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| Workers make small motors at a factory run by the Mabuchi Motor Viet Nam Co in the southern province of Dong Nai. The province attracted US$1.83 billion in foreign direct investment in the first nine months of 2015. — VNA/VNS Photo Danh Lam |
DONG NAI (Biz Hub) — The southern province of Dong Nai, known as one of Viet Nam's most attractive destinations for foreign invested business due to favorable policies and developed infrastructure, attracted a whopping US$1.83 billion in foreign direct investment (FDI) in the first nine months of 2015.
The number represents a 54 per cent increase over the same period last year and far exceeded the province's seemingly naive yearly target. According to the provincial Department of Planning and Investment, FDI in the first nine months exceeded the target for the entire year by 83 per cent.
The department recorded 78 new projects in the province with a total registered capital of $1.35 billion. Of the projects already in the province, 77 added a collective $483 million in FDI. The vast majority of the projects are run by Asian firms in industrial zones.
Throughout the locality's history, it has attracted 1,535 projects worth approximately $28 billion.
Enterprises from the US, India, Taiwan (China), the Republic of Korea, Japan, Thailand and Singapore have come to Dong Nai to take advantage of its strong business infrastructure, policies and mechanisms.
Vice Chair of the Chamber of Commerce and Industry of Japan's Nagoya prefecture, Hiroyasu Naito, said that Dong Nai has been one of the most attractive provinces for Japanese investments. He said transport convenience and simple administrative procedures kept Japanese firms coming back.
The province's chairman, Dinh Quoc Thai, said that FDI in the province increased rapidly in recent years thanks to the active support of local government. Despite many difficulties and obstacles that arise when doing FDI businesses, he said the local government handled the issues in a timely manner.
Mai Van Nhon, deputy head of the province's industrial zone management board, said most FDI projects in the province have produced positive results.
In the first nine months, foreign-invested businesses in the locality earned $12.9 billion in total revenues, a year-on-year rise of 7.5 per cent, and contributed around $445 million in taxes to the State coffer. — VNS