Binh Duong experiences a prosperous year in FDI attraction
The attraction of foreign direct investment (FDI) to the southern province of Binh Duong
this year is very impressive with more than US$2.51 billion reported by the end of
November.
According to the province’s Department of Planning and Investment, this registered
capital is 79 percent higher than the yearly plan and up 127 percent year-on- year. This
year, the province set a target of attracting $1.4 billion in FDI capital.
With the surge in the eleven months of this year, the total FDI capital to the province has
so far reached $28.28 billion. The capital was poured in 3,027 projects of investors from
64 countries and territories.
Japan’s AEON Canary supermarket in Binh Duong Province.
|
Taiwan (China) has so far surpassed Japan to become the province’s largest investor with
$5.8 billion, accounting for roughly 20 percent of the province’s total FDI capital.
Vu Ngoc Khiem, chief representative of Global Sources, a Hong-Kong based B2B media,
said that many FDI firms, especially those from Taiwan, had been expanding and shifting
their production to Vietnam, especially Binh Duong, which is home to manufacturers of
garments, textiles, furniture, shoes and hardware.
Binh Duong Province is Vietnam’s second-highest FDI recipient, following Ho Chi Minh
City.
To gain this success, Binh Duong has made great strides in improving its water and
power supply, road network, waste treatment facilities, and in providing available land
for new projects.
The province has invested a great deal in road infrastructure, facilitating connections with
Ho Chi Minh City, the Mekong Delta and the Central Highlands region.
Major transport routes, including Binh Duong Boulevard and My Phuoc-Tan Van
Highway, connect local Industrial Parks (IPs) with seaports and airports in the southern
region.
The province is also the leading province in the country in IPs, new urban areas and
services. In addition to the existing IPs, the province plans to open new industrial zones
to attract more foreign investment.
Today, the province is giving priority to FDI projects with high technology and large-
scale urban and service development projects.
Tran Thanh Liem, chairman of Binh Duong People’s Committee, said that the province
will issue a range of policies and incentives to further attract investment in hi-tech
industries and take advantage of the fourth industrial revolution.
Liem said that the improvement will be taken in administrative procedures, and land and
facility construction.
To create a better investment climate, the province’s leaders and authorities will also
regularly meet with investors and businesses to help them resolve problems.
“Improving the infrastructure system and creating an open dialogue with foreign investors are the keys to attracting investment,” Liem said.
14:43, 2024/11/18
Aircraft manufacturer Embraer seeks comprehensive aviation partnership with Vietnam
The Vietnamese leader urges the aircraft manufacturer to collaborate on technology transfer, airport construction and operation, research, and investment in Vietnam.
21:55, 2024/10/22
Better links with FDI firms to support Hanoi businesses
Hanoi will continue to focus on quality projects, especially with partners such as Japan, the United States, and Europe to boost technology transfer.
15:24, 2024/09/24
Vietnam calls for more US investment in innovation, hi-tech
The Vietnamese leader called on relevant agencies to resolve any challenges faced by investors and enhance the investment climate to encourage greater US investment in Vietnam.
14:13, 2024/09/23
Vietnamese leader urges Boeing to build production facility in Vietnam
Boeing is committed to continuing to support the development of Vietnam's aviation ecosystem, focusing on aviation infrastructure, human resources training, airport construction, and aircraft maintenance facilities.
14:38, 2024/09/17
Foreign capital pouring into Vietnam's real estate market
Experts are optimistic that the 2024 Land Law, once enacted, will help resolve legal bottlenecks and attract more FDI.
16:27, 2024/08/24
Vietnam news in brief - August 24
Read The Hanoi Times to stay up to date on developments in Vietnam.
- Growing number of FDI firms moving to Vietnam
- Vietnam Gov’t committed to facilitating Adani Group’s US$2-billion port project
- Vietnam Railway proposes US$87 million for Hanoi–Dong Dang railway upgrade
- Vietnam’s North-South high-speed railway to be designed for 350km/h
- Vietnamese gov’t urged to address impact of global minimum tax
- Samsung plans drastic investment increase in Vietnam over next three years