Binh Duong Finished the FDI Attraction Plan 2016 – 2020

With more than 9.9 billion USD of FDI capital from 2016 to October 2019, Binh Duong has completed early and exceeded the plan to attract FDI and investors come to set up company in Binh Duong in the period 2016 – 2020, creating a premise for the breakthrough developments in next time.

According to the latest report of Binh Duong Department of Planning and Investment, from the beginning of the year to October 31st 2019, over 2.77 billion USD of FDI was licensed to invest in Binh Duong, increases by 69% compared to the same period last year and far surpassed this year’s plan (the plan is to attract 1.5 billion USD).

This result has brought Binh Duong to the third position in the country in terms of FDI attraction. Up to now, Binh Duong province has attracted more than 3,700 FDI projects from 64 countries and territories with a total registered capital of nearly 34 billion USD, mainly in the fields of industrial production, trade and services.

Some large-scale projects licensed to invest in industrial zones from the beginning of the year until now are: projects of Sharp Manufacturing Co., Ltd. (Japan), investment capital of 135 million USD; 2 projects of BW Industrial Development Company Limited (joint venture between Becamex IDC and Warburg Pincus LLC, USA) with total registered capital of 106 million USD; the project of Nitto Denko Co., Ltd (Japan), investment capital of more than 186 million USD…

In order to attract sustainable FDI, Binh Duong province has implemented the Renewal Program to attract investment in the 2016 – 2020 period, which aims to attract 7 billion USD of FDI in the whole period.

Updated information from the Department of Planning and Investment of Binh Duong shows that from 2016 to the end of October 2019, Binh Duong attracted more than 9.9 billion USD of FDI, exceeding 41% compared to the 2016 – 2020 5-year plan, exceeding both the attracted investment capital and the completion time compared to the set plan.

According to the statistics of functional departments of Binh Duong province, with nearly 75% of total FDI capital in the field of industrial production, in the period of 2011 – 2016, the FDI sector contributed over 67% of the industrial production value of the province, ensuring the economic structure of the province in the right direction with industry and services playing a leading role.

In 2018, the FDI sector contributed over 49.6% of the total social investment capital and accounted for nearly 20% of Binh Duong’s total budget revenue. FDI enterprises also contribute to connecting with domestic enterprises, focusing on industries with high technology content, supporting industries, producing competitive products, contributing to meeting supply needs of raw materials for production of domestic enterprises as well as creating high export value, contributing to the province’s trade surplus in 2018 reached nearly 5 billion USD…

Program No. 34-CTr / TU of December 15th 2016 of Binh Duong Provincial Party Committee on renovation and attraction of investment in the 2016 – 2020 period in Binh Duong province aims to focus investment attraction in the cooperation with large economic corporations in the world; strengthen calling and attracting FDI in high-tech fields with high added value, less labor-intensive and environmentally friendly; focusing on attracting to industrial zones, planned industrial clusters…

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Directive No.10/CT-TTg on Promoting Prevention and Control of Covid-19

At the moment many countries in the world, the epidemic of severe acute respiratory syndrome coronavirus (Covid-19) continues to have many new complicated and unpredictable developments, especially in Korea, Japan, Italy, Iran and other countries. On February 25, 2020, the Prime Minister signed the Directive no.10/CT-TTg on promoting prevention and control of the Covid-19 epidemic (“Directive no.10/CT-TTg) to continue the effective implementation of Covid-19 anti-epidemic solutions.

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Ministries, Departments, People’s Committee of Provinces and cities under central continues to improve against epidemic, do not neglect, subjective, strictly implementation of prevention solutions, anti-epidemic in accordance with Directive no.05/CT-TTg dated January 28, 2020 and Directive no.06 / CT-TTg dated January 31, 2020 of the Prime Minister; continue to strictly control people crossing trails and openings in border provinces; strictly implement solutions on the management, control and prevention of epidemics in aviation activities, tourism and cross-border transportation of goods. The Ministry of Foreign Affairs continued to discuss with the Chinese about the Vietnamese citizens who come from epidemic cities and provinces of China could only enter Vietnam through international border gates.

For the people who enter from epidemic areas of South Korea and from epidemic areas of territories or other countries: The Ministry of Foreign Affairs immediately announced to the South Korea and countries and territories with Covid-19 epidemic of anti-epidemic measures which are applied in Vietnam, in which Vietnam will pause for entry Vietnam for persons who coming from or passing through the epidemic area, the people who entry for official purposes in special cases need to declare the medical situation and isolate for 14 days. The government notices Vietnamese citizens not to go to epidemic areas in other countries, except in case of necessity. If they do go to this area, when they enter Vietnam again, they will be isolated for 14 days. In addition, it is important to notice and pursuade the Vietnamese citizen living and working in South Korea (especially in Daegu and Gyeongsangbuk) to comply with guidance on local measures to prevent the spread of Covid-19, do not go to an infected area and has the ability to be affected by the epidemic recommended by the host country.

In addition, the Ministry of Health performs the isolation in the medical facility for the suspected person and other people as required by the health organizations. The Ministry of Defense prepare material facilities, equipment and places for reception and accommodation to conduct intensive isolation for people who are not in cases of concentrated isolation at health organizations; directing the application of measures to reduce the density of isolation in border provinces to ensure cross-contamination in isolated areas. The Ministry of Public Security shall notify the Ministry of Defense, the Ministry of Health and the People’s Committees of provinces and cities concerned about information on passengers from the epidemic area to enter Vietnam for the implementation of medical isolation. The Ministry of Transport direct the flights from the region of South Korea landing in Van Don Airports (Quang Ninh Province), Phu Cat (Binh Dinh province) and Can Tho (Can Tho city). The Ministry of Culture, Sports and Tourism recommends that people restrict travel to epidemic areas in the unnecessary case; If they still go this place, when they enter Vietnam, they will have to be isolated for 14 days as the regulation.

In addition, the Ministry of Health continues to implement mandatory medical declarations for cases of entry from epidemic countries and territories. People’s committees of provinces and cities under central authority performs medical monitoring and timely medical isolation when there are any symptoms of the disease against the persons coming from the epidemic area into Vietnam within 14 days; perform supervision, medical declaration, health monitoring for citizens from other parts of South Korea.

By the issuance and implementation of Directive no.10/CT-TTg, the Government of Vietnam hopes to quickly prevent and reverse the Covid-19 epidemic to stabilize the socio-economic situation for the country.

The legal direct impact to companies and business will be the delay in visa, work permit, temporary residence card application for foreigners entering Vietnam. Manufacturing companies and other companies in other sectors impacted by disrupted goods transportation, people traveling restriction will face financial loses, leading to being unable to pay salary, social insurance and other mandatory contributions. Further, they might unlawfully terminate the labour contracts with employee. Potential disputes in labour areas would rise in big scale. The disruption of goods and services would also lead to dispute in performance of contracts, which will need to be closely monitored.

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