Binh Duong Province has obtained this year’s foreign direct investment (FDI) attraction target, with nearly US$1.45 billion pledged in the southern province during the January-June period, soaring 70% year-on-year and exceeding the entire year’s goal by 3.5%.
Speaking at a dialogue with Korean businesses held today, July 30, Nguyen Thanh Truc, director of the Department of Planning and Investment, noted that the local government had granted certificates of investment to 116 new projects in the first six months of 2019, with total capital reaching US$648.3 million. The figure jumped 32% over the same period last year.
Besides this, investors injected US$404.8 million into 58 existing projects, up 63%. They also contributed capital through share acquisitions with a combined value of US$396.7 million, surging 248%.
According to Truc, more than 86% of the capital was pledged to the manufacturing and processing sector, chiefly for projects in industrial zones. The commercial and service sector came next with US$194.2 million, accounting for 13.8% of the total registered capital.
Thanks to modern industrial zone infrastructure, Binh Duong has seen rising FDI capital flows over the past few years. So far, the province has attracted US$8.68 billion, exceeding the target for the 2016-2020 period by 24%.
Addressing the conference, Binh Duong’s Chairman Tran Thanh Liem said the province will continue improving its investment environment and competitiveness to raise support for businesses.
In the coming months, local authorities will improve the socioeconomic infrastructure for traffic and water and power supplies and expand the industrial zones to make available land for investment attraction. The province will also focus on manpower training and worker house construction to meet the employment needs of investors, Liem remarked.
Binh Duong now ranks third for FDI attraction with over 3,600 active projects worth US$32.9 billion, after HCMC and Hanoi. Taiwan is the largest investor in the southern locality with over US$5.5 billion, followed by Japan and Singapore.