Binh Duong lures big FDI projects in textile, infrastructure

Polytex Far Eastern Co., Ltd from Taiwan (China) added US$$485,8 million to its project in the Bau Bang Industrial Park (IP), lifting total registered capital of the project to US$760 million. 

Polytex Far Eastern began its operation in the Vietnam-Singapore Industrial Park I (VSIP I) in the province since 2007. In its development strategy, Vietnam-based company will be the third largest branch of the Chinese firm. 

Meanwhile, the Vietnam-Singapore joint venture company invested US$284.7 million in developing infrastructure of the VSIP III.

Another project was invested by the Kolon Industries Co., Ltd of the Republic of Korea in the Bau Bang IP, with a total registered capital of US$220 million. As part of the US$1-billion project signed between Kolon and the provincial authorities, the project specialises in manufacturing automobile tires cord and airbags. 

As of March 15, Binh Duong granted investment licences to 43 foreign direct investment (FDI) projects with a total registered capital of US$739.3 million, a year-on-year increase of 204%.  Whilst, 18 existing projects registered to increase capital by US$550 million, up 364% against the same period last year. 

According to the Foreign Investment Agency under the Ministry of Planning and Investment, Binh Duong ranked second in luring FDI in the first quarter of this year after the northern province of Bac Ninh. 

It was home to three out of seven projects having total investment capital of over US$200 million in the country.

Binh Duong has set a target of attracting at least US$1.4 billion in FDI in 2017, prioritising projects with high technology and large-scale ones on urban and services development.

In 2016, Binh Duong saw over US$2 billion being poured in 240 new projects and 123 existing ones, equivalent to 145% of its target. Most new projects were in the fields of manufacturing and processing industries and services.