Clock ticking for southern localities to fulfil FDI attraction targets

The clock is ticking for many southern localities to complete their FDI attraction goals. (Photo: VNA)

Hanoi (VNA) – While some southern localities have fulfilledtheir targets for FDI attraction, the clock is ticking for many others to completetheir goals since there are only 1.5 months left to the end of 2023.

With low supply of industrial land, Ho Chi Minh City did not set ambitioustargets in luring foreign capital.

According to the Ho Chi Minh City Export Processing and Industrial ZonesAuthority (HEPZA), foreign investors funneled nearly 950 million USD into thesouthern hub’s industrial parks during January – October, or 172% of the yearlyplan. Of the total, some 184 million USD was poured into the city in October, ayear-on-year rise of 28%.

Dong Nai, another FDI magnet, realised its attraction target right in Septemberafter drawing 120 foreign-invested projects worth nearly 940 million USD in thefirst nine months, surpassing the yearly plan by around 34%. The province has become more attractive to foreign enterprises thanks to itsfavourable geographical location, sound administrative reform and infrastructureupgrade.

With low supply of industrial land, Ho Chi Minh City does not set ambitious targets in luring foreign capital. (Photo: VNA)

In the meantime, others in the southern key economic region are racing againsttime to secure more foreign investment.

Some 1.3 billion USD in foreign capital was registered in Binh Duong, another industrial hub in the south, so far this year, or 70% of the set plan. However, the target of 1.8billion USD for the whole year is within reach of the province as many largecorporations have announced their plans to increase investment in thelocality.

In recent years, FDI attraction in Binh Duong has exceeded its set goals.According to statistics from the provincial People’s Committee, the provincegot 9.56 billion USD in foreign investment during 2020-2023, higher than itstarget of around 9 billion USD. By 2025, FDI attraction in the province isexpected to reach 13.2  billion USD.

Meanwhile, Director of Department of Planning and Investment of Ba Ria – Vung Tauprovince said the province is likely to fulfill 78% of its goal this year dueto global economic headwinds, sluggish progress on land auction and incompletetransport infrastructure.

Since many US and European firms have come to look into investment climate as wellas propose investment in the southern localities in recent time, FDI attractionin the region is said to scale up in the coming time./.

VNA