Footwear workers in Minh Hung Industrial Park - Korea in the southeastern province of Binh Phuoc. (Photo: baobinhphuoc.com.vn) Binh Phuoc (VNA) – The southeastern province ofBinh Phuoc had targeted to draw in 2-2.5 billion USD in foreign directinvestment (FDI) during the period from 2021 to 2025 and 5-6 billion USD from 2026 to 2030.
This is part of the province’s action plan on completinginstitutions and policies to improve the quality and effectiveness of itscooperation with foreign investors towards 2030.
According to the provincial People's Committee, whenattracting FDI, the province attaches importance to the quality of projects,giving priority to competent and prestigious investors and projects that use using modern technologies and leave a little negative impact on theenvironment.
The province also targets to disburse about 1.2-1.3 billionUSD of FDI capital during the period 2021-2025 and about 3.5-4.2 billion USD during the period of 2026-2030.
It targets tohave 50% of enterprises using advanced technologies, modern management, and environmental protection by 2025 and 100% by 2030. The localisationrate will increase from 20-25% to 30% in 2025 and 40% in 2030.
To reach thetargets, the province plans to offer further support tosmall and medium-sized enterprises in start-up, innovation, connection withforeign investors, and cooperation in technology transfer.
It also seeks solutions to develop and boost the linkages between foreign investment and domestic investment. It plans to give priorityto some key areas and develop value chains of key products to increaseadded value and competitiveness of the products in domestic and foreign valuechains.
The province will implement synchronously and effectivelygovernment mechanisms and policies to create favourable conditions forbusinesses in transferring and applying science and technology to production. This is especially for technologies from abroad, gradually moving towards technologicalautonomy and participating in global value chains as well as helping to improvethe technology absorption capacity of local organisations, individuals andbusinesses.
By now, Binh Phuoc province has planned 13 industrial parkswith a total area of more than 6,000 hectares. Out of the 13 industrial parks, 12 have been put into operation,attracting 366 projects with a total capital of more than 3.5 billion USD ofFDI and more than 12 trillionVND (508.26 million USD) ofdomestic capital./.
