Binh Phuoc (VNA) – The southern province of Binh Phuoc has so far attracted 105 foreign direct investment (FDI) projects worth over 1.17 billion USD, and more than 18.8 trillion VND (some 740.3 million USD) from 54 domestic projects, the provincial People’s Committee reported on December 4.
As of September 15, a total of 35 projects had been granted exemptions or reductions in land lease fees, amounting to over 356 billion VND. Additionally, 134 businesses had received exemptions or reductions in corporate income tax with a total value of more than 125.8 billion VND, while 16 projects had been exempted from import tax worth over 96.5 billion VND. The total amount of import tax exemptions for raw materials and supplies used in processing and producing exports exceeded 7.78 trillion VND.
According to Chairwoman of the provincial People’s Committee Tran Tue Hien, after more than two years of implementation, incentives have proven effective, contributing to luring more investment flows to the locality.
As many as 3,200 new businesses with a total registered capital of over 40.6 trillion VND were established in Binh Phuoc in the period.
Domestic and foreign investments have not only helped create jobs for labourers and increase the province's budget revenue but also contributed to driving local economic growth over the past three years, Hien said.
The locality’s economy expanded by 8.9% in 2022 and 11.8% in 2023. The figure is predicted to stand at 8.7% in 2024, with budget revenue hitting over 12.73 trillion VND./.
