Foreign direct investment (FDI
) in the southern province of Binh Duong
has hit $1.53 billion over the last nine months, beating the whole-year year’s target of $1.4 billion, according to the Vietnam News Agency.
The local government granted licenses to 188 fresh FDI projects worth $1 billion, while 93 operational projects added $531.9 million in the period, according to statistics of the provincial Department of Planning and Investment.
The processing and manufacturing sector was the most heavily invested, with about $1.4 billion, or 92.8% of total investment. The service sector came second, absorbing $108 million, while only $1.5 million was funneled into agriculture.
Singapore was the largest investor with $360.6 million between January and September, accounting for 23.6% of the sum. The runners-up were South Korea and Japan with $201.4 million and $116.3 million, respectively.
Binh Duong has attracted 2,775 foreign-invested projects with total capital topping $25 billion, of which over $16.6 billion has been poured into industrial parks (IPs). It is one of the five localities nationwide with foreign investments surpassing $25 billion.
Japan has been the biggest foreign investor in the province so far, with $5.13 billion, accounting for one fifth of foreign funds invested in it.
Japanese enterprises have been landing on the country’s Southeastern region and Binh Duong in particular because it is well connected to Ho Chi Minh City
, possesses well-equipped IPs and improved investment climate, a Japanese business executive said.
As many as 28 industrial parks have been developed in the province, covering over 9,000 hectares. In the next five years, the number of IPs is expected to reach 34, spanning 14,790 hectares.