|A modern production line at Sai Gon Pharmaceutical Company's plant in Binh Duong Province. The province is looking to attract foreign investment. — VNA/VNS Photo The Anh
BINH DUONG (VNS) — The southern province of Binh Duong has pledged to create more favourable investment conditions and ensure that the province remains an ideal destination for foreign investors.
Le Thanh Cung, chairman of the provincial People's Committee on June 24, told Viet Nam News that the province had attracted over US$1 billion in foreign direct investment since the beginning of the year.
The figure for the entire year would be higher than the figure last year, he said.
Cung also said that the volume of new capital was equal to the amount of additional capital, an indication that investors still had confidence in the province.
The chairman added that about 80 per cent of companies affected by protests in May that broke out about China's placement of an oil rig in the East Sea had resumed production and were expected to regain full capacity.
Yesterday, a Taiwanese company, the Kingtec Group, signed a land-lease contract with Becamex IDC Corporation to build a plant on 16 ha at My Phuoc 3 Industrial Zone in two phases (with the first phase worth US$30 million).
Soddy Huang, chairman of the Kingtec Group, said the company had chosen Binh Duong because 1,000 of the 5,000 Taiwanese investors operating in the country were located in the province.
Moreover, he said the local investment environment had improved day by day.
The plant, which will produce lighting products for export to the EU and the US, will begin operations within one to one and a half years. Machinery will be imported from mainland China. — VNS