The secret of Dong Nai’s foreign investment

17:12 | 26/03/2017 Economy

(VEN) - Dong Nai Province in southeast Vietnam is one of the country’s leading magnets for foreign direct investment (FDI). Not only that, but the types of investments are in keeping with the government’s policy of selective attraction with priority given to high-tech, support industry and environmentally-friendly projects.

According to the Dong Nai Department of Planning and Investment, total registered and additional FDI capital from January 1 to February 15 reached US$162.9 million, equal to 16.3 percent of the yearly plan. This includes US$126.7 million from seven newly-licensed projects and US$36.2 million from nine capital-added projects.

As of February 15, Dong Nai Province had 1,671 projects with total investment capital of nearly US$30.5 billion, including 1,260 ongoing projects for a total amount of nearly US$25.84 billion. The Republic of Korea ranked first among the 44 countries and territories investing in Dong Nai, followed by Chinese Taipei and Japan.

Among the high-tech, support industry and environmentally-friendly projects are a US$60-million plant being built by the PowerKnit Vietnam Company Limited to produce shoe surface with a capacity of about 10.2 million products a year; a US$55-million plant being built by the Pou Phong Vietnam Co. Ltd to produce shoe soles with a capacity of 30 million products a year. The investor of both projects is from the British Virgin Islands.

The province also granted investment certificates to the Dongwon Textile Vietnam Co. Ltd. for a US$60-million project to produce yarns, fabrics, and textile products with a capacity of more than 20,000 tonnes a year, and the Yong A Textile Vina Vietnam Co. Ltd. for a US$14-million project to produce knitted fabrics, with a capacity of nearly 12,900 tonnes a year.

According to Dong Nai People’s Committee Deputy Chairman, Nguyen Hoa Hiep, the province currently has more than 30 industrial zones. Of these, 29 are 70-percent full.

Dong Nai Province aims at attracting US$1 billion in FDI in 2017, including US$500 million from newly-licensed projects and the remaining from capital-added projects.

To accomplish the goal, the province will focus on providing more support for businesses, promoting information technology applications, strengthening administrative procedure reforms and improving the quality of services.

Dong Nai will also organize trade and investment promotion activities in key markets like Japan, the EU, the Republic of Korea and Chinese Taipei, as well as potential markets with strengths in terms of finance and technology.

The province continues to maintain regular dialogue between provincial leaders and foreign-invested enterprises, and coordinate with departments and agencies to resolve difficulties facing businesses in their trade and production activities.

The Phuong