Most of investors have identified that Bình Thuận province has many special potentials for developing tourism, industry, real estate, and renewable energy.
Leveraging potentials, improving the investment environment
Binh Thuan is located on the North-South economic corridor, connecting the coastal region of South Central, Southeast, and Central Highlands. Binh Thuan is considered an ideal destination for investors with new potentials and opportunities. To leverage and optimize the development potentials, the province has been making efforts to enhance its competitive capacity, significantly improve the investment and business environment. At the same time, Binh Thuan province has implemented administrative reforms and actively prepared conditions regarding infrastructure and facilities.
At the announcement ceremony of the Binh Thuan provincial planning for the period 2021 - 2030, with a vision towards 2050, Mr. Đoan Anh Dung - Chairman of the Provincial People’s Committee shared: Binh Thuan will continue to improve the coherence of mechanisms and policies, determine to reform administrative procedures, improve the investment and business environment, enhance competitiveness; with a focus on putting people and businesses at the center of service. “The province will maximize and effectively utilize State, private, and social resources to boost investment in developing a modern, comprehensive infrastructure system; continue to concentrate on attracting investments, with a focus on developing three pillars: industry, services, and agriculture…” emphasized the Chairman of the province.
At the announcement ceremony, many investors have expressed their views on the development potential of Binh Thuan province. Mr. Vo Hong Thang, Director of the consulting and project development service sector at DKRA, shared: Binh Thuan is one of the provinces with many advantages. Firstly, Binh Thuan has many beautiful beaches, and especially in recent times, the infrastructure has started to be completed, particularly with the expressway connecting Ho Chi Minh City and the Southeast region as well as being part of the North-South expressway system, along with the bustling development of Long Thanh airport. Therefore, Binh Thuan has significant advantages to attract tourists and investors to explore and invest in real estate as well as related industries. Additionally, the province’s urban planning announcement will provide clearer direction for investors, enabling them to identify values and investment needs more precisely. They will be more confident to invest when there are clear policies, especially considering the legal issues that real estate enterprises are concerned about.
“For our company, we are also seeking investment opportunities in Binh Thuan, especially in residential and tourism real estate in Binh Thuan,” Mr. Thang stated.
Mr. Dennis Ng Teck Yow, CEO of Novaland, believes: “Our company has been implementing the NovaWorld Phan Thiet coastal economic and entertainment urban area since 2019, and we expect this to be a top destination not only in Vietnam but also a bright spot on the regional tourism map. The competitive advantage lies in the new facilities, unique entertainment spots, and novelty. We will strive to accompany the development plan of Binh Thuan’s night-time economy with a full presence of commercial and service activities, culture, entertainment, dining, shopping, and night tourism services; thereby contributing to the overall socio-economic development of Binh Thuan and specifically its tourism sector, continuing to create employment opportunities for local residents and regions towards sustainable development goals.”
Mr. Pham Thai Binh, CEO of Dong Sai Gon Industrial Investment and Development Corporation, highlighted the diverse investment opportunities in Binh Thuan province beyond tourism, including forestry, renewable energy, and industrial sectors. He emphasized that Binh Thuan has great potential in terms of airports, seaports, highways, and other favorable conditions that provide a strong impetus for development. Mr. Binh stated that Binh Thuan has identified three main pillars of development: industry, services, and agriculture. Becamex IDC, a company experienced in urban industrial development, has been approved by the Prime Minister to develop the 468-hectare Son My 2 Industrial Park in Binh Thuan. This marks the beginning of strong investment and development efforts by Becamex in Binh Thuan, including the urban industrial and service area of Ham Tan La Gi. Mr. Binh expressed hope that these projects will be implemented soon, with the province providing favorable support for investors as in the past.
Regarding the renewable energy sector, Mr. Joe Uddo, Chairman of AES Vietnam and investor in the Son My LNG terminal project, emphasized Binh Thuan’s potential for green energy development due to its geographical location, natural conditions, and human resources. AES, a major US investor in the energy sector in Vietnam, views the Son My LNG terminal project as crucial in contributing to Vietnam’s future energy needs. The gas volume from the plant will have the capacity to supply energy to 15 million households. The construction of the plant will create over 1,500 jobs and improve the quality of life for local residents. Mr. Uddo also highlighted that the project in Binh Thuan provides opportunities for technology transfer, knowledge sharing, and long-term advancements in the energy sector.
Today, Binh Thuan is like what the Provincial Party Secretary Duong Van An once compared to: “In the past, Binh Thuan was like a charming girl but in a remote, distant, and harsh region, so few paid attention. Nowadays, that girl has grown more beautifully, with convenient living and transportation, and more luxurious homes. Every young man wants to visit her.”
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