Binh Phuoc Province invites investment from EU companies

The "Business Connection Forum - Industry, Trade, and High-tech Agriculture EuroCham - Binh Phuoc Province 2024" holds significant importance as it provides a platform for Binh Phuoc to showcase and enhance its presence, enabling both local and international investors to explore the province's pivotal projects.

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Binh Phuoc province, located about 110km from Ho Chi Minh City, presented its potential and incentives to attract European investors in industry, trade, and high-tech agriculture at a business forum on March 12 in Dong Xoai city.

Binh Phuoc, known for its rubber and cashew production, has abundant land reserves for developing industrial parks, trade areas, urban areas, and high-tech agricultural projects.

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

Binh Phuoc plays a significant role in Vietnam’s economic corridor and serves as a gateway for economic, cultural, and social exchanges with the Southeast region, the Mekong Delta, the Central Highlands, Cambodia, Laos, and Thailand.

The province has a well-connected transportation infrastructure system linking it with the Central Highlands, the Southeast, and the seaport and airport system.

Binh Phuoc boasts comprehensive and modernized infrastructure, including 13 industrial parks covering 4,686 ha with a 69% occupancy rate.

Currently, there are 413 foreign direct investment (FDI) projects worth USD 4.25 billion in Binh Phuoc, with 17 projects worth USD 523 million from European investors, 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

Binh Phuoc, with its favorable infrastructure, human resources, policies, and public services, aims to provide the best conditions for investors, including members of EuroCham.

Through the forum, Binh Phuoc hopes to gather opinions, ideas, and valuable experiences to effectively promote its potential and advantages for rapid and sustainable socio-economic development. It also seeks to introduce the image of Binh Phuoc’s people and homeland to international friends, businesses, and investors.

Binh Phuoc commits to standing side by side with businesses and creating the best possible conditions for foreign investors, including Europeans.

Gabor Fluit, Chairman of EuroCham Vietnam and CEO of De Heus Asia, highlighted Binh Phuoc’s strategic location in the southern key economic region, acting as an important gateway connecting Vietnam with Cambodia and other regional countries. Binh Phuoc offers attractive investment opportunities in agriculture, aquaculture, food processing, and large-scale production. It also has ideal conditions for large renewable energy projects due to its favorable climate.

Thanks to the EU – Vietnam Free Trade Agreement (EVFTA), which eliminates and reduces nearly 99% of tariffs in the next decade, Binh Phuoc can benefit from expanded access to the EU market with 500 million people.

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

Deputy Minister of Agriculture and Rural Development Phung Duc Tien stated that EuroCham businesses are technologically and financially strong, and the EU is a highly potential market for Vietnam’s agricultural sector. Thus, the presence of European businesses in Binh Phuoc will contribute to sustainable agriculture and socio-economic development.

As part of the forum, an exhibition program showcasing Binh Phuoc’s specialty products was held, featuring 25 booths of local companies, businesses, and cooperatives. The displayed products represent Binh Phuoc’s key agricultural products, including cashews, coffee, and pepper.

Hannah Nguyen