Binh Duong lures over US$3 bln in FDI

The southern province of Binh Duong has lured over US$3 billion in FDI since the beginning of 2015, tripling the yearly target of US$1billion, said the provincial Planning and Investment Department.

One of the largest projects this year is a VND22.7 trillion (US$1.035 billion) paper manufacturing plant run by the Cheng Loong Group of China’s Taiwan in Singapore Ascendas-Protrade industrial park. The project is expected to start construction in late December this year.

Provincial Party Committee Secretary Tran Van Nam said the province has made good preparations in terms of investment policy and mechanism, industrial park infrastructure and transportation network in order to attracting more domestic and foreign investors.

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According to Nam, after the Trans-Pacific-Partnership (TPP) agreement takes effect, the province will continue to attract FDI capital, shifting priority to modern technical investment and environmentally friendly projects.

The province is working on planning for 35 industrial parks and industrial clusters, focusing on supporting industry with a view to minimizing dependence on import materials for products to benefit from the TPP such as garment and textile, and footwear.

Binh Duong’s urbanization rate has surpassed 76%. The province aims to fully achieve the industrialization target in the next five years.

The province is now home to 26 industrial parks, covering a total area of 8,800 hectares. The average occupancy rate is 65%.

The locality plans to lure US$1.4 billion in FDI in 2016. It vowed to continue to improve the local business climate and its provincial Competitiveness Index by adding support to investors, stepping up administrative reforms and ensuring social welfare.