In the first 11 months of 2024, Binh Duong attracted over US$ 1.8 billion in foreign direct investment (FDI), reaching 120% of the same period in 2023. It is expected that the province’s total FDI for the year will exceed 2 billion USD, surpassing the annual target. Notably, both capital adjustments and equity contributions have increased compared to the same period, both in terms of the number of projects and the total additional investment capital as well as contributed equity value. This has reflected the growing confidence of foreign enterprises in the province's investment environment.
Ranking 2nd nationwide in FDI capital
In 2024, Binh Duong has continued upholding its advantages, attracting foreign investors to invest and expand their production and business operations. A notable example is Swedish Tetra Pak Group, which announced additional investment of US$97 million in its beverage carton production plant in Binh Duong. This has brought the group's total investment in the province to over US$ 217 million.
FDI capital has been a driving force that has helped Binh Duong become a modern industrial province. In picture: Production activities at Tetra Pak Vietnam Joint Stock Company
Eliseo Barcas, CEO of Tetra Pak Vietnam stated that the expansion of the plant in Binh Duong is a demonstration of Tetra Pak's long-term commitment to Vietnamese market where the group has operated for 30 years. The new production line is expected to be operational by the third quarter of 2025. "We are confident that these advancements will allow us not only to better serve our customers, but also contribute to the economic development of the country and the region", said Mr. Eliseo Barcas.
To achieve its new capacity, Tetra Pak's plant in the Vietnam-Singapore II-A Industrial Park will strengthen its workforce, creating additional opportunities for both current employees and local residents in the surrounding areas.
According to provincial Department of Planning and Investment, as of late November 2024, the total registered FDI capital, including new investment, capital adjustment and equity purchase across the province reached over US$ 1.8 billion or 120% of the same period in 2023. Specifically, there were 184 new projects with total investment of over US$ 767 million, 160 projects with capital adjustment totaling additional US$ 821 million and 162 projects registering capital contribution or share purchase with a total value of US$ 232 million. Province-based industrial parks attracted 135 new FDI projects, 110 projects with increased capital and 52 projects registering equity contribution or share purchase, with total registered investment capital of over US$ 1.48 billion, accounting for 89% of the total FDI capital in the province.
The manufacturing and processing industry continued attracting significant foreign investment, with 132 new projects, 126 projects with capital adjustment and 76 projects registering equity contribution or share purchase with US$1.537.7 million, accounting for 91.7% of the total FDI registered in the province. The transport and warehousing sector ranked second, with total registered investment of US$72.5 million, accounting for 4.3% of the total registered investment. The real estate business sector ranked third, with total registered investment of US$ 34.6 million, accounting for 2.07% of the total registered investment.
Trinh Hoang Tuan Anh, Deputy Director of provincial Department of Planning and Investment stated that with its favorable and attractive investment environment, Binh Duong remained one of the country’s top localities in the terms of FDI attraction in 2024. To date, Binh Duong has surpassed Hanoi to rank second nationwide in FDI attraction, with 4,378 projects receiving valid investment registration certificates and total registered investment capital of over US$ 42.3 billion, accounting for more than 8.6% of the country's total FDI. Notably, many investors have increased their capital, affirming the growing confidence of FDI businesses in the province's investment environment.
Upholding advantages
To become a "promising land" full of potential for attracting investors, Binh Duong has continued undergoing constant transformation. In addition to strengthening infrastructure development, the province has been aggressively improving the investment environment and creating favorable conditions for enterprises to operate and grow. These efforts have contributed to a strong influx of FDI, helping Binh Duong maintain its position as one of the country’s top localities in the in terms of FDI attraction. Binh Duong is also further improving its investment promotion activities, expanding bilateral and multilateral cooperation in various fields. The province has given priority to attracting FDI in depth in line with sustainable development goals, focusing on such fields as urban infrastructure development, smart city construction, auxiliary industries using modern, environmentally friendly technologies…
Enterprises visit Vietnam industrial and manufacturing fair (MIMF 2024) held in Binh Duong
Since early this year, 30 countries and territories have invested in Binh Duong, with Singapore taking the lead with $428.9 million, accounting for 25.6% of the total registered capital. Hong Kong (China) ranked second with US$316.8 million, representing 18.9% while Samoa ranked third with US$188.1 million, accounting for 11.5% of total. It was followed by China, South Korea... According to Bonnie Tu, Chairwoman of Giant Group, along with the local favorable geographic location and well-developed infrastructure, Binh Duong is highly regarded for the potential and growth opportunities of industrial parks. In the coming time, Giant Group plans to continue expanding its production in Binh Duong. In addition to its US$60 million investment in the Vietnam-Singapore Industrial Park II-A, the group has decided to invest approximately US$120 million in building another production plant in the Vietnam-Singapore Industrial Park III.
With breakthrough policies that take a "step ahead" in investing in traffic infrastructure development, Binh Duong has mobilized resources to continuously improve the local traffic infrastructure system. In 2024, many key projects and works in the province were inaugurated and commenced for construction on the occasion of the announcement of provincial Planning for the 2021-2030 period, with a vision toward 2050, generating great excitement among the local people, businesses and investors.
Mr. Anh said that key traffic projects are being implemented and are about to be deployed such as belt roads 3, 4 of Ho Chi Minh city, Ho Chi Minh city - Thu Dau Mot - Chon Thanh expressway... will create momentum for Binh Duong to develop in the new period, meeting two major goals of relieving traffic pressure and creating momentum for urban development, creating an important premise for Binh Duong to reach more sustainable development.
Reported by Ngoc Thanh-Thanh Tuyen-Translated by Kim Tin
