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Binh Duong targets $1.7b in FDI

Update: September, 17/2014 - 09:05
Workers assemble garment products at Toyotsu Vehitecs Viet Nam, a wholly Japanese-invested enterprise in the southern province of Binh Duong. The province is expected to lure $1.7 billion in foreign direct investment this year. — VNA/VNS Photo Quach Lam

BINH DUONG (VNS) — The southern province of Binh Duong hopes to attract US$1.6-1.7 billion in foreign direct investment this year, People's Committee's Chairman Le Thanh Cung has said.

Speaking at a ceremony to mark the third phase of issue of investment certificates this year to investors yesterday, he said that in the year-to-date the province had attracted $1.4 billion, which is 140 per cent of the year's target and 26 per cent up year-on-year.

The investments have been in 113 new projects worth $673 million with the remaining going into 99 existing ones.

He told Viet Nam News that another $200-300 million is likely in the remaining months.

The province has attracted investors in every field including industry, services, urban development, and housing, he said.

But in the first nine months investment in property has not been very high.

Cung hoped this would change later this year when the property market recovers.

Yesterday the province issued investment certificates for 42 projects, 37 of them foreign and 19 of them new.

One of the companies to get the certificate was Esquel Garment Manufacturing Viet Nam Company Ltd, which was affected by the riots in May. The company is increasing its investment by $35 million.

A company spokesperson hailed the support provided by Binh Duong authorities following the riots as well as their transparency.

The province is rezoning manufacturing areas based on its socio-economic development master plan, manufacturing areas plan, and urban plan to gradually move companies from urban areas and the south to the north.

Some companies have already moved under this plan. — VNS

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