Binh Phuoc Province Seeks Investments from EU Businesses

The southern province of Binh Phuoc introduced its potential and incentives to invite European investors to invest in industry, trade, and high-tech agriculture in the province at a business forum held in Dong Xoai city on March 12.

Giving a brief introduction of Binh Phuoc, Chairwoman of the provincial People’s Committee Tran Tue Hien said her province, about 110km from Ho Chi Minh City, is a rubber and cashew production hub. It owns an abundant land reserve for developing industrial parks, trade, service and urban areas, and high-tech agricultural projects.

Chairwoman of the provincial People’s Committee Tran Tue Hien. Photo: Le Toan

Binh Phuoc has a strategic geographical location, plays an important role in Vietnam’s new economic corridor, and is the gateway for economic, cultural, and social exchanges between the Southeast region, the Mekong Delta and the Central Highlands as well as with Cambodia, Laos, and Thailand.

It has a large land fund and a good transportation infrastructure system that smoothly connects it with the Central Highlands, the Southeast, and the seaport and airport system.

The province is home to comprehensive and gradually modernized infrastructure, along with 13 industrial parks that cover 4,686 ha and has an occupancy rate of 69%.

She went on to say that there are 413 foreign direct investment (FDI) projects worth USD 4.25 billion in Binh Phuoc at present. They include 17 projects with combined capital of USD 523 million from Europe, accounting for 12.3% of the total.

The forum is attended by representatives of 25 diplomatic delegations and over 100 leaders of EuroCham businesses. Photo: Binh Phuoc newspaper

With good infrastructure, good human resources, good policies, and good public services, Binh Phuoc will serve and satisfy investors, including members of the European Chamber of Commerce in Vietnam (EuroCham), at its best, Hien stated.

Hien hopes that through the forum, opinions will be heard, and good ideas and valuable experiences in local development orientation, especially solutions to exploit maximize and effectively promote the province's potential and advantages to promote rapid and sustainable socio-economic development.

This is also an opportunity for the province to introduce the image of the homeland and people of Binh Phuoc "harmony, gratitude, self-reliance, discipline, creativity" closer to international friends, businesses, and investors in the region and abroad.

The official pledged that her province will always stand side by side with businesses and are ready to create the best possible conditions for foreign investors, including European ones.

Gabor Fluit, Chairman of EuroCham Vietnam and CEO of De Heus Asia, said Binh Phuoc holds a strategic location in the southern key economic region and acts as an important gateway connecting Vietnam with Cambodia and other regional countries. With an abundant land resource, it offers attractive investment chances in agriculture, aquaculture, food processing, and large-scale production. Besides, favorable climate conditions also make it an ideal candidate for large renewable energy projects.

Thanks to the EU - Vietnam Free Trade Agreement (EVFTA), under which nearly 99% of tariffs will be eliminated and reduced in the next decade, Binh Phuoc is well-positioned to benefit from the expanded access to the EU market with 500 million people, he said.

Delegates visit the booths displaying Binh Phuoc's products. Photo: Binh Phuoc newspaper

Deputy Minister of Agriculture and Rural Development Phung Duc Tien said EuroCham businesses are not only technologically strong but also financially capable while the EU is a highly potential market for Vietnam’s agricultural sector. Therefore, the presence of European businesses will not only help Binh Phuoc sustainably develop agriculture but also contribute to local socio-economic development.

Within the framework of the forum on March 12, an exhibition program of Binh Phuoc's specialty products was held, displaying 25 booths of companies, businesses, and cooperatives in the province. The products displayed here are typical of Binh Phuoc, especially key agricultural products such as cashews, coffee, and pepper.

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