Enterprises from Taiwan and South Korea invest major amounts since beginning of year.
As at the beginning of 2016 Taiwan and South Korea were the two leading investors in terms of foreign direct investment (FDI) in southern Dong Nai province. Taiwan had 283 projects with total registered capital of almost $5.13 billion, while South Korea had 312 projects with total capital of more than $5 billion, according to the Dong Nai Department of Planning and Investment.
Over the last few years Taiwanese and South Korean enterprises have made new investments and expanded existing investments in sectors such as manufacturing and processing shoes and sandals, textiles, wooden products, technology components, and supporting components.
Mr. Park Hyun Bae, Chairman of a South Korean business in Dong Nai, said that many of his compatriots wish to invest in the province due to its convenient transport links, in particular its proximity to Long Thanh International Airport. Some, however, still hesitate because of the procedures involved, so he hopes that the province will open a specialist unit to support South Korean investors and shorten and simplify investment procedures.
According to the Dong Nai Industrial Zones Authority (DNIZA) the province is in the process of restructuring procedures and transparency to attract investment. Enterprises experiencing difficulties in the province can contact DNIZA to seek support. FDI enterprises can also directly contact leaders at DNIZA to meet directly.
DNIZA has set a target of attracting investment of $1 billion. From the beginning of 2016 to the end of February the province’s industrial zones attracted 14 FDI projects with registered capital of $170 million, an increase of 2.6-fold against the same period last year.