Foreign direct investment (FDI
) in the southern province of Binh Duong
has reached $1.1 billion as of mid-June, rising 8.3% from the comparable period of last year and fulfilling 78.3% of this year’s target.
Capital approvals for 113 fresh projects were $731 million while 64 operational projects had their capital raised by $367 million, local media cited the local government as saying.
Manufacturing remains the most appealing sector when attracting 99 new projects and over $1 billion in capital, or 92% of the total value. The service sector follows with $83.64 million.
Among 26 countries and territories investing in the province, adjacent to metropolis Ho Chi Minh City, Singapore has taken the lead with $359.9 million. The runners-up are South Korea with $149 million and Japan with $84.89 million.
The notable projects include a $100-million vegetable processing plant by Uniben, and an $88-million coffee processing factory by Fovolin Global Trading Pte.Ltd. Both are located in Vietnam-Singapore Industrial Park II.
Foreign businesses have so far registered to invest in 2,700 projects in the province, with their combined capital reaching $24.74 billion, putting it among the five most heavily-invested localities in Vietnam.
The province aims to lure more investors from the U.S., Japan, South Korea, Singapore and Taiwan in the time to come as the country is joining major trade deals such as the Trans-Pacific Partnership (TPP
To meet that goal, the local government will streamline investment procedures, smooth the business environment and boost construction of infrastructure, said Tran Thanh Liem, chairman of the provincial People’s Committee.