Southern Vietnam attracts major FDI

Jul 05, 2017 | 11:20 AM GMT+7

Besides HCM City, its next-door provinces Binh Duong and Dong Nai have also attracted large amounts of foreign direct investment in the first half of this year

Southern Vietnam attracts major FDI
The Viet Nam-Singapore Industrial Park (VSIP) I in the southern province of Binh Duong. Photo:

According to a report from the Binh Duong People’s Committee, FDI in the first six months was worth around US$1.62 billion.

Its major foreign projects are the US$284.75 million Viet Nam – Singapore Industrial Park III being developed by the Viet Nam-Singpore Industrial Park Joint Venture Co Ltd and a US$220 million factory to manufacture airbags and industrial fabric for automobile tyres by Kolon Industries Inc of South Korea.

According to VSIP, its industrial parks in Binh Duong have attracted around US$652 million in FDI this year, an increase of 60 per cent year-on-year and 80 per cent above its whole-year target.

Polytex Far Eastern Ltd, a Taiwanese polyester fibre and cotton manufacturer, has got approval to increase its registered capital by US$485.8 million in the period, taking its total investment in the Bàu Bàng Industrial Park to US$760 million.

Dong Nai Province attracted US$640 million in 37 new projects and 51 existing projects in the first half.

Powerknit Viet Nam Co Ltd is the largest new foreign project with US$60 million coming from the British Virgin Islands.

Fabric producer Long Thai Tu of South Korea added US$50 million to its ongoing project in the province.

Many industrial parks in Binh Duong and Dong Nai have attracted large investments mainly from Asian countries and territories such as Singapore, South Korea, Japan and Taiwan thanks to their highly developed infrastructure and transportation network.

They have also signed several MOUs with regions in South Korea and Japan following investment promotion efforts over the last few years.