Kingtec Group on June 24 signed land lease contract with Becamex IDC Corporation. — VNS Photos Thu Ngan

BINH DUONG (Biz Hub) — The southern province of Binh Duong has pledged to create more favourable investment conditions and ensure that the province remains an ideal destination for foreign investors.

Le Thanh Cung, chairman of the provincial People's Committee on June 24, told Biz Hub that the province had attracted over US$1 billion in foreign direct investment since the beginning of the year.

The figure for the entire year will be higher than the figure last year, he said.

Cung also said that the volume of new capital was equal to the amount of additional capital, an indication that investors still had confidence in the province.

Chairman Le Thanh Cung talked with businessmen in Binh Duong.

The chairman added that about 80 per cent of companies affected by protests in May that broke out about China's placement of an oil rig in the East Sea had resumed production and were expected to regain full capacity.

On June 24, a Taiwanese company, the Kingtec Group, signed a land-lease contract with Becamex IDC Corporation to build a plant on 16ha at My Phuoc 3 Industrial Zone in two phases (with the first phase worth US$30 million).

Soddy Huang, chairman of the Kingtec Group, said the company had chosen Binh Duong because 1,000 of the 5,000 Taiwanese investors operating in the country were located in the province.

Moreover, he said the local investment environment had improved day by day.

The plant, which will produce lighting products for export to the EU and the US, will begin operations within one to one and a half years. Machinery will be imported from mainland China.

The Kingtec Group, which is a major business group in Taiwan founded in 1985, has invested in many business sectors. — VNS