Ground being broken for a factory by Hansol Electronics Việt Nam Co., Ltd. in Đồng Nai Province in January. The province surpassed its full-year FDI target even before the end of the second quarter. – Photo diza.dongnai.gov.vn

ĐỒNG NAI — Đồng Nai Province has attracted nearly US$715 million worth of foreign direct investment so far this year, already exceeding its full-year target of $700 million.

There were 27 new projects, while $485 million went into 53 existing ones.

Most of the new projects are in supporting industries with modern production lines and little manual labour.

Some of the larger ones include a manufacturing plant by Hansol Electronics Việt Nam Co Ltd ($100 million) and a coffee plant by Nestle Việt Nam ($132 million).

Foreign businesses in the province’s industrial parks have been doing well this year, with revenues growing by 15 per cent year-on-year in the first five months.

Lê Văn Danh, deputy head of the Đồng Nai Industrial Zone Authority, said FDI is up 15 per cent this year.

The province has been targeting around $1 billion a year for the past few years, but reduced it to $700 million this year due to the effect of the COVID-19 pandemic on the global economy, he said.

However, foreign companies have been increasing their investment and expanding, and his agency is working with many potential investors, he said.

It is likely that FDI would exceed $1 billion this year, he added.

To improve its business environment, the province has been simplifying administrative procedures and allowing online payment of tax and registration fees.

Trade facilitation events held in the last few years have helped foreign businesses increase domestic sales, according to Lê Văn Lộc, deputy director of the provincial Department of Industry and Trade.

The pandemic has forced them to tweak business plans and network with domestic partners to buy some local supply chains and sell their products.

Industrial parks in Đồng Nai are also taking stringent measures to prevent COVID while maintaining production, constantly monitoring workers’ health and inspecting businesses.

The province has 32 industrial parks and over $27 billion worth of FDI from 41 countries and territories.

It is among the top provinces in Việt Nam in terms of exports and manufacturing.

In 2020 it ranked seventh in attracting FDI with $928 million.  VNS