Kaiser Viet Nam Furniture workers process timber products in My Phuoc 1 Industrial Park, Ben Cat Town, Binh Duong Province. — VNA/VNS Photo Danh Lam

HCM CITY (Biz Hub) —  The southern province of Binh Duong has already achieved over 78 per cent of this year's foreign direct investment (FDI) target with almost US$1.1 billion, its People's Committee announced.

It included more than $730 million in 113 new projects and $367 million in 64 existing ones.

Of the new projects, 99 are in processing and manufacturing while 14 are in services.

According to the province, 26 nations and territories have invested this year, with Singapore topping with seven new projects and increasing capital in eight existing ones. Singaporean investors accounted for more than a third of the investments with $360 million.

They were followed by South Korean and Japanese.

Tran Thanh Liem, Chairman of the People's Committee, promised every effort to improve the investment environment but also support for local companies.

Difficulties faced by companies would be resolved to smooth their operations, he said, and infrastructure and facilities would be further developed, he said.

Industrial zones would be enlarged to offer companies more space to expand, he said.

Binh Duong, which has an FDI target of $1.4 billion for this year, plans to accelerate trade promotion in key markets like the US, Japan, South Korea, Singapore, and Taiwan.

The focus would be on attracting investments in part supplier industry and garment and textile to take advantage of the Trans-Pacific Partnership agreement.

More meetings would be held between authorities and businesses to solicit suggestions and help the latter resolve their difficulties.

The province has 2,700 projects with a registered capital of over $24.7 billion, including 1,625 worth $16.3 billion in industrial zones. — VNS