Binh Phuoc will be an attractive destination for foreign investors

In 2023, the value of agricultural, forestry and fishery production in Binh Phuoc province increased by 10.25% compared to the same period in 2022. Of these, the livestock industry alone grew impressively, at 25.4%. This has been the highest agricultural growth rate in the country.

At the recent “EuroCham High Technology Agriculture, Industrial & Commercial Enterprises Connection Forum – Binh Phuoc Province 2024” that took place recently, delegates made comments on opportunities, potential, and solutions for Binh Phuoc high technology applied agriculture development.

Key tasks, key sectors

According to Resolution No. 01-NQ/DH dated October 22, 2020, of the 11th Binh Phuoc Provincial Party Congress (term 2020-2025), agricultural development has been oriented with three key tasks: Creating raw material and processing areas and forming chain links with 3 key industries: livestock, farming, and forestry; 3 main export products: Livestock (pigs, chickens), cashew nuts, wood products. Simultaneously, there are 3 overall support solutions: Re-planning raw material production areas and policies to attract and support high-tech agriculture.

The general goal of the agricultural sector of Binh Phuoc province is to strive to increase the area of agricultural production by applying high technology to 10,800 hectares by 2030. The rate of farms safely raising pigs and poultry is about 90%; Form at least one high-tech agricultural zone; 1 to 2 agricultural areas applying high technology, clean agriculture, and organic agriculture with an area of about 1,000 - 2,000 hectares; Develop 100 agricultural cooperatives applying high technology.

Speaking at the forum, Mr. Pham Thuy Luan, Director of Agriculture and Rural Development of Binh Phuoc, said that developing high-tech agriculture is the primary and inevitable trend of the province. To gradually increase the added value of agricultural products, agriculture applying high technology and scientific and technological innovation is considered one of the vital and central solutions. Applying high technology to solve challenges in agricultural development helps agricultural production save costs, increase productivity, and improve the quality of agricultural products and protect the environment.

On the other hand, it helps farmers be proactive in production, overcome seasonality, reduce dependence on weather and climate, and meet market demand for agricultural product quality.

Great opportunity for sustainable agricultural development

Mr. CEO of Dutch agri-business giant De Heus in Asia and Vietnam commented: "Binh Phuoc is strategically located in the southern key economic region, acting as an important gateway connecting Vietnam, Cambodia and the region. With abundant land resources, Binh Phuoc offers attractive investment opportunities in agricultural development projects, high-value crops, aquaculture, food processing, and large-scale production.

The favorable climate confirms that Binh Phuoc is an ideal candidate for large-scale renewable energy projects, following Power Plan VIII and the Fair Energy Transition Cooperation Agreement. In the future, the EU - Vietnam Free Trade Agreement (EVFTA) promises to be a positive development step for Binh Phuoc. With a nearly 99% reduction in tariffs over the next decade, Binh Phuoc is well-positioned to benefit from expanded access to the EU's 500 million consumer market.

Mr. Gabor Fluit said that, with abundant land resources, Binh Phuoc offers attractive investment opportunities in agricultural development projects of high-value crops and with large-scale production.

Also at the forum, Mr. Sergio Pereira da Silva, Chairman of the Chamber of Commerce and Industry Portugal – Vietnam (CCIPV) and Vice-Chair of EuroCham's Green Growth Sector Committee, said: "We welcome Binh Phuoc province for proposing the Plan. The green growth action plan for 2024 - 2030 demonstrates great efforts for a sustainable path, aiming to adapt well to climate change and have a clean industrial economy by 2050. We appreciate Binh Phuoc province's development orientation towards renewable energy, prioritizing huge resources and high economic potential such as solar energy. With a total number of sunshine hours of about 2,500 hours/year, Binh Phuoc has great potential to develop solar power with large-scale projects of thousands of MW in operation, and there is still much fiscal space for further exploitation.

"With great potential, we believe Binh Phuoc will become an attractive destination for foreign investment. To achieve this, we recommend that Binh Phuoc soon position the province as a consumer, not just a producer of renewable energy, and implement new energy-saving measures soon. Economic growth and sustainability are interdependent with each other", Mr. Sergio Pereira da Silva, Chairman of the Chamber of Commerce and Industry Portugal – Vietnam (CCIPV) and Vice-Chair of EuroCham's Green Growth Sector Committee.