Binh Phuoc Province makes breakthrough right from early 2021

In early 2021, Binh Phuoc Province also suffered impacts of the Covid-19 pandemic, causing its economy to be severely affected, and many enterprises to halt their operations. In that context, the province had continued to carry out the dual goal of socio-economic development and Covid-19 prevention and achieved many important results in the first months of the year.
This year, Binh Phuoc sets the task of continuing to focus on improving the investment environment, investing and developing the infrastructure of information technology and inter-regional traffic. From the beginning of the year, the provincial People's Committee in association with Becamex IDC Corporation organized online investment promotion seminars with Japanese and Taiwanese enterprises to call on foreign investors to invest in large-scale investment projects in the province.

In the first two months of this year, Binh Phuoc licensed 27 new projects, with total capital of more than VND3.28 trillion, and adjusted the investment policies of 26 projects. Of which, four projects increased investment capital by nearly VND174 billion, and two projects reduced their investment capital by more than VND63 billion. Up to now, the whole province has 1,118 projects with a total registered capital of more than VND98.16 trillion. Becamex Binh Phuoc Industrial and Urban Complex is a bright spot in investment attraction with 49 projects and a total investment of nearly US$1 billion. Twenty-four FDI projects increased their investment capital by an additional $413.93 million.

Noticeably, in the first two months of this year, the provincial budget revenue exceeded VND2.8 trillion, equal to 37 percent of the yearly estimate assigned by the Ministry of Finance, an increase of 81 percent over the same period last year, creating momentum to successfully implement the target of the Resolution of the 11th Congress of Party Committee of Binh Phuoc Province in the 2021-2025 term.

From the above results, this year, Binh Phuoc is confidently striving to achieve an increase of 8.5 percent-9 percent in the gross regional domestic product, total social investment capital at VND29 trillion, an increase of 16.4 percent, export turnover at $3.1 billion, an increase of 9.2 percent, budget revenue at VND12 trillion, an increase of 4 percent compared to last year, domestic investment capital at VND10 trillion, and foreign direct investment capital at $200 million. It will also continue to focus on social security policies.

Binh Phuoc is currently evaluated as a potential province. The fact that many investors with financial potential are looking for opportunities to develop large-scale projects is an opportunity for the province. Therefore, it has been focusing on promoting economic restructuring along with changing growth model, increasing productivity of key crops, enhancing the competitiveness of export products in the market, and promoting investment promotion, solving difficulties for enterprises. At the same time, the province also spares resources to invest in vocational training and job creation, effectively implement the poverty reduction policy, reducing 1,000 poor households who are ethnic minorities.

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