Binh Duong: FDI attraction surpasses yearly target

14:42 | 29/05/2017 Economy

In just the first five months of 2017, the southern province of Binh Duong has attracted nearly US$1.5 billion in foreign direct investment (FDI), surpassing its US$1.4 billion target set for the whole year.

These fruitful results are attributed to the locality’s continued administrative procedure reform, enhanced investment promotion, and well-prepared industrial park infrastructure.

At present, Binh Duong is home to more than 2,890 FDI projects worth US$27.1 billion, ranking second after Ho Chi Minh City, among leading localities in FDI attraction.

Major projects licensed in the first month of 2017 include the Vietnam-Singapore Industrial Park III, with an investment of US$284.75 million, and an automobile tire cord and airbag factory,a US$220 million investment by the Republic of Korea’s Kolon Industry Inc, in Bau Bang industrial park.

In 2016, Binh Duong saw over US$2 billion being poured into 240 new projects as well as 123 existing projects, equivalent to 145% of its target. Most new projects were in the fields of manufacturing and processing industries and service.

Japan, Singapore and the Republic of Korea were the three countries with the highest investment in Binh Duong during this year.

FID enterprises in Binh Duong paid over VND9.09 trillion (US$399.4 million) in tax, reaching 100.3% of the estimated value and the equivalent of112.5% when compared to 2015.

Theo NDO