The southern province of Binh Duong, as a major foreign direct investment (FDI) recipient, plans to attract more FDI by facilitating current investors, Chairman of the provincial People’s Committee Le Thanh Cung has said.
Industrial production (Source: VNA)
According to the provincial Department of Planning and Investment, since the beginning of 2014, Binh Duong has received over 726 million USD in FDI, more than 70 percent of its annual target and 40 percent of Vietnam’s total FDI attraction over the period.
Of the figure, more than 533 million USD was injected into 28 existing projects.
Director of the department Mai Hung Dung said the flow of more capital into existing projects indicates that the registered money was disbursed effectively.
There are now 2,276 FDI projects in Binh Duong with a total investment of some 20 billion USD. In 2013, the FDI sector contributed about 75 percent of the province’s industrial production value and 80 percent of Binh Duong’s 16 billion USD of export turnover.
Dung said the accomplishment was thanks to regular dialogues between authorities and the business circle to remove all obstacles, better the administrative process, and enhance mutual trust.
Industrial parks that meet investors’ various demands and the newly opened administration centre are also said to be magnets for investment. Additionally, another investment attraction channel is through businesses running in the province that have updated their partners about local conditions.
From now to 2030, Binh Duong will build industrial parks covering thousands of hectares. It will also step up training a quality workforce to satisfy the demand of technology projects.
With 216 projects totalling over 4.6 billion USD, Japan is leading the 39 countries and territories investing in Binh Duong. Each Japanese project has an average investment capital of 21.3 million USD, the highest level among foreign-invested projects in the industrial sector.
The provincial People’s Committee considered Japanese investors as trustworthy partners, whose projects suit Binh Duong’s preferences such as transport, technology and electronics.
CEO of Japan’s Saitama Agata Bank Suzuki Tsutomu attributed Vietnam’s favourable investment environment to a stable political situation and an abundant and capable young workforce, which have encouraged Japanese investors to come to Vietnam and Binh Duong in particular.-VNA
Binh Duong works to remain destination for FDI Related image(s)
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