the province has attracted 1 project with value of USD 4 million and 5 projects registered to increase capital with an increase of USD 16.04 million. Currently, the province has 87 FDI projects with a total registered capital of over USD 1.11 billion.

Signing a memorandum of cooperation between the province and German Chamber of Industry and Commerce (AHK)

In 2022, many foreign investors from countries and territories with leading economies such as: Germany, Korea, Japan, Singapore, Israel, Australia, New Zealand, Thailand, etc. visited Binh Dinh. It is expected to receive foreign capital flow from these investors in the next years.

There were 1,203 newly established enterprises with total registered capital of VND 10,118.99 billion, increasing 28.39% compared to the same period the year before in terms of the number of registered enterprises and decreasing 20.4% the registered capital amount.

Export turnover in 2022 is estimated at 1,550 million USD, up 9.3% compared to the same period the year before, reaching 114.8 % of the year plan. Some items increased compared to the same period the year before such as: Cassava and cassava products were of US$ 64.8 million, up 66.4%; seafood products of USD 169.3 million, up 61.7%; textiles and garments of USD 284.6 million, up 47.2%; wood of different kinds of USD 310.3 million, up 36.6%...

Some commodities decreased compared to the same period such as: rice of USD 43.2 million, down 36.6%; plastic products of USD 152.3 million, down 29.3%; wood products of USD 465.8 million, down 6.9%...

Import turnover in 2022 is estimated at USD 469.6 million, down 1% compared to the same period the year before, reaching 102.2% of the year plan. Some items increased compared to the same period the year such as: seafood products  were of USD 110.1 million, up 71.8%; animal feed and raw materials of USD 73.3 million, up 22.9%; fabrics of different kinds USD 51.5 million, up 18.7%...

Some commodities decreased compared to the same period such as: fertilizer was of USD 11.8 million, down 54.3%; wood and wood products USD 56.5 million, down 2.5%; raw materials for textile, garment, leather and footwear 84.9 million USD, down 0.2%;…

To enhance investment attraction, in 2022, the province has effectively implemented a number of key programs such as:

(1) Organizing auctions, bidding, and selecting investors for a number of large and key projects (2) Promoting and supporting investment in Quy Hoa Science Urban Area; (3) Signing cooperation agreement on communication and investment promotion between Binh Dinh province and Vietnam Airlines, Bamboo Airways, Vietjet Air; (4) Organizing an investment promotion trip and an investment promotion conference into Binh Dinh in Korea; (5) Organizing investment promotion conferences with Germany, Thailand, and Korea (6) Supporting and solving investors' problems and difficulties through the Provincial People Committee’s Chairman's Investment Promotion and Support Working Group; (7) Updating, adjusting and supplementing the priority list of calling for investment in Binh Dinh province in the period of 2021 - 2025; (8) Developing a set of Competitiveness Indexes for District, Township and Department (DDCI) levels.

Binh Dinh Investment Promotion Delegation in Korea

The province's investment promotion work in Binh Dinh province achieved numerous positive outcomes last year when investment promotion methods were diversified, digital transformation was applied in investment supervision; many eligible investors continued to make investment in new projects, some projects were completed and put into operation. However, there are constraints such as: the efficiency of production and business activities of some enterprises in the province is not high; some key industries of the province had decreased production index or low growth rate compared to the same period; some manufacturing industries lack input material; domestic and international demand of a number of products have decreased, especially from large markets (such as China, Korea, Japan, the US and the EU), the development of diversified investment proportions has not been commensurate with the potential of the province.

Identifying sources of non-budget capital (private investment) is very important for the socio-economic development of the province and it is one of the tasks contributing to the successful implementation of the Resolution of the 20th Provincial Party Congress, term 2020 - 2025. In 2023, the province will continue to organize many online conferences on investment promotion with other countries, actively expand international cooperation relationships and establish bilateral cooperation relationships with oversea provinces and cities. The province also sets out a number of specific key tasks as follows:

First, continue to mobilize resources to complete traffic and industrial park infrastructure, providing human resource training, focusing on inviting industrial projects, building social housing, housing for workers, providing adequate and timely labor resources for enterprises in the province.

Second, continue to promote administrative procedure reform, focus on digital transformation, develop high-quality services to meet production and business requirements of enterprises and development needs, industrial and urban areas of the province to create the most favorable conditions for investment.

Third, attract investment focuses on the fields of 5 main pillars, including: industry; travel; high-tech agriculture; port and logistics services; urban economy associated with urbanization. selectively attracting projects that use land economically, save energy, use high technology, clean technology, are environmentally friendly, have high added value, pay large budgets and contribute to rapid and sustainable socio-economic development.

Focus is put on developing modern, large-scale, environmentally friendly industries, spearhead service and industries associated with environmental protection, solving social problems, and using land economically and improving the quality and efficiency of investment capital.

Fourth, increase investment promotion and management activities, strengthen investment support activities, improve the business investment environment and create a favorable and attractive investment environment for investors.

Fifth, a list of investment attraction is made for the period of 2023 - 2025, which clearly identifies key projects focusing on exploiting the potential and advantages of the locality, accelerating the completion of investment procedures in industrial parks and industrial clusters with advantages in the province, in addition to the planned industrial parks and industrial clusters.

Sixth, effort is made to attract more than 60 projects each year (including foreign capital) and the following year increases by 10% compared to the previous year in terms of the number of projects. The aim is to attract over VND 20,000 billion of registered investment capital each year (including foreign capital) and the following year increases by about 10% of the registered capital compared to the previous year. The disbursement rate is expected to be over VND 20,000 billion per year, including foreign capital.

Seventh, continue to implement cooperation programs with domestic provinces: Binh Duong, Ha Tinh, Gia Lai, Hanoi, Ho Chi Minh and foreign cities: Izumisano (Japan), Yongsan, Incheon (Korea); Universities: FPT, Hanoi Polytechnic, Ton Duc Thang, etc. in accordance with the cooperation program between organizations and localities with Binh Dinh Provincial People's Committee. Cooperation with 04 airlines Vietnam Airlines, Vietjet, Bamboo Airways, Vietravel Airlines shall be implemented as signed.

Eighth, organize dialogues with enterprises. Binh Dinh attaches great importance to the business community, the province always recognizes the great contributions of the business community. In 2023, the province leadership shall organizes regular meetings with businesses to get their opinions; as a result, promptly removing difficulties and obstacles for businesses.

In 2023, it is forecast that the global production will face more challenges and this will affect the economic growth of Vietnam in general and Binh Dinh in particular. However, with the consistent view of respecting the position and role of the business community and investors in the province's socio-economic development and with the motto "taking the people and businesses as the service center", Binh Dinh province is committed to providing maximum support for investors and businesses to find different, successful and sustainable investment opportunities in the province.