Binh Duong Province attracts second most FDI in Viet Nam

Thursday, Feb 16, 2023 09:23

The southern province of Binh Duong attracted US$3.14 billion in foreign direct investment (FDI) last year, second most just after HCM City. — Photo

Binh Duong Province as of the end of 2022 has attracted more than 4,082 foreign direct investment (FDI) projects with nearly US$40 billion of registered funds, ranking it among the top two provinces in the country in FDI attraction, just after HCM City.

HCM City and Binh Duong were the leading localities in FDI attraction in 2022 with $3.94 billion and $3.14 billion, respectively.

According to the Ministry of Planning and Investment's (MPI) Foreign Investment Agency, the southeast region will continue to be the major FDI magnet of the country in 2023. This year, the country may lure about $36-38 billion in FDI.

Binh Duong has estimated its gross regional domestic product (GRDP) growth rate at 8.01 per cent and GRDP per capital at VND170 million ($7,100), according to the provincial People’s Committee.

Binh Duong's total import and export turnover hit nearly $61.5 billion, of which, exports reached $35.7 billion, up 9 per cent year-on-year, resulting in a trade surplus of $10 billion. Total social investment capital reached over VND154.5 trillion, up 12.9 per cent year-on-year.

Denmark was the biggest investor of Binh Duong with $1.32 billion, followed by the Netherlands with $609 million, and China at $258 million.

Preben Enef, general director of LEGO Vietnam Technology Co. Ltd. (Denmark), which is investing $1.3 billion in a toy factory in Binh Duong, appreciated the support from leaders of the province as well as ministries for the construction of the project.

The locality’s post-pandemic recovery and development efforts have also gained applause from the Republic of Korea Chamber of Commerce (KOCHAM) office in Binh Duong and the European Chamber of Commerce (EUROCHAM) in Viet Nam.

In recent years, Binh Duong has spent large amount of money to improve road infrastructure to enhance transport connectivity with HCM City and nearby provinces, develop concentrated industrial zones and attract workers from provinces and cities around the country.

Early this year, Secretary of the Binh Duong Party's Committee Nguyen Van Loi directed departments and relevant units to speed up the construction and upgrade progress of National Highway 13 from six lanes to eight lanes to improve the connectivity of the province and HCM City.

National Highway 13 not only plays the role of the "backbone" traffic axis of the province's transport system, but is also an arterial route connecting HCM City to Binh Phuoc and the Central Highlands provinces.

The province also plans to expand and upgrade the My Phuoc - Tan Van expressway and provincial highways No. 743, 747B and 746, which will improve transport to Dong Nai Province and HCM City.

The upgrade of My Phuoc - Tan Van expressway is one of the key projects because it connects urban areas and industrial parks, and opens up a freight corridor along the North - South backbone axis parallel to National Highway 13.

This will create favourable conditions for access to Cai Mep - Thi Vai Port in Ba Ria-Vung Tau Province and the Long Thanh International Airport in the future, according to the construction department.

The widening of major roads such as National Highway 13 and My Phuoc - Tan Van between concentrated industrial zones has eased travel to ports.

The province is always looking to develop transport infrastructure to help ship goods to other provinces and abroad.

It plans to further improve transport connectivity by developing waterways and, in the future, create a rail link to transport goods to ports in HCM City and Dong Nai Province. — VNS

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