BINH DINH — In a bid to attract foreign investment, a delegation from Vietnam’s central province of Binh Dinh, led by Secretary of the provincial Party Committee Ho Quoc Dung, hosted an investment promotion conference in the Republic of Korea (RoK) on November 3.
According to Vietnam News Agency, Binh Dinh province has been actively offering incentives and advantages to entice investors, highlighting the region’s strong points. Korean enterprises were apprised of the province’s competitive edge in administrative efficiency and favorable conditions created for private businesses.
Binh Dinh has been recognized for its effective economic governance, as indicated by its high ranking in the Provincial Competitiveness Index (PCI) for Vietnam. In 2022, the province achieved first place among 63 provinces and cities in the country for the equal competition sub-index of the PCI, reflecting its dedication to establishing an environment conducive to business for private enterprises.
The region’s administrative reform efforts were also underscored as some of the most remarkable across the nation. Officials mentioned that investors in Binh Dinh could benefit from exemptions in land rent and reductions and exemptions in taxes, contingent upon the sector of investment.
Binh Dinh has made significant strides from its previous status as an agriculturally-dependent province to becoming the sixth largest economy among the north central and central coastal provinces of Vietnam in terms of Gross Regional Domestic Product (GRDP). The province aspires to transform itself into a hub for science, technology, and innovation, with a particular emphasis on artificial intelligence (AI).
In a move to cement these aspirations, the People’s Committee of Binh Dinh province formalized a partnership with the Vietnam – Korea Businessmen and Investment Association (VKBIA) by signing a memorandum of understanding on cooperation.
Prior to the conference, the Binh Dinh delegation conducted meetings with the Office of Yongsan district in Seoul city, the authorities of Incheon city, and paid a visit to the Vietnamese Embassy in the RoK.