Overview of Quy Nhon city (photo: Dung Nhan)

With determination to create an open, quality and sustainable environment for investment in order to improve the competitiveness of the economy; accelerate the provincial planning for the period 2021-2030, with a vision to 2050, clearly define the position and role of Binh Dinh in the central key economic region. Right from the beginning of 2021, Binh Dinh province has proactively developed the scenario of many programs and events such as the Korean Investment Promotion Conference in Binh Dinh (about 300 guests); Binh Dinh Tourism Investment Promotion Conference (scale of 250 guests), China (Taiwan) and Japan Investment Promotion Conference... However, due to the complicated developments of the fourth "wave" of the Covid 19 epidemic in nationwide, those plans had to be halted.

However, the province's investment promotion activities have been changed from face-to-face to online, so many events are organized and attended by the province: US Investment Promotion Webinar into Binh Dinh province; Korea, Japan Investment Promotion Seminar; Vietnam - Middle East Webinar; Investment Promotion Conference in the context of Covid-19: Changes and measures to reduce risks for foreign investors; online meetings with Ambassador Pham Sanh Chau, Vietnamese Ambassador to India on attracting investment from Indian businesses into industrial clusters in the province; Online conference to develop socio-economic development plan and public investment in 2022; Webinar on guidelines for implementing international investment commitments; Meeting Europe 2021: Vietnam - EU Partnership after Covid 19 and the publication of the Eurocham White Paper 2021; "Developing offshore wind power for Vietnam's clean energy future" Webinar; the 9th online seminar with businesses in Saitama Prefecture, Japan in the Northern region.

Provincial leaders meets with FPT Corporation and Mckinsey Company (USA)

In addition, the province  had an online meetings with Yongsan District, KIND Association, KOICA, Samsung Engineering Enterprise (Korea) on promoting smart city infrastructure construction projects; German Chamber of Commerce and Industry in Vietnam and PNE Group (Germany) on offshore wind power project promotion; and attended the India - Vietnam Investment Forum 2021 in Ho Chi Minh City.

The provincial leadership also met online with FPT Corporation, Hung Thinh Corporation, Goldburger Co., Ltd (Korea); Thagrico Binh Dinh Company (Truong Hai Group)… to propose to survey and invest in a number of key projects.

In the recent years, administrative reform has always been paid special attention and flexible and comprehensive direction has been given to speed up the reform process, completing the economic growth targets, and gradually meet the development needs and drastically improve the investment environment.

The reform has received high consensus of the departments and localities, especially when Binh Dinh has proactively reduced the time to process investment procedures from 32 days to 25 days and considers this as one of the practical supports for investors coming to Binh Dinh. The Ministry of Planning and Investment greatly endorsed and appreciated the reduction of the province. 

In August 2021, the Provincial People's Committee (PPC) held a conference to discuss solutions to remove difficulties and promote production and business for businesses due to the impacts of the Covid -19 epidemic, which was attended by leaders of departments, agencies, units, associations and many businesses in Binh Dinh attended the conference.

Significantly, the PPC Chairman established the Investment Promotion and Support Working Group with the main task of promoting and supporting investors and businesses investing in the province, timely solving the problems arising in the investment process. The Working Group has proposed to amend, supplement and complete a number of regulations, mechanisms and policies to create a more open and attractive investment environment; step by step create breakthroughs in attracting investment to the province and mobilizing investment resources to upgrdae the infrastructure system, especially infrastructure in Nhon Hoi Economic Zone, Becamex VSIP Industrial Park; transport infrastructure, tourism infrastructure...

Kurz Group (Germany) invests in the first project in Becamex VSIP Binh Dinh Industrial Park

This is also a specific move, demonstrating the province's determination in investment support, improve the efficiency of attracting investment from different capital sources. Thereby, after a few months of efforts and the "contribution" of the Working Group, the province has attracted two large projects of over VND 62,000 billion VND in industrial production. In particular:

- Regarding domestic investment: the province attracted 93 projects of over VND 104,340.19 billion (down 40% in the number of projects, up 102.22% in total capital compared to 2020); of which: 66 projects are outside economic zones EZs and IPs and industrial parks with approximately VND 95,461.22 billion (22 projects in industrial clusters, of VND 266.74 billion), 27 projects in economic zones and industrial parks, of VND 8,878.97 billion and 11 projects raised investment capital with a total amount of VND 27,121.9 billion.

- Regarding foreign investment: In 2021, the whole province granted investment certificates for 4 FDI projects of USD 80.34 million.

7 projects applied for capital increase with an increase of USD 32.23 million and 8 cases of foreign investors registering to contribute capital, buy shares of USD 17.8 million. 

At present, the province has 86 FDI projects with total registered capital of USD 1,08 billion; of which there are 38 projects of USD 843.35 million USD in economic zones (EZs) and industrial parks (IPs) and 48 projects of USD 245.56 million USD outside EZs and IPs.

Approximately 1,000 new enterprises were established with a total registered capital of about VND 12,500 billion. Currently, approximately 8,200 enterprises are operating in the province.

Though enormous efforts have been made to promote investment, remove difficulties and obstacles for businesses, the complicated situation of the Covid-19 epidemic has caused significant impact on the province’s investment attraction.

Secretary of the Provincial Party Committee Ho Quoc Dung visits FPT Software Quy Nhon Company (FPT Corporation)

In 2022, Binh Dinh shall focus on inviting domestic and foreign eligible investors to invest in key projects of 5 main pillars, including: Industry; tourism; high-tech agriculture; port and logistics services; urban economy associated with urbanization. Improvement of the investment environment continues to be given priority, with focus on improving the quality of human resources, completing the socio-economic infrastructure, developing the northern growth pole in accordance with according to the Resolution of the 20th Provincial Party Congress.

More efforts shall be made to improve the business environment, infrastructure and administrative reform which includes online public services. Start-ups and innovation are promoted; and industries, fields and businesses adapting to the requirements of the 4th industrial revolution are encouraged to develop.

Investment promotion shall be enhanced in key domestic and foreign markets such as Binh Duong, Ho Chi Minh and Hanoi cities, countries such as Germany, Japan, Korea, Australia, the United States...; with special attention to large domestic enterprises so as to attract foreign economic corporations.

In addition to the administrative reform of paperwork and procedures, the Department of Planning and Investment is determined to provide specific support to each investor with large projects. In the short term, support shall be given to key projects such as: Offshore wind power project of PNE Group (Germany), high-tech heat-press emulsion factory of Kurz Group (Germany), Becamex VSIP Binh Dinh Industrial Park and Service Center of Becamex IDC, High-tech Agriculture project of Truong Hai Group , Hai Giang tourist area, Vinh Hoi tourist area...

Auctions and bids are well organized to select investors for large projects to generate budget revenue and attract more investment.

The provincial leadership shall strengthen business contact and dialogue, encourage people and businesses to send comments directly to mailboxes and hotlines to receive and handle petitions timely and effectively. Transparency of administrative procedures is promoted, inspection and supervision are increased in order to minimize issues of administrative procedures. Plans are reviewed and strategic plans for each area's development are developed. Industrial development space is expanded, construction of new industrial parks and clusters is planned and supplemented; infrastructure conditions, especially land resource is well prepared/

In order to improve scores, rankings and achieve a good position on the PCI rankings in 2022 and create positive momentum in the following years, Binh Dinh will proactively find out the causes, and propose practical solutions to implement in the near future.

With the consistency n of policies, synchronous solutions and the determination of the authorities and people at all levels, Binh Dinh province is determined to improve competitiveness, promote and attract investment, continue to achieve important results, create a driving force for the province's socio-economic development.