Illustrative image (Source: VNA) 
Dong Nai (VNA) – The southern province of Dong Nai is likely to attract double the targeted 1 billion USD foreign direct investment (FDI) this year.

As of May 31, total FDI had reached 883 million USD, including 332 million USD in 50 new projects and the remaining added to 38 existing projects, said Director of the provincial Department of Planning and Investment Cao Tien Dung.

The province has so far drawn more than 1,600 FDI projects capitalised at nearly 29 billion USD, including 1,200 now operating with a combined worth of more than 24 billion USD, mostly from Japan, the Republic of Korea and Taiwan (China), who specialise in support industry, electronics and high technology.

Mai Van Nhon, deputy head of the provincial management board for industrial parks, attributed the positive FDI attraction to the province’s location in the southern key economic zone and its access to National Highways 1A, 51, 20 and the Ho Chi Minh City – Long Thanh – Dau Giay expressway and north-south railway.

It is also thanks to the administrative reforms that have taken place, including the application of the national single window mechanism, he added.

The duration for investment licensing in Dong Nai lasts no later than 10 days, and 90 percent of investment certificates are granted to investors on schedule. The time for processing other procedures online has been halved.

The board also serves as a bridge to connect firms with State management agencies, Nhon said.

Dong Nai has increased investment promotion in many countries, particularly in Japan.

With the launch of Kansai Table in the locality three years ago, Japanese capital inflows to Dong Nai have soared, accounting for half of newly-licensed projects.

Dung said the ongoing construction of the Ben Luc-Long Thanh highway and Long Thanh airport, and other transport routes is also an advantage to attracting FDI.-VNA