Binh Duong lures big FDI projects in textile, infrastructure
Foreign investors have poured a large amount of investment into textile and infrastructure in the southern province of Binh Duong since the beginning of this year.
Illustrative image (Source: VNA)Polytex Far Eastern Co., Ltd from Taiwan (China) added 485,8 million USD to its project in the Bau Bang Industrial Park (IP), lifting total registered capital of the project to 760 million USD.
Polytex Far Eastern began its operation in the Vietnam-Singapore Industrial Park I (VSIP I) in the province since 2007. In its development strategy, Vietnam-based company will be the third largest branch of the Chinese firm.
Meanwhile, the Vietnam-Singapore joint venture company invested 284.7 million USD in developing infrastructure of the VSIP III.
Another project was invested by the Kolon Industries Co., Ltd of the Republic of Korea in the Bau Bang IP, with a total registered capital of 220 million USD. As part of the 1-billion-USD project signed between Kolon and the provincial authorities, the project specialises in manufacturing automobile tires cord and airbags.
As of March 15, Binh Duong granted investment licences to 43 foreign direct investment (FDI) projects with a total registered capital of 739.3 million USD, a year-on-year increase of 204 percent. Whilst, 18 existing projects registered to increase capital by 550 million USD, up 364 percent against the same period last year.
According to the Foreign Investment Agency under the Ministry of Planning and Investment, Binh Duong ranked second in luring FDI in the first quarter of this year after the northern province of Bac Ninh.
It was home to three out of seven projects having total investment capital of over 200 million USD in the country.
Binh Duong has set a target of attracting at least 1.4 billion USD in FDI in 2017, prioritising projects with high technology and large-scale ones on urban and services development.
In 2016, Binh Duong saw over 2 billion USD being poured in 240 new projects and 123 existing ones, equivalent to 145 percent of its target. Most new projects were in the fields of manufacturing and processing industries and services.-VNA
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