Binh Duong has absorbed nearly US$2billion in FDI capital since early this year. Noticeably, this capital source has strongly flown into the province’s hi-tech field.
Manufacturing industry draws FDI capital
Since early this year, Binh Duong has lured more than US$1.98billion, or 141% and 58.3% of the yearly plan and the five-year plan from 2016 to 2020, respectively. The province now had a total of 2,997 FDI projects with a total registered capital of US$27.7billion.
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Production at Forster Vietnam Electronics Co.Ltd.
Noticeably, most FDI projects in the province have flown into hi-tech processing and manufacturing industry. For example, Bel Vietnam, a subsidiary of France’s Bel Group that produces world renowned cheese brands such as Laughing Cow, Kiri, Babybel, Goodi, Regal Picon...has recently inaugurated its cheese plant capitalized at US$20million. The plant uses the latest technologies from Europe to manufacture and supply milk products for domestic and foreign markets.
Or, Polytex Far Eastern Co.Ltd, which manufactures polyester fiber and cotton spinning, has also increased its registered capital by US$485.8 million, taking its total investment in Bau Bang industrial zone in Bau Bang District to US$760 million. With its state-of-the-art production line, the project is expected to meet the demand of garment industry in Binh Duong in particular and in the country in general.
Some other hi-tech FDI projects flowing into the province over the past nine months were the South Korean-invested Kolon Industries Inc with a total investment capital of US$220million; the Singaporean-invested Retra Pak Binh Duong Joint Stock Co. with US$124million; the Indian-invested Tata Coffee Vietnam Co.Ltd. with US$63million…
Evolution in both capital and technology
Over the past nine months, Binh Duong also had a total of 87 FDI projects increasing capital with US$765million for production expansion, up 143% compared to the same period last year.
Binh Duong’s success in calling for a series of hi-tech FDI projects, especially in manufacturing and processing industry has not only expressed the local prestige in investment attraction, but also forecasted the optimistic future of the local industrial production. With its effective investment attraction over the past years, Binh Duong has gradually become a huge goods production hub of the whole country. But, the province’s industrial production is now under great pressure from innovating technologies to be able to keep up with the global supply chain. Moreover, the fourth industrial revolution will create challenges for industrial production of the province in particular and the country in general.
Amid the country’s technologies still being backward, the rush of foreign enterprises’ investment, especially in hi-tech processing and manufacture industry in the province is a good sign.
Tran Thanh Liem, Vice-Chairman of provincial People’s Committee said that over the past years, Binh Duong carried out policies on attracting investment projects, developing industrial parks; attached special importance to investment promotion, administrative reform…Possibly affirming, FDI capital strongly flowing into Binh Duong will bring advantages in terms of industrial, service and urban growth with hi-added value and modern technology that is completely in line with the local development orientation.
Reported by Khanh Vinh-Translated by K.T
