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FDI to Binh Duong nears $700 million in March

Released at: 16:11, 14/03/2016

FDI to Binh Duong nears $700 million in March

Twenty-eight licenses granted to FDI projects in southern province during early days of March.

by Tue Lam

Licenses were granted by the Binh Duong Provincial People’s Committee in early March to 28 foreign direct investment (FDI) projects with combined investment capital of $682 million.

Nineteen were newly-licensed projects capitalized at $541 million and nine were existing projects investing additional capital.

Taiwan was the leading source of investment, with $204 million, followed by Singapore with $188 million and Japan with $54.5 million.

Mr. Ngo Kien Hoanh, Head of the Binh Duong-based Taiwan Business Association, attributed Taiwan’s constantly growing FDI inflows to the southern province’s favorable investment environment and the opportunities that will come from the TPP.

Most notable among the major textile projects invested by Taiwanese investors is that of Delicacy Industrial Co., Ltd Vietnam, which plans to pour in $100 million.

Binh Duong also attracted a number of other projects in processing, electronics, and support industries, including a coffee processing plant from Singapore’s Foroline Global Trading PTE Ltd with total capital of $88 million and a LED production plant from South Korea’s Lumens Vina Co., Ltd. with $30 million.

According to Mr. Tran Thanh Liem, Chairman of the Binh Duong People’s Committee, in order to take advantage of and seize the opportunities from free trade agreements the province will continue to reform its administrative procedures and make it a more attractive investment destination by removing difficulties and obstacles facing enterprises.

Figures from the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment showed that last month Binh Duong attracted 30 new FDI projects with combined investment capital of $129.7 million, retaining its third place in attracting FDI after Hanoi and Ho Chi Minh City.

Source: baodautu.vn

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