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  Foreign Investment

Binh Duong shifts economic structure, attracts foreign investment

Binh Duong province has maintained good growth rate in the last few years thanks to shifting of economic structure towards a more industrial and services basis.

In 2003, the province achieved an industrial growth rate of 36.1% higher than that of 2002, thanks to the increase of investment capital from non-state sector and the flow of foreign direct investment capital. The growth rate is also the result of diversification of industries and products including rubber and wood processing, food processing, beverage and drinks as well as production of household electronic products such as television and radio sets, telecommunication equipment and automobile vehicles. The province has 22/25 items having good growth rate. The State-owned economic sector still keeps the leading position, especially in major sectors such as electricity and chemical production.

The most prominent feature of the growth in Binh Duong is the increased proportion of services in the economy. Export in the province also saw good growth with the FDI sector playing an increasing role. The province has an export-import balance of US $72 million in favour of export.

Its agriculture, also achieved an impressive growth rate of 5.6% in 2003.

These encouraging achievements of the province are attributable to orientations and policies of the Party and the State, the leadership of the local authority and the efforts of the people. The province�€™s initiative to roll out �€˜red carpet�€™ to welcome investors, both local and foreign, to do business there, has yielded fruits. By the end of 2003, the province had attracted 805 FDI projects with total capital of US $3.6 billion. It has 13 industrial zones.

New challenges and opportunities are still there for the province to overcome in 2004 so as to be able to make it an attractive destination for investment.

Nhan Dan - (28/01/2004)

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