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Wednesday, June 19, 2024

Binh Duong attracts US$40.6 billion in FDI

The Saigon Times

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HCMC – Binh Duong Province has so far drawn nearly 4,300 foreign direct investment (FDI) projects worth US$40.6 billion from 65 countries and territories, official data showed.

The province ranks third in Vietnam by FDI, following HCMC and Hanoi, according to the Binh Duong Department of Planning and Investment.

Between January and mid-May of 2024, foreign direct investment (FDI) pledges and additional funding committed by operational projects in the province reached over US$341 million. Of that amount, more than US$290 million was invested in industrial zones. Japan, Singapore, South Korea, China, Denmark, and the U.S. were the biggest investors, said Pham Trong Nhan, director of the department.

Binh Duong’s industrial zones are currently home to 3,128 active projects. Of these, 2,448 are foreign-invested projects totaling over US$29.6 billion. The remaining 680 are domestic projects with registered capital of VND93.85 trillion.

So far this year, these zones have leased over 285,700 square meters of industrial land and more than 64,200 square meters of factory space. To date, over 7,000 hectares have been leased, achieving an occupancy rate of 93.67%.

The Vietnam-Singapore Industrial Park (VSIP) 3 in Binh Duong has attracted significant international investment. Danish jewelry manufacturer Pandora has begun work on a US$150 million high-end production facility in the park. Additionally, Lego has pledged over US$1.3 billion to build a toy manufacturing plant.

VSIP 3, covering 1,000 hectares, focuses on seven key industries, including electronics, automotive manufacturing, mechanical engineering, textiles, food production, and other industrial sectors. More than 30 international companies are interested in the park, with potential investments totaling US$1.8 billion.

Provincial Chairman Vo Van Minh said the province is upgrading its infrastructure network to support industrial growth. Improvements aim to enhance connectivity with major ports and airports, facilitating smoother logistics and attracting more investment.

The Binh Duong government remains committed to creating a favorable business environment for FDI enterprises, Minh said. The development of smart industrial ecosystems is seen as essential for meeting investor demands and supporting the province’s economic and social growth.

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