Binh Phuoc licensed a series of projects amounting to $1 billion

In particular, these projects are newly developed ones and it is anticipated that many of these projects will be put into operation in this year and next year. 

The Binh Phuoc Provincial People’s Committees has handed over the decision approving the investment policy and investment registration certificates to 11 foreign investment projects with the total investment capital of over $312 million. Of which, CP Vietnam JSC received two investment certificates for two factories in Binh Phuoc province. 

In addition, 13 domestic projects with the total investment capital of roundly $690 million were also granted investment certificates.

Furthermore, a contract between Binh Phuoc province and the investor of Becamex Binh Phuoc complex, Becamex IDC was also signed at this conference.

The main purpose of this contract is to promote a more open and transparent administrative procedures, provide electricity, water, telecommunications, financial services, etc. ensuring the best responsibility from both parties to enterprises when investing in Binh Phuoc province as well as in Becamex Binh Phuoc complex.

According to Nguyen Van Tram, Chairman of the Binh Phuoc Provincial People’s Committees, the average economic growth rate of the province between the period 2016-2018 is forecasted to increase by 6.83 per cent. Specifically, the income per capita in this year is estimated to reach $2,666 same as the income per capita of the whole country.

Huynh Thi Hang, Vice Chairwoman of the Binh Phuoc Provincial People’s Committees also added that by the end of July this year, the province had successfully attracted and developed 6,425 enterprises and over $2.3 billion of business registration capital. Particularly, in the first seven months of this year, 568 new enterprises had been established with a registered capital of nearly $324 million.

In terms of foreign direct investment (FDI), Binh Phuoc province had attracted 22 projects in the first seven months of 2018 with a registered capital of $314 million, of which $272 million of registered capital was from the seven investment projects of Becamex Binh Phuoc.

At present, 125 projects out of 185 projects attracting FDI have been put into operation, creating jobs for 48,500 workers, of which 60 per cent is from local people and 40 per cent is from other localities.

Specifically, Korean investors play crucial role with 81 projects, which have an investment capital of $456 million.

Additionally, many large enterprises from Germany and Japan also come to Vietnam to research on projects developing solar power. Vingroup, Dabaco and Thaigroup have also been implementing investment projects in the province.

Binh Phuoc province has a large area of agricultural land with great advantages in agricultural development, especially with high economic value industrial plants. The livestock sector of the province is also well developed with a large number of livestock and poultry farms in a concentrated and industrial scale.

Re-established in 1997, separated from the poorest districts of Song Be province, Binh Phuoc province currently has eight industrial parks with fully invested infrastructure. As planned, the province will have 13 industrial parks with total area of 4,686 hectares and Hoa Lu international border gate economic zone.