Attracting investment for industrial development in Binh Thuan

Last year, the attraction of non-budgetary investment in the field of Industry and Trade in Binh Thuan reached nearly 32,000 billion VND, accounting for more than 70% of the total capital attracted for social development investment of the province...

Industrial sector flourishes

Closing 2023, the Management Board of Binh Thuan Industrial Parks said that the whole year attracted 9 new investment projects (including 8 domestic projects, 1 foreign-invested project) with a total registered capital of 1,494 billion VND and 3.6 million USD... Meanwhile, in industrial clusters, in Duc Linh district alone, there are a number of projects registered for implementation: Korean FDI project investing in the production of spare parts and other auxiliary parts for automobiles and other motor vehicles (capacity of 1,200 tons of products/year), investment project of Furniture Factory (capacity of 108,000 products/year). In addition, there is also the project of the Factory producing all kinds of shoes of Nam Ha Vietnam Shoes Company Limited with a registered capital of more than 1,345 billion VND, which was also inaugurated and officially put into operation before the new year 2024.

Deep processing of titanium minerals in Binh Thuan. (Illustration photo)

In particular, in Binh Thuan, a number of large-scale projects with the expectation of creating momentum to promote rapid and sustainable development of local industry have recently been approved by competent authorities and are implementing investment preparation procedures. These include the Son My LNG Port Warehouse project (total investment capital of more than 1.3 billion USD), or the Son My I and Son My II LNG Thermal Power Plant projects with a total capacity of 4,500 MW (total investment capital of about 4 billion USD)...

According to the assessment of the Department of Industry and Trade, industrial production activities in Binh Thuan in 2023 will still maintain growth with an increase of 3.8% compared to 2022 (according to 2010 comparative prices). Notably, the electricity and gas production and distribution industry group increased by 11.66% compared to the previous year, at the same time rising to the top in the industrial structure as well as contributing mainly to the overall growth of the provincial economy. Therefore, implementing the tasks of 2024, the local Industry and Trade sector will strengthen investment promotion to effectively exploit the potential and advantages of Binh Thuan to strongly develop industrial sectors.

Continue to call for investment

Thanks to the highway sections passing through the province that have been put into use, the "bottleneck" of overlapping between the planning of titanium exploitation and reserves with other planning has gradually been removed, thus creating conditions for Binh Thuan industry to aim to attract large-scale projects. Currently, Binh Thuan is also building a list of priority projects to mobilize non-state budget investment capital in the province for the period 2021 - 2030, with a vision to 2050. Accordingly, in the industrial sector, it will continue to call for investment in a number of power source projects such as: NLG Mui Ke Ga gas power and projects of solar power plants, wind power, hydropower, other power sources (biomass power, waste power, cogeneration power, storage batteries, hydropower on irrigation reservoirs, pumped storage hydropower, etc.).

For the manufacturing, processing and production industry, the focus is on calling for investment in: Factories producing specialized electric motors; Factories producing electric wires and cables, electrical equipment and accessories; Factories manufacturing and assembling electrical and electronic equipment, computer components, high-tech equipment; Factories producing components and equipment for the renewable energy industry; Factories producing engines for ships and boats and manufacturing and assembling machinery and equipment for agriculture and fishing; Ship, boat and marine equipment repair and building areas. In addition, priority is also given to investing in factories: Manufacturing accessories, spare parts and components for all kinds of automobiles; Manufacturing and assembling automobiles; Manufacturing and processing steel structures, steel mesh; Manufacturing steel-core plastic doors. Or attracting investment in factories producing artificial boards; Factories producing handicrafts, household furniture; Factories producing ceramic tiles, interior decoration materials...

Meanwhile, the agricultural - forestry - fishery processing sector will focus on attracting investment in factories: Processing food, meat, fruit; Processing products from local key agricultural products; Processing products from salt and products after salt production; Processing canned food, soft drinks; Processing and producing raw materials and additives for the animal feed industry... As for the mineral exploitation and deep processing industry, it will attract investment in factories for deep processing of minerals...

This year, the Department of Industry and Trade also focused on advising the Provincial People's Committee on plans to implement a number of national sectoral plans in Binh Thuan in conjunction with the harmonious development of other economic sectors. These include: Planning for exploration, exploitation, processing and use of minerals in the period of 2021 - 2030, with a vision to 2050; National power development planning in the period of 2021 - 2030, with a vision to 2050; National energy master plan in the period of 2021 - 2030, with a vision to 2050... Through that, it is the basis for the locality to continue to attract resources to invest in industrial development to rise to its full potential and affirm itself as one of the three economic pillars of Binh Thuan.

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