Binh Phuoc (VNA) – The southern province of Binh Phuocintroduced its potential and incentives to invite European investors to invest in industry, trade, and high-tech agriculture in the province at a business forum held in Dong Xoai city onMarch 12.

Giving a brief introduction of Binh Phuoc, Chairwoman of theprovincial People’s Committee Tran Tue Hien said her province, about 110km fromHo Chi Minh City, is a rubber and cashew production hub. It owns an abundantland reserve for developing industrial parks, trade, service and urban areas,and high-tech agricultural projects.

The province is home to comprehensive and gradually modernised infrastructure,along with 13 industrial parks that cover 4,686 ha and has an occupancy rate of69%.

Shewent on to say that there are 413 foreign direct investment (FDI) projects worth4.25 billion USD in Binh Phuoc at present. They include 17 projects with combinedcapital of 523 million USD from Europe, accounting for 12.3% of the total.

Withgood infrastructure, good human resources, good policies, and good publicservices, Binh Phuoc will serve and satisfy investors, including members of theEuropean Chamber of Commerce in Vietnam (EuroCham), at its best, Hien stated.

Theofficial pledged that her province will always stand side by side withbusinesses and are ready to create the best possible conditions for foreigninvestors, including European ones.

Gabor Fluit, Chairman of EuroCham Vietnam and CEO of De HeusAsia, said Binh Phuoc holds a strategic location in the southern key economicregion and acts as an important gateway connecting Vietnam with Cambodia andother regional countries. With an abundant land resource, it offers attractive investmentchances in agriculture, aquaculture, food processing, and large-scaledproduction. Besides, favourable climate conditions also make it an idealcandidate for large renewable energy projects.

Thanksto the EU - Vietnam Free Trade Agreement (EVFTA), under which nearly 99% oftariffs will be eliminated and reduced in the next decade, Binh Phuoc iswell-positioned to benefit from the expanded access to the EU market with 500million people, he said.

DeputyMinister of Agriculture and Rural Development Phung Duc Tien said EuroChambusinesses are not only technologically strong but also financially capable whilethe EU is a highly potential market for Vietnam’s agricultural sector. Therefore,the presence of European businesses will not only help Binh Phuoc sustainablydevelop agriculture but also contribute to local socio-economic development./.