Binh Duong’s FDI attraction was very impressive over the past time. Noticeably, the province absorbed large-scale FDI projects in the fields of industrial infrastructure, auxiliary industries…
Surpassing six-month plan
Over the past years, Binh Duong well realized a task of absorbing resources, especially FDI capital for the local development. And FDI capital also became a vital resource for the locality to implement modernization and industrialization. Upon this, Binh Duong reaped achievements in aspects and became one of the country’s localities with the most flexible development.
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Production of ChuTex Garment Company at Di An town-based Song Than Industrial Park
The whole province last year absorbed US$2.11billion or 151% of the year’s plan. Noticeably, province-based industrial parks (Ips) lured additional 201 FDI projects with a total registered capital of US$1.3billion and 89 extra-ones with US$513.9million. The province’s FDI attraction in Q1, 2017 reached 96% of the year’s plan with more than US$1.34billion.
As of May, 2017, the province also drew more than VND1.6billion in FDI capital or 115% of the year’s plan. Of the total figure, US$974million came from 82 new FDI projects with US$640million from 43 extra-ones…The whole province has till now had 2,931 FDI projects with a total registered capital of US$27.4billion.
Nguyen Thanh Truc, Director of provincial Department of Planning and Investment said that over the past time, the province actively took measures to improve the local investment climate. This helped the province’s indexes of competitiveness, administrative reform…being improved considerably, thereby contributing to promoting the local investment attraction.
Large-scale projects
Over the past time, Binh Duong was not only seen as one of the country’s localities with the best FDI attraction, but also a locality absorbing large-scale projects. The project on developing infrastructure of Vietnam-Singapore Industrial Park (VSIP) 3, invested by Vietnam-Singapore Joint Venture Company, with more than US$284.7million was a typical example for this.
The project is expected to create vigorous changes in the local socio-economic development in the coming time. In the first half of 2017, province-based VSIPs absorbed nearly US$652million in FDI capital, up over 60% compared to the same period last year and beyond over 80% of the year’s plan.
According to the assessment of investors, Binh Duong has Ips with well-built infrastructure together with many advantages on traffic infrastructure... Hence, the province will continue being an attractive destination for large-scale projects. The province has so far signed memoranda of understanding with localities in South Korea, Japan…Through investment promotion, many great corporations from the countries have had strong commitments on realizing new projects or raising capital for existing ones in the province.
Among projects just licensed in the province, the KVT-1 tire fiber factory project of South Korean-invested Kolon Industries Co.Ltd. is the biggest one with a total registered capital of US$220million. The factory is specialized in manufacturing KVT-1 industrial fabric for automobile tires. Or, Taiwanese-invested Polytex Far Eastern Co.Ltd. decided to raise its investment capital by US$485.8million, the highest added capital level so far.
Along with the two projects, province-based Ips also lured many other large-scale projects in auxiliary industry with high technologies and few laborers over the past time. The birth of large-scale projects capitalized at hundreds of million of US$ in the province has not only showed the effectiveness and flexibility of the local administration, but also the great faith of investors when making investment in Binh Duong in particular and Vietnam in general.
Reported by Khanh Vinh-Translated by K.T
