With abundant land resources, Binh Phuoc has the opportunity to welcome the "wave" of investment from Europe in large-scale high-tech agricultural projects and renewable energy projects.
EU businesses interested in agriculture, renewable energy
Recently, hundreds of European business leaders gathered in Binh Phuoc to attend the EuroCham - Binh Phuoc Province 2024 Forum on Connecting Industrial, Commercial and High-Tech Agricultural Enterprises. Many leading European corporations such as Heineken, De Heus, Big Dutchman... came to explore investment opportunities here.
According to a leader of the Binh Phuoc Department of Planning and Investment, this is probably the forum that has attracted the most European businesses to participate in Binh Phuoc so far. The number of businesses attending even exceeded expectations, when the hall with nearly 500 seats was full. That shows that the investment interest of European businesses is very large.
At the Forum, the two issues that European businesses were most interested in were high-tech agricultural investment and renewable energy. Mr. Gabor Fluit, General Director of De Heus Group Asia, said that with abundant land resources, Binh Phuoc offers attractive investment opportunities in agricultural development projects, high-value crops, aquaculture, and large-scale food processing.
In the future, the Vietnam - EU Free Trade Agreement (EVFTA) will create a positive development step for Binh Phuoc to expand its access to the EU consumer market of half a billion people. However, businesses must meet Europe's increasingly stringent requirements.
Earlier this year, De Heus Group worked with the leaders of Binh Phuoc province to discuss plans to develop and build a raw material area for animal feed production. In particular, the Group wishes to invest in a chain animal feed production plant and invest in developing more poultry breeding in Binh Phuoc province.
Regarding the renewable energy sector, Mr. Sergio Pereira da Silva, President of the Portuguese Association of Commerce and Industry, highly appreciated the development orientation of Binh Phuoc province towards renewable energy. According to him, with a total of about 2,500 hours of sunshine per year, Binh Phuoc has great potential to develop solar power with large-scale projects.
“We appreciate that Binh Phuoc province has considered developing rooftop solar power according to the self-production and self-consumption model and the behind-the-meter electricity model to transfer energy from one company to another as one of the priority action plans in the period 2024-2030. With such great potential, we believe that Binh Phuoc will become an attractive destination for European investors,” Mr. Sergio Pereira da Silva assessed.
What to do to take advantage of the opportunity?
Although highly appreciating Binh Phuoc's potential for attracting investment, many businesses participating in the Forum said that Binh Phuoc needs to further improve its business environment to attract EU investors.
Mr. Gabor Fluit, General Director of De Heus Group Asia, recommended that in order to attract European investors, the province needs to improve the business environment by simplifying administrative procedures related to enterprises. Another important issue is to reduce taxes or tax subsidies, creating transparency to create confidence for investors to invest long-term in Binh Phuoc.
“European investors want to join hands and bring the best resources to Binh Phuoc, especially in high-tech agricultural production. With the investment of EU enterprises, Binh Phuoc can boost exports, comply with strict EU regulations and establish its position as a high-quality, environmentally friendly agricultural center,” Mr. Gabor Fluit expected.
In response to the investors' recommendations, Ms. Tran Tue Hien, Chairman of the People's Committee of Binh Phuoc province, said that Binh Phuoc is investing in a synchronous transport infrastructure system. It is expected that by the end of 2026, the Ho Chi Minh City - Thu Dau Mot - Chon Thanh expressway and the Gia Nghia (Dak Nong) - Chon Thanh (Binh Phuoc) expressway will be completed. At that time, the distance from Binh Phuoc to Ho Chi Minh City will be shortened to about 70 km and the travel time to the seaport and airport will be shortened, better serving the needs of travel and freight transport.
Regarding procedures, over 80% of the province's administrative procedures are handled on the online public service portal. The time to handle administrative procedures on investment at all stages has been shortened to only 2/3 of the time prescribed by the Government.
When investing in Binh Phuoc, investors will enjoy the highest tax incentives and land rent exemptions according to the regulations of the Vietnamese Government. In addition, businesses are also supported with infrastructure connection to the project boundary, vocational training support...
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