Figure for first four months exceeds $900 million target.
In the first four months of this year southern Dong Nai province licensed 28 new investment projects with capital of $790.6 million and gave permission to 22 existing projects to increase their capital by a total of $134.7 million. The province has therefore attracted more than $925 million of foreign investment in the period, or $25 million more than planned.
The Hyosung Vietnam Co. project, belonging to the Hyosung Korean Corporation, has total investment of $660 million and is the largest FDI project registered in the opening months of the year.
Dong Nai is expected to attract more than $1 billion in foreign investment this year. Most will be in support industries and use environmentally-friendly clean technologies, in which the province has encouraged investment. As at April the province had issued licenses to 1,479 projects with total investment of more than $27 billion.
According to the province's portal, it is regularly listed in the Top 10 cities and provinces for FDI attraction. In 2014 its total registered foreign investment capital stood at $1.87 billion, putting it in the Top 5 cities and provinces in terms of FDI. Over 470,000 jobs have been created and the investment has contributed significantly to the provincial budget.
Dong Nai's Provincial Competitiveness Index (PCI) in 2014 was 57.26, ranking it 42nd out of Vietnam's 63 cities and provinces. It was assessed highly in terms of "entry costs", "transparency and access to information", and "time costs and regulatory compliance".
"Over the years Dong Nai has made a good impression on and satisfied investors due to the shortened time for resolving administrative procedures," the Director of the Department of Planning and Construction, Mr. Cao Tien Sy, said proudly. "Some projects were licensed within just 24 hours, and this is an important factor in attracting investment effectively and quickly."
To further improve its investment environment the province will focus on developing and improving its traffic networks in urban areas and industrial zones. Many major transport projects are underway, such as upgrades to National Highway No. 1 and National Highway No. 51 and the construction of the Ho Chi Minh City - Long Thanh - Dau Giay Expressway, which will serve the province's economic development.