Positive sign of FDI attraction in Binh Duong
The southern province of Binh Duong attracted US$300 million of foreign direct investment (FDI) in the first 20 days of this year alone, three times higher than that of the same period last year.
According to Le Thanh Cung, Chairman of the Binh Duong People’s Committee, the province is on track to fulfill its target of luring US$1 billion in FDI for the whole year.
Notably, the Kraft Vina paper company added US$150 million to its business expansion plan in 2014. Its first US$180 million paper factory was put into operation in 2010.
Cung said the province has established a new 300 ha industrial park as an effort to stand ready for the Trans-Pacific Partnership (TPP) which is expected to be signed this year.
It has also approved the planning of the construction of 15 others, raising the total number of industrial parks to 33 by 2020 from 28 currently, he said.
Considering FDI as a major source for industrial development, Binh Duong has focused on bettering partnership with foreign investors by supporting them in solving all obstacles and creating good conditions for them to implement their projects, said Cung.
The official added that the locality has also paid much attention to stepping up administrative reforms, while developing infrastructure system and human resources to attract more FDI.
Despite economic difficulties in 2013, Binh Duong lured over US$1.3 billion in FDI, including US$800 million poured in 125 newly-licenced projects.
To date, the province has hosted 2,209 FDI projects capitalized at US$18.72 billion, mainly in industrial production, trade, services, urban development, high-tech, electronics, accessories and auto spare parts.