Binh Duong pledges support to Korean investors

During a meeting on August 16 between representatives of the Binh Duong People’s Committees and RoK enterprises, Liem said the province will rally resources for socio-economic infrastructure regarding transport, water supply, electricity and environment protection while expanding industrial zones, providing qualified workforce for firms and building social houses for workers. 

Binh Duong is committed to accelerating administrative reform and developing high-quality services to meet demand for industrial and urban development, he said, adding that attention will also be paid to ensuring political security and social safety and order. 

Korean investors proposed issued involving local social security and order, public housing for Vietnamese workers and entertainment services for foreign experts working in Binh Duong. 

Nguyen Thanh Truc, Director of the provincial Department of Planning and Investment, said the total foreign direct investment (FDI) in Binh Duong surged 51% annually in the first half to more than US$1.7 billion, or 123 percent of the yearly plan, including 97 new projects worth US$1.03 billion and 62 others registering additional capital worth US$670 million. Up to 92.5% of capital inflows were recorded in industrial parks. 

As of June 30, 2017, Binh Duong lured 2,946 foreign-invested projects with a total registered capital of US$27.4 billion, ranking second nationwide in terms of FDI attraction, only behind Ho Chi Minh City. The RoK was the third largest investor in the province, behind Taiwan (China) and Singapore, with 619 projects valued at nearly US$2.7 billion. 

In the first six months this year, Korean investors poured US$306 million into 16 new projects and 17 others underway, notably US$220 million into Kolon Industries’ automobile tire cord and airbag factory in Bau Bang industrial park, US$25 million into Sewang apparel factory and US$12 million into HuynJin paper and plastics plant in Vietnam-Singapore Industrial Park II.