return icon Vietnamnet.vn

Binh Duong lures foreign investors with special care

The southern province of Binh Duong has taken the lead for foreign direct investment (FDI) attraction thanks to its methods of taking care of investors.

Thousands of workers of Yazaki EDS Vietnam, which manufactures car parts in Di An City, are now very busy fulfilling orders.

Yazaki EDS struggled to survive from the pandemic. When the first Covid-19 cases were discovered at its factory on July 7, 2021, it had to suspend operation immediately.

To keep production uninterrupted, Yazaki applied the ‘three on-site’ model for three months, with resources equal to 20 percent of its current capacity. At that time, it operated modestly to ensure delivery to partners.

Besides paying higher production costs under the conditions of lockdown, it also had to pay many other expenses to ensure production, including salaries for 11,000 workers within three months, though they were not working.

When Vietnam began returning to its new normal, Yazaki resumed production quickly. With many orders coming, it has had to recruit 1,000 more workers.

Sang Ban Mai JSC, which manufactures electricity generators in Ben Cat town of BinhDuong province, also suffered from the pandemic.

According to CEO Tran Thanh Trong, the company also operated under the ‘three on-site’ model for three months. Affected by the pandemic, its revenue and profit in 2021 dropped by 30 percent.

In early 2022 the company began recovering production to fulfill the orders of 2021. As of August 2022, its revenue increased by 10 percent year on year.

In January-May 2022, Binh Duong obtained important achievements in socio-economic development, with registered domestic investment capital of VND30.997 trillion and registered FDI of $2.5 billion, turning it into the top FDI attractor in the country. Lego and Pandora are among its investors.

To date, Binh Duong has 4,000 valid foreign-invested projects totaling over $38 billion and 29 industrial zones (IZs) totaling 13,000ha.

The increased FDI and expansion of IZs have given Binh Duong opportunities for socio-economic development and made it the favorite destination of migrant workers.

Binh Duong chair Vo Van Minh said the province pursued the government policy of fighting the pandemic and maintaining production in a safe and effective manner. 

The ‘three on-site’ helped avoid production disruption and prevent the spread of Covid-19.

“There were difficult decisions that we had to make, hanging by a thread. But now we can say for sure that the decisions were absolutely right,” Minh said. 

He emphasized that Binh Duong always pays high attention to attracting investments, both domestic and foreign. The province has organized investment promotion conferences to understand investors’ problems and help solve them. Local officials have also gone abroad to meet with investors.

Xuan An

MORE NEWS

PM’s Europe trip spreads message about strongly recovering Vietnam

Prime Minister Pham Minh Chinh’s trip to attend the ASEAN-EU Commemorative Summit and visit Luxembourg, the Netherlands, and Belgium from December 9 to 15 will extend a message of a strongly recovering Vietnam

VIETNAM NEWS HEADLINES DECEMBER 8

PM’s trip to elevate Vietnam – EU to new height: diplomat

Vietnam changes rapidly after 25 years of Internet connection

The decision to connect to the Internet 25 years ago was a brave act, showing a long-term vision, contributing to comprehensive changes in the country, experts said at the 25th anniversary of Vietnam's Internet and Internet Day 2022 on December 7.

Policies needed to ensure sharing economy development is on-track

Sharing economy was not only creating opportunities to increase income but also opening up a new and flexible market, thereby creating a growth engine and increasing productivity for micro, small and medium – sized enterprises.

Some businesses are still paying high dividends

While many enterprises are facing difficulties, some plan to spend trillions of VND to pay dividends and buy treasury stocks.

Vietnamese box office smash to premier in Australia

According to Box Office Vietnam, The Girl from the Past has generated revenue of VND53 billion (US$2.2 million) after debuting in Vietnamese cinemas.

French Senate President arrives in Hanoi, beginning official visit to Vietnam

French Senate President Gérard Larcher arrived in Hanoi on December 8 morning, beginning an official visit to Vietnam at the invitation of National Assembly Chairman Vuong Dinh Hue.

Vietnamese film to compete at Golden Globe Awards

“Dem Toi Ruc Ro”, known as “The Brilliant Darkness” in English, a movie on domestic violence by American director Aaron Toronto, features in this year’s list of Golden Globe Awards’ nominees.

PM attends inauguration of Vietnam International Defence Expo 2022

Prime Minister Pham Minh Chinh and military officers pressed buttons inaugurating the Vietnam International Defence Expo 2022 at Gia Lam airbase in Hanoi on December 8.

Money borrowers face black credit traps on online lending apps

A lot of money borrowers have been recently cheated on online lending applications which seem to ask for simple procedures at first but then claim cut-throat interest rates.

Young scientist becomes first Vietnamese awarded by UK Royal Aeronautical Society

With the Young Persons’ Achievement Award, Dr. Nguyen Huyen Duc has become the first Vietnamese scientist to receive the prize from the UK’s Royal Aeronautical Society (RAeS).

Revelations of an e-cigarette seller

After exchanging text messages via social media, VietNamNet’s reporter, who acted as an e-cigarette buyer, decided to meet the seller and discovered many things that made him shiver.

Vietnam’s fruits enter choosy markets

In the domestic market, a red-flesh pomelo is priced at VND23,000-45,000/kg. In the US, it is VND535,000 per kilogram.

Vietnam imports nearly US$190 million of pork in Jan-Oct

Vietnam had imported 89,000 tons of pork products worth US$189.02 million in the year to October, contracting over 34% in volume and nearly 40% in value year-on-year, according to the Foreign Trade Agency under the Ministry of Industry and Trade.

Over VND9.6 trillion proposed for upgrading HCMC’s polluted canal

The HCMC People’s Committee has proposed investing over VND9.6 trillion in the Xuyen Tam Canal upgrade project at a meeting this morning, December 7, according to the local media.
back_to_top