Binh Phuoc to improve FDI capital quality, effectiveness
|Footwear workers in Minh Hung Industrial Park - Korea in the southeastern province of Binh Phuoc. (Photo: baobinhphuoc.com.vn)|
This is part of the province’s action plan on completing institutions and policies to improve the quality and effectiveness of its cooperation with foreign investors towards 2030.
According to the provincial People's Committee, when attracting FDI, the province attaches importance to the quality of projects, giving priority to competent and prestigious investors and projects that use using modern technologies and leave a little negative impact on the environment.
The province also targets to disburse about 1.2-1.3 billion USD of FDI capital during the period 2021-2025 and about 3.5-4.2 billion USD during the period of 2026-2030.
It targets to have 50% of enterprises using advanced technologies, modern management, and environmental protection by 2025 and 100% by 2030. The localisation rate will increase from 20-25% to 30% in 2025 and 40% in 2030.
To reach the targets, the province plans to offer further support to small and medium-sized enterprises in start-up, innovation, connection with foreign investors, and cooperation in technology transfer.
It also seeks solutions to develop and boost the linkages between foreign investment and domestic investment. It plans to give priority to some key areas and develop value chains of key products to increase added value and competitiveness of the products in domestic and foreign value chains.
The province will implement synchronously and effectively government mechanisms and policies to create favourable conditions for businesses in transferring and applying science and technology to production. This is especially for technologies from abroad, gradually moving towards technological autonomy and participating in global value chains as well as helping to improve the technology absorption capacity of local organisations, individuals and businesses.
By now, Binh Phuoc province has planned 13 industrial parks with a total area of more than 6,000 hectares. Out of the 13 industrial parks, 12 have been put into operation, attracting 366 projects with a total capital of more than 3.5 billion USD of FDI and more than 12 trillion VND (508.26 million USD) of domestic capital.