With its strong industrial development, Binh Duong has become a top choice for foreign investors coming to Vietnam, including those from Taiwan (China). To achieve fast and sustainable growth, Binh Duong hopes foreign businesses in general and Taiwanese ones in particular will focus on high-tech industries.
Taiwan leads in FDI projects
On August 20, 2024, Taiwan’s Cheng Loong Group held a groundbreaking ceremony for the third phase of the Cheng Loong Binh Duong Paper Plant project in the Protrade International Industrial Park. The plant is being developed in five phases, with the first phase starting in December 2015 and officially entering production in January 2018 with the annual capacity of 350,000 tons of products. Cheng Jen Ming, Chairman of Cheng Loong Group shared that in 2015, the company invested in the first phase of a paper manufacturing plant covering 75 hectares with the annual capacity of 1 million tons of industrial paper and 50,000 tons of consumer paper. Cheng Loong has invested over $1 billion in Binh Duong.
Production activities at Poletex Far Eastern Vietnam Co.Ltd.
Currently, Binh Duong has 4,354 foreign direct investment (FDI) projects with total registered capital of over $41.5 billion, accounting for more than 8.5% of the country’s total FDI capital. Taiwan takes lead among 65 countries and territories making investment in Binh Duong, with 890 projects capitalizing at over US$ 6.4 billion. Taiwanese investors focus on industries like footwear, textiles, synthetic fibers, dyeing, interior woodwork, food processing and plastic packaging.
Tran Thuy Thach, Chairman of province-based Taiwan Business Association noted that the province has the highest number of Taiwanese businesses in Vietnam, accounting for nearly one-third of the total. The association has over 650 members, making it the largest Taiwan trade association globally.
Increased investment, increased confidence
Thanks to advantages like modern infrastructure, well-developed industrial parks, a transparent investment environment with the quality of human resources improved, Binh Duong has seen continuous growth in FDI attraction. This success will help Binh Duong further promote its image and attract more investment from major corporations, including Taiwanese investors.
Recently, during discussions with provincial leaders about pouring additional $250 million into Binh Duong, Yeh Ming Yuh, General Director of Polytex Far Eastern (Vietnam) expressed confidence in Binh Duong’s investment environment despite global economic challenges. The company decided to expand its production and long-term commitment to the province, bringing Polytex Far Eastern’s total investment in Binh Duong to over $1.62 billion, making it the largest FDI project in the province.
Discussing plans in the future, Bonnie Tu, Chairwoman of Giant Group (Taiwan) shared that the company will continue expanding production in Binh Duong. In addition to its $60 million plant in Vietnam-Singapore Industrial Park II-A, Giant Group plans to invest US$120 million in a new factory in Vietnam-Singapore Industrial Park III.
Tran Thuy Thach emphasized that Binh Dương’s dynamic growth has been highly appreciated by the Taiwanese business community. Many Taiwanese investors are committed to continuing their investment in the province. This demonstrates the creativity and dynamism of Binh Duong’s leaders as well as the support from various departments, contributing to Binh Duong’s status as one of the top provinces in FDI attraction.
According to provincial Department of Planning and Investment, recent Taiwanese FDI projects in Binh Duong have moved beyond traditional, labor-intensive sectors such as processing, textile, footwear and assembly. Taiwanese investors have gradually prioritized high-tech projects on semiconductors, green transition products and clean energy. These FDI projects are all concentrated in industrial zones, with the processing and manufacturing industries accounting for a large proportion. This not only brings a strong external force, but also helps Binh Duong access advanced technologies and international markets.
Reported by Ngac Thanh-Translated by Kim Tin
