Vietnamese, foreign firms secure investment nods in Binh Dinh province

A host of Vietnamese and foreign companies have received green-lights to proceed with projects in the central coastal province of Binh Dinh which is seeking to become a regional economic hub.

At an investment promotion conference that saw the presence of nearly 500 Vietnamese and foreign businesses on Friday, the provincial People's Committee signed memoranda of understanding on aviation cooperation in 2024 with Vietnam Airlines, Vietjet Air and Vietravel Airlines.

It also granted an in-principle approval and investment registration certificate to Vinanutrifood Binh Dinh Joint Stock Company to build a VND496 billion ($19.84 million) concentrated agricultural and forestry production and processing zone, and NSF Group Aquatic Product Import-Export One Member Company Limited to implement a VND225 billion ($9 million) seafood processing factory project, respectively.

Ca Mau Petroleum Fertilizer Joint Stock Company will inject VND120 billion ($4.8 million) into a fertilizer factory; while Central Power Corporation is working on the Cat Nhon 110kV transformer station and the Phuoc An-Don Pho 110kV transmission line and 220kV switching station, with a total investment of VND218 billion ($8.72 million).

The People's Committee also approved investment research proposals for the Green Growth project by Energy Capital Vietnam, and the Nexif Ratch Binh Dinh Wind Power Plant project by Nexif Ratch Energy SE Asia Pte.Ltd with a proposed investment of VND5.5 trillion ($220 million).

Dan On Foods Joint Stock Company received a nod to invest $10 million in a food and seafood processing factory.

In the field of information technology, Hanoi Telecommunications Joint Stock Company (Hanoi Telecom) was allowed to implement a VND125 billion ($5 million) data center project in the locality.

This year's conference attracted many world-famous businessmen such as Peter Palanugool, chairman of Bangkok Assay Office Co., Ltd. (Thailand); Cyril Dissescou, CEO of Nexif Ratch Energy SE Asia Pte., Ltd (Singapore); Chun-Seon Park, chairman of Inpyung Group (South Korea); Davis Lewis, founder and CEO of Energy Capital Vietnam, LLC.

Addressing the event, provincial Chairman Pham Anh Tuan stated that municipal authorities will offer the best incentives to investors when pouring money into the province.

Investors will enjoy the highest incentives under the Vietnamese government’s regulations in terms of land rent and corporate income and import tax rates.

They will have access to complete electricity, water, transport and telecommunication infrastructure, he pledged.

The time to carry out all procedures from applying for investment license to securing a construction permit is no more than 118 days, 124 days less than the regulatory period, he stated.

The local leader informed that Binh Dinh has invested in many industrial parks and clusters and prepared large land funds (20-30 hectare along the East-West and coastal roads each year). Many local industrial parks offer rental rates of around $25-60 per square meter for 50 years, much lower than some other industrial parks across the country.

In addition, this province is focusing on attracting investment to build international hospitals, nursing centers, and schools, he added.