Southern VN attracts major FDI

vietnamnews Update: June, 30/2017 – 09:00

The Việt Nam-Singapore Industrial Park (VSIP) I in the southern province of Bình Dương. — Photo vsip.com.vn

Viet Nam News HCM CITY — Besides HCM City, its next-door provinces Bình Dương and Đồng Nai have also attracted large amounts of foreign direct investment in the first half of this year.

According to a report from the Bình Dương People’s Committee, FDI in the first six months was worth around US$1.62 billion.

Its major foreign projects are the $284.75 million Việt Nam – Singapore Industrial Park III being developed by the Việt Nam-Singpore Industrial Park Joint Venture Co Ltd and a $220 million factory to manufacture airbags and industrial fabric for automobile tyres by Kolon Industries Inc of South Korea.

According to VSIP, its industrial parks in Bình Dương have attracted around $652 million in FDI this year, an increase of 60 per cent year-on-year and 80 per cent above its whole-year target.

Polytex Far Eastern Ltd, a Taiwanese polyester fibre and cotton manufacturer, has got approval to increase its registered capital by $485.8 million in the period, taking its total investment in the Bàu Bàng Industrial Park to $760 million.

Đồng Nai Province attracted $640 million in 37 new projects and 51 existing projects in the first half.

Powerknit Việt Nam Co Ltd is the largest new foreign project with $60 million coming from the British Virgin Islands.

Fabric producer Long Thái Tử of South Korea added $50 million to its ongoing project in the province.

Many industrial parks in Bình Dương and Đồng Nai have attracted large investments mainly from Asian countries and territories such as Singapore, South Korea, Japan and Taiwan thanks to their highly developed infrastructure and transportation network.

They have also signed several MOUs with regions in South Korea and Japan following investment promotion efforts over the last few years. — VNS

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