The southern province of Binh Duong raked in 3 billion USD in foreign direct investment (FDI) last year, doubling the year’s 1.5-billion-USD plan, according to Vice Chairman of the provincial People’s Committee Nguyen Thanh Truc.
Inside an FDI factory in Binh Duong province. (Photo: baodautu.vn)
Binh Duong is now home to over 3,700 FDI projects, with combined capital of 34.3 billion USD, invested by 65 countries and territories, Truc said, adding the province ranks second in the country in foreign investment attraction.
He said last year’s new projects aligned with the province’s priorities and met environmental standards. There were many hi-tech projects with a large registered capital, for example, the 171-million-USD Internet service supply project of a joint venture between Japan’s NTT Group and Vietnam Technology & Telecommunication JSC.
Great outlook in FDI attraction remains this year as a number of projects about to get permits have quite large capital, such as production expansion project, with an extra investment of 610 million USD, of paper producer Cheng Loong Binh Duong Paper from China’s Taiwan. The project is expected to enable the firm to produce 1 million tonnes of industrial paper and 50,000 tonnes of consumer papers.
The vice chairman added from 2016 – 2020, manufacturing accounted for a majority of FDI so the province has been encouraging FDI flows in trade, services and hi-tech.
In the first few weeks of 2020, Binh Duong has welcomed multiple groups of foreign investors to visit and explore local business opportunities. He highlighted the visit of President of Bumin Medical Group Chung Hungtae from the Republic of Korea to Binh Duong last week who said he wants to invest in healthcare in the southern province.
The RoK was Binh Duong’s fifth largest foreign investor in 2019 with nearly 3.2 billion USD injected into over 800 projects, most of which in textile and garment, footwear, automotive support industry, healthcare, beauty products and food processing./.