Wave of 'huge' investments to flood central Vietnam province Binh Dinh: official

Investors are considering pouring cash into the south-central province of Binh Dinh, including foreign giants, said standing Vice Chairman of the province, Nguyen Tuan Thanh.

Success of investment promotion event

Since the beginning of the year, Binh Dinh has attracted 13 new projects with total registered capital of more than VND2.2 trillion ($86.5 million), according to the provincial People's Committee.

Among them, there have been four projects in economic zones (EZs) and industrial parks (IPs) with total investment capital of VND158.3 billion ($6.22 million), and nine outside EZs and IPs with combined capital of over VND1.87 trillion. At the same time, 13 existing projects have added VN249.7 billion ($9.81 million).

A number of large projects have been given in-principle approvals, including an VND861 billion ($33.84 million) housing area project in Tuy Phuoc district by a consortium of Phu Tai JSC and An Phat Land Investment JSC, and a VND495 billion ($19.45 million) concentrated agro-forestry production and processing area proposed by Vinanutrifood Binh Dinh JSC.

EZs and IPs in the province have continued to call for investment to build factories and technical infrastructure to serve production activities. However, Binh Dinh did not attract any new foreign direct investment (FDI) projects in Q1 this year.

The province now has 86 FDI projects with total registered capital of over $1.08 billion. Of which, 38 projects, totaling $843.3 million, are in EZs and IPs, and 48 with $245.5 million are located outside.

With the successful organization of the Amazing Binh Dinh Fest 2024 from March 22-31, Thanh said the locality has created a great reputation domestically and globally. The event helped the province affirm its ability to organize international events and stimulate tourism demand, especially international visitors, he said.

Most importantly, it attracted interest from many investors through two investment and trade promotion conferences, he added.

"The province granted in-principle approvals and memoranda of understanding to investors. After the conference, a number of businesses returned to explore investment opportunities. This was the biggest success of the Amazing Binh Dinh Fest 2024," Thanh noted.

Accelerating progress of motivational projects

In Q2, Binh Dinh province will focus on creating conditions for investors to accelerate the construction and completion of already registered projects, according to Thanh.

The locality will deliver support in terms of planning and project preparation procedures for a number of projects, he said, adding it has established a working group to assist the chairman of the provincial People's Committee in this work.

"We will provide maximum support. If successful, this will be a push for the province to develop industries in the future," he emphasized.

In May, Binh Dinh plans to organize a dialogue with businesses throughout the province to remove difficulties facing them, he added.