11:14 | 21/08/2017 Investment
The Republic of Korea (RoK) ranks third among the foreign investors in Binh Duong province as of June 30, with 619 projects worth approximately US$2.69 billion.
The information was announced at a meeting between the People's Committee of Binh Duong province and the RoK investors on August 16.
Nguyen Thanh Truc, Director of Binh Duong provincial Department of Planning and Investment, said that Binh Duong witnessed positive developments in foreign direct investment (FDI) in the first half of 2017.
The province attracted US$1.72 billion worth of FDI in the first six month of this year, equivalent to 123% of the year's target and up 51% over the same period in 2016, Truc stated.
As many as 97 new FDI projects were licensed in the period with a total registered capital of US$1.03 billion and 62 ongoing projects registered to expand their capital, with a total supplemented capital of US$670 million.
In particular, the RoK investors invested in 16 new projects in the first half of this year and registered to expand the capital of 17 other projects with a total investment capital of US$306 million. By June 30, RoK became the third largest foreign investor in Binh Duong, after Taiwan (China) and Singapore.
Truc said that Binh Duong regards FDI as an important source of capital and a driving force for local economic growth and economic structure transfer.
FDI capital contributed over 48% to the total investment capital of Binh Duong, over 67% to the industrial production value, and over 82% to the province's export revenue, in 2016.
Truc noted that the FDI results in the first half of this year demonstrated the attraction of the investment environment in Binh Duong, as well as highlighting the efforts of the authorities to improve the investment environment.
By June 30, Binh Duong had attracted 2,946 FDI projects with a total registered capital of US$27.49 billion and ranked second among the provinces and cities nationwide in attracting FDI.