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Binh Duong off to great start in attracting foreign investment

Update: January, 22/2014 - 09:22

A worker checks product quality at the Vietnam Kirin Beverage Company in My Phuoc Industrial Park 2, Ben Cat District., Binh Duong Province. — VNA/VNS Photo Thanh Vu

BINH DUONG (VNS) — The southern province of Binh Duong has attracted US$300 million in foreign direct investment (FDI) in the first 20 days of this year, triple the figure seen in the same period last year.

The province is on-track to meet its yearly target of $1 billion in FDI, the provincial People's Committee chairman Le Thanh Cung said.

In order to capture the opportunities that will be unleashed by the Trans-Pacific Partnership (TPP), which is expected to be signed this year, the province has established the 300-ha Bau Bang Industrial Zone, he noted, adding that the new zone will focus on attracting foreign investment in the textile and garment industry.

Meanwhile, it has also approved the establishment of five additional industrial zones, raising the number of zones in the province to 33 by 2020 from 28 currently, he said.

Since FDI is considered important for industrial development, the local authorities have paid considerable attention to the requirements of foreign investors and made efforts to provide a conducive environment for investing, Cung added.

Priority has also been given to fostering administrative reforms, improving infrastructure and enhancing the quality of local human resources to attract higher levels of FDI.

Despite several global and domestic economic difficulties, last year, Binh Duong attracted over $1.3 billion in FDI. Of the total, $800 million came from 125 newly-licensed projects, while the remainder was accounted for by 124 operating projects that increased their level of investment.

The latest addition has brought the total number of licensed foreign-invested projects in the locality to 2,209, capitalised at $18.72 billion.

These projects mainly focus on industrial production, trade, services, urban development, high-technology products, electronics, accessories and auto spare parts. — VNS



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