08:53 | 19/08/2015 Investment
(VEN) - Binh Duong Province’s export revenue and foreign direct investment (FDI) have continued to grow, contributing significantly to provincial economic development.
The France-based Bel Group’s ground breaking ceremony for the construction of a new plant in the Song Than 3 Industrial Park, Binh Duong Province
According to the Binh Duong Province Department of Industry and Trade, the province recorded high export and import revenues in the first half of 2015, marking more than US$1 billion as trade surplus while the country saw US$3.75 billion trade deficit. The province’s first-six-month export revenue totaled at US$8.5 billion, a 16.6 percent increase over the same period last year, meeting 41.6 percent of the annual plan. Of which, the domestic invested sector contributed about US$1.5 trillion, a 17.2 percent increase while the foreign invested sector contributed about US$7 trillion, a 16.4 percent increase.
Traditional key export commodities continued to grow fairly higher than the same period last year, with electronic appliances growing by 17.6 percent, footwear 16.4 percent, wooden products 15.4 percent, telephones and accessories 14.1 percent, garment and textile 11.2 percent and ceramics 6.6 percent.
The province’s FDI flows have also surpassed its annual plan. In mid-July, the Bel Vietnam Co., Ltd, an affiliate of the France-based Bel Group specializing in cheese production, started to build a US$17 million plant in the Song Than 3 Industrial Park, Binh Duong Province, with the designed capacity marking a nine-fold increase over its previous plant.
“Vietnam is the only country in Asia that we decided to set up our plants after careful consideration. We aim to provide cheese products for the entire Southeast Asian market,” said Bel Vietnam General Director Chafip Hammadi.
According to Binh Duong Province Department of Planning and Investment Director Nguyen Thanh Truc, the province has recorded many large-scale FDI textile projects. For example, the Polytex Far Eastern (Viet Nam) Co., Ltd, an affiliate of the Chinese Taipei-based Far Eastern Group, has been licensed to invest US$274 million in its third textile project in Vietnam.
Binh Duong Province has attracted more than US$1 billion as FDI flows, achieving 101 percent of its annual plan. The province has recorded 102 new FDI projects with total investment of US$713 million, 66 FDI increased projects with total increase of US$300 million. This brings the total number of FDI projects in the province to 2,490 worth US$21.4 billion, with most of these projects being implemented in local industrial parks or complexes.
“We chose Vietnam because, firstly, we have seen success in the first plant there, secondly, we have recruited skilled staff, thirdly, we have experienced effective local cooperation and support, and finally, we appreciate Vietnam’s position in the center of the Southeast Asian region, with its sharp competitiveness against Singapore,” Chafip Hammadi added.