BINH DUONG: The southern province of Binh Duong attracted more than US$1.4 billion of foreign direct investment (FDI) capital in the first eight months of this year, according to the provincial Department of Planning and Investment.
The investments were mainly in industrial production, supporting industry, exports, trade, retail and property. Of these, 124 new projects, valued at $788 million, were granted new licences and 85 projects saw increased capital of $647 million.
One of the largest projects is the $274 million Polytex Far Eastern Co, Ltd textile project, invested in by the Taiwanese Far Eastern Group at Bau Bang Industrial Park. To date, nearly $22 billion in FDI capital has been designated for Binh Duong.
Tran Van Nam, chairman of the provincial People’s Committee, attributed this funding to the province’s infrastructure investment, along with the infrastructure development of 10,000 ha of 28 industrial parks.
Not only the foreign business sector, but enterprises with domestic capital have also witnessed steady development, said the chairman.
There are currently more than 19,500 enterprises with domestic capital valued at more than VND144 trillion ($6.4 billion) that are invested in the province. The province expects to achieve a GDP per capita of VND96 million (more than $4,200) by the end of this year.
Private and foreign-invested sectors have made a great contribution in the province’s GDP growth, which is expected to reach 13 per cent this year. The province’s competitive potential and capacity have been improved, as it joins with successful provinces in the national renewal process.
