13 international billionaires seeking investment opportunities in Binh Dinh province

The attraction of Binh Dinh 

Quy Nhon city hosted the 2024 Binh Dinh Province Investment Promotion Conference on the evening of March 29, with Deputy Prime Minister Tran Luu Quang and Mr. Bader Almatrooshi, the Ambassador Extraordinary and Plenipotentiary of the United Arab Emirates (UAE) to Vietnam, in attendance alongside leaders from various Central Ministries, sectors, and provinces in the region.

The conference attracted over 500 participants, including nearly 150 foreign businesses and investors. Notably, the event was attended by 13 international billionaires, founders, and leaders of leading global corporations.

According to Mr. Pham Anh Tuan, Chairman of the Binh Dinh Provincial People's Committee, in preparation for new investors, Binh Dinh is enhancing its infrastructure system and streamlining its transportation network; enhancing the efficiency of operations at the Quy Nhon port cluster; planning and supplementing large-scale deep-water ports in the northern part of the province; gradually upgrading Phu Cat airport to an international airport.

Most notably, Binh Dinh is a leader in local administrative reform efforts, which include simplifying procedures related to investment, construction, taxation, customs, and improving the relationship between investors, businesses, and the government. Binh Dinh is also one of Vietnam's fastest provinces in terms of processing time for administrative procedures such as investment licensing and construction permits.

Binh Dinh province possesses extensive clean land reserves, with developed industrial parks and clusters, for investors to implement projects. Furthermore, the local government offers attractive price frameworks for investors, with the leasing price of various industrial parks ranging from 25 to 60 USD per square meters per 50 years, which is significantly lower compared to that of other industrial parks across the country.

Mr. Bader Almatrooshi, Ambassador Extraordinary and Plenipotentiary of the UAE to Vietnam, shared at the conference: "Vietnam has demonstrated strong potentials in attracting approximately 500 billion USD in cumulative foreign direct investment. This figure reflects the tremendous efforts of the Vietnamese government, as well as the significant opportunities Vietnam presents to investors. With Vietnam's potential in maintaining its growth momentum, many countries around the world, including the UAE, are seeking solutions to enhance investment in Vietnam, including Binh Dinh province."

"The UAE is Vietnam's largest trading partner in the Middle East region. The signing of the Comprehensive Economic Partnership Agreement is expected to push the bilateral trade volume between the two countries to surpass the current milestone of 8 billion USD," Mr. Bader Almatrooshi added.

Mr. Aviv Brosilovsk, Chairman and CEO of Forta Pro Group in Israel, was accompanied by a delegation of Israeli investors consisting of numerous billionaires and technology experts. He revealed: "Israeli investors are very interested in high-tech agriculture, clean environment, and clean industry, and we have decided to allocate our investments across various sectors in Binh Dinh."

Professor Peter Palanugool, Thai billionaire and Chairman of Bangkok Assay Office Group, advised Vietnamese farmers to adopt technology in agricultural production with the aim of mitigating adverse effects on the ecosystem and the consumers' immune system. Accordingly, farmers must aim to produce high-quality agricultural products using green technology. "If farmers can master the technology, they can master the products. With an abundant labor force, Binh Dinh, equipped with additional technology, can fully unleash its local potential," emphasized Professor Peter Palanugool.

Inspirations from Binh Dinh

According to Mr. Nguyen Manh Hung, Minister of Information and Communications, green and digital transformations are mankinds' most crucial changes within the next few decades. Binh Dinh possesses advantages in both of these transitions. Namely, the province's green transformation is reinforced by its abundant sunlight and windswept terrain. Similarly, its digital transformation benefits from the province's poverty status.

Mr. Hung explained: "Transformation does not require significant investment, but the returns will be substantial. Digital transformation primarily revolves changes, and poverty means there is little to lose, fewer burdens of the past, thereby facilitating these changes. Binh Dinh possesses favorable conditions for both of these transformations, and we just need the determination of the provincial leadership. If Binh Dinh aims to lead, it must lead in innovation; and to lead in innovation, it must establish new infrastructure and modernize existing infrastructure."

According to Mr. Hung, future development will depend on technology, innovation, digital transformation, and human resources. "Rapid development requires new space. Digital transformation can create a new space, which is digital space. Rapid development requires new resources. Digital transformation can create a new type of resource, which is data. Sustainable development relies on innovation. Over 80% of innovative breakthroughs, over 80% of 'tech unicorns,' are located in the digital environment, using digital technology. Innovation consists primarily of digital innovation," added Mr. Nguyen Manh Hung.

Deputy Prime Minister Tran Luu Quang responded to every opinion, with an emphasis on those from investors, throughout the conference. He noted that the most distinctive feature of the 2024 Binh Dinh Investment Promotion Conference was the overwhelming participation of major investors. Consequently, the event will inspire investors' confidence in Binh Dinh's leadership.

"Binh Dinh province is known is its strong desire for development. Namely, the province has witnessed continuous changes within the last few years," emphasized Deputy Prime Minister Tran Luu Quang.

Deputy Prime Minister Tran Luu Quang shared several suggestions to further Binh Dinh's improvement: "Binh Dinh must be willing to compete with other provinces and cities in the region if it wants to develop. Similar to Binh Dinh, other provinces and cities also possess developed seaports, infrastructure, and airports. As a result, Binh Dinh must thoroughly utilize its unique strengths to achieve success. Additionally, it is necessary to collaborate in utilizing infrastructure to attract investment on a regional scale. Competition and collaboration may seem contradictory, but unless Binh Dinh can harmoniously addresses both, achieving development goals will be challenging."

"Most importantly, the government must accompany investors to ensure that they love the land of Binh Dinh as well as its officials and people. With these suggestions in mind, Binh Dinh will undoubtedly succeed in attracting investment," emphasized Deputy Prime Minister Tran Luu Quang.

In response to the Deputy Prime Minister's suggestions, Mr. Ho Quoc Dung, Secretary of the Binh Dinh Provincial Party Committee, pledged: "Binh Dinh will continue to create an open, safe, fair, and transparent investment environment, while also promoting administrative reform to provide the most favorable conditions for both domestic and foreign investors seeking to invest and operate in the province."

During the 2024 Binh Dinh Investment Promotion Conference, the Binh Dinh Provincial People's Committee approved the investment proposal and issued investment registration certificates for four projects with a total capital of 1,059 billion Vietnamese dong. These projects include a concentrated production and processing area for agriculture and forestry by Vinanutrifood Binh Dinh Joint Stock Company with an investment capital of 496 billion Vietnamese dong; a seafood processing plant by NSF Group Import Export Seafood Joint Stock Company with a total investment capital of 225 billion Vietnamese dong; a fertilizer production plant - Binh Dinh branch by Ca Mau Petrochemical Fertilizer Joint Stock Company with a total investment capital of 120 billion Vietnamese dong; the Cat Nhon 110kV substation and the Phuoc An - Dong Pho 110kV transmission line connection project by the Central Power Corporation of Central Vietnam with a total investment capital of 218 Vietnamese billion dong.

Additionally, the Binh Dinh Provincial People's Committee signed memoranda of understanding to explore and research investment opportunities for 17 projects across four sectors: industrial and agricultural production; information technology; human resource development; commercial, tourism, and investment services. Notably, there are ten agricultural and industrial investment projects funded by Bangkok Assay Office Group (Thailand).