Binh Dinh province paves way for investments

By rapidly building a favourable environment for investors, Binh Dinh province has grown to be an appealing economic hub in central Vietnam, attracting both domestic and foreign investments in all key sectors.
Binh Dinh province paves way for investments ảnh 1Inside a warehouse of Ton Hoa Sen Group in Binh Dinh province. (Photo: VNA)
Binh Dinh (VNS/VNA) - By rapidly building a favourableenvironment for investors, Binh Dinh province has grown to be an appealingeconomic hub in central Vietnam, attracting both domestic and foreigninvestments in all key sectors.

This is attributed to the effort in boosting infrastructuredevelopment, Nguyen Tuan Thanh, Standing Vice Chairman of the ProvincialPeople's Committee, said at a press conference on March 23.

“Infrastructure investment is seen as the province’s ultimatecompetitive edge. With airports, seaports, airways, railways, waterways andinterconnected routes along the North-South and East-West economic corridors,as well as inter-regional and inter-district connections, Binh Dinh hasessentially completed its infrastructure,” Thanh said.

“This comprehensive infrastructure network positions the provinceas a highly attractive destination for investment.”

Binh Dinh province also focuses on building industrial zones andclusters to attract major investors and manufacturers.

As per the development plan for industrial zones and clusters inthe province, there are plans to establish 10-15 industrial zones covering atotal area of about 7,500ha by 2030. Currently, seven industrial zones havebeen successfully launched and are in operation.

Meanwhile, it aims to establish 68 industrial clusters spanning anarea of 3,470ha by 2030. Currently, there are already 42 operational industrialclusters, boasting an impressive occupancy rate of over 78%.

“The land clearance process has been expedited and there has beena relatively cohesive investment in infrastructure,” Thanh added.

Also contributing to the province’s successes are the improvementsin labour force and administrative procedures.

Currently, 50% of the province's population is of working age andthey have been well trained to meet employment needs.

“Every year, we can provide up to 3,000 appropriately trainedworkers for businesses,” Thanh said.

On the other hand, the province has created optimal conditions forbusinesses, aiming to expedite administrative procedures.

In 2023, Binh Dinh province ranked 18 out of 63 provinces andcentrally-run cities in terms of competitiveness index, while securing the topposition in terms of satisfaction among its residents and businesses.

Furthermore, it organised numerous investment promotionconferences in the province and in various countries in Europe, North Americaand Asia last year.

These conferences are crucial opportunities for both domestic andforeign investors to learn about the potential, advantages and opportunitiesoffered by Binh Dinh province.

Later this month, a trade promotion conference with the Vietnamese- Canadian Business Association (VCBA) will be held in Binh Dinh, theprovince's leader shared.

Future AI hub

Given the core target of sustainable and green growth, theprovince has shown interest in developing the information technology industry,especially AI technology.

“We use our best land fund for research and science. We have madeextensive efforts to attract software companies, including FPT, to set up theirfactories here,” Thanh said, adding that the establishment of such an ecosystemwill drive the province to become a powerhouse in artificial intelligence andadvanced science and technology in Vietnam as well as the region.

In 2021, FPT officially launched the Quy Nhon ArtificialIntelligence Research and Application Centre in Quy Nhon city, Binh Dinh. Andlast May, the company continued to build a research, production and experttraining centre complex here. The construction project has a total investmentof more than 2 trillion VND (44.7 million USD)./.
VNA

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