Business

Binh Duong works to remain destination for FDI

The southern province of Binh Duong, as a major foreign direct investment (FDI) recipient, plans to attract more FDI by facilitating current investors, Chairman of the provincial People’s Committee Le Thanh Cung has said.
The southern province of Binh Duong, as a major foreign directinvestment (FDI) recipient, plans to attract more FDI by facilitatingcurrent investors, Chairman of the provincial People’s Committee LeThanh Cung has said.

According to the provincial Department ofPlanning and Investment, since the beginning of 2014, Binh Duong hasreceived over 726 million USD in FDI, more than 70 percent of its annualtarget and 40 percent of Vietnam’s total FDI attraction over theperiod.

Of the figure, more than 533 million USD was injected into 28 existing projects.

Directorof the department Mai Hung Dung said the flow of more capital intoexisting projects indicates that the registered money was disbursedeffectively.

There are now 2,276 FDI projects in Binh Duong with atotal investment of some 20 billion USD. In 2013, the FDI sectorcontributed about 75 percent of the province’s industrial productionvalue and 80 percent of Binh Duong’s 16 billion USD of export turnover.

Dungsaid the accomplishment was thanks to regular dialogues betweenauthorities and the business circle to remove all obstacles, better theadministrative process, and enhance mutual trust.

Industrialparks that meet investors’ various demands and the newly openedadministration centre are also said to be magnets for investment.Additionally, another investment attraction channel is throughbusinesses running in the province that have updated their partnersabout local conditions.

From now to 2030, Binh Duong will buildindustrial parks covering thousands of hectares. It will also step uptraining a quality workforce to satisfy the demand of technologyprojects.

With 216 projects totalling over 4.6 billion USD, Japanis leading the 39 countries and territories investing in Binh Duong.Each Japanese project has an average investment capital of 21.3 millionUSD, the highest level among foreign-invested projects in theindustrial sector.

The provincial People’s Committee consideredJapanese investors as trustworthy partners, whose projects suit BinhDuong’s preferences such as transport, technology and electronics.

CEOof Japan’s Saitama Agata Bank Suzuki Tsutomu attributed Vietnam’sfavourable investment environment to a stable political situation and anabundant and capable young workforce, which have encouraged Japaneseinvestors to come to Vietnam and Binh Duong in particular.-VNA
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