Under the country’s open-door policy on FDI attraction, the FDI sector has so far become an indispensable part of economy with the best flexible growth, significantly contributing to socio-economic development of the whole country in general and Binh Duong in particular. Binh Duong has been among the country’s top five localities in the amount of FDI capital.
Attracting investors from 59 countries, territories
The whole province has to date had 28 industrial parks with more than 10,000 hectares in total. The birth of industrial parks (IPs) and industrial compounds (Ics) has greatly contributing to the result of the province’s FDI attraction. From early this year to September 15, 2017, the province absorbed more than US$1.96billion in FDI capital, surpassing 40.5% of the year’s plan. The province has so far had a total of 2,997 FDI businesses with a total registered capital of US$27.7billion, ranking second nationwide in terms of FDI attraction (after HCM city).
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Production line of TPR Vietnam Company at VSIP II
Among the 59 countries and territories making investment in Binh Duong, Taiwan has taken the lead with 757 projects capitalized at more than US$5.73billion or 20.8% of the province’s total FDI capital, followed by Japan with 246 projects totaling more than US$5.19billion, South Korea with 619 projects worth more than US$2.69billion or 9.8% of total, Singapore with 158 projects valued at more than US$2.67billion or 9.7% of total…
Province-based FDI projects with great capital include VSIPs 1, 2 and 3 capitalized at more than US$3.5billion, invested by VSIP Joint Venture Co.Ltd.; Becamex Tokyu Co.Ltd.’s real estate trading, restaurant services project with US$1.2billion; Cheng Loong Binh Duong Paper Co.Ltd.’s paper making project worth US$1billion; Polytex Far Eastern Co.Ltd.’s garment-textile products-making project with US$760million…
Impulsing economic development
Over the past years, FDI attraction played an important role in economic growth of the province in general and the province’s industrial manufacture in particular.
The FDI sector contributed more than 67% of the province’s industrial production value in the period of 2011-2016. In 2016, the sector’s industrial production value increased two-or three-fold over 2011. The province’s FDI sector also absorbed projects with modern technologies, contributing to promoting many other sectors…
With large-scale projects fulfilled and put into operation, the FDI sector reached growth that was higher than the province’s common industrial growth level, contributing to promoting the shift of the local economic structure towards industrialization and modernization.
Possibly speaking, the FDI sector has made considerable contributions to socio-economic development of the country in general and Binh Duong in particular. In Binh Duong, State budget collection from FDI businesses in 2005 was more than VND1.92billion. The figure amounted to more than VND11.17trillion in 2016…
Reportedly, the province’s industrial production value in 2016 was estimated at more than VND786.34trillion, 196 times higher than 1997. Export turnover was more than VND24.33billion, up 67 times higher than 1997. The province’s average GRDP per capita was VND108.6million…
Reported by K.T-Translated by K.T
