The southern province of Binh Duong has already attracted more than US$1.6 billion in foreign direct investment this year, 17.6 per cent more than the full-year target, according to its People’s Committee. — Photo baobinhduong.vn

The southern province of Binh Duong has already attracted more than US$1.6 billion in foreign direct investment this year, 17.6 per cent more than the full-year target, according to its People’s Committee.

Licences have been issued to 173 new projects with a total capital of $843 million, 102 existing projects increased their capital by $537 million, while foreign investors made capital contribution of $312 million to 121 joint-venture projects.

Tran Thanh Liem, chairman of the People’s Committee, told a recent meeting that the sharp rise in FDI was thanks to improving the business environment and supporting start-ups.

Foreign investors have poured a cumulative $31.75 billion in 3,472 projects in the province.

Most of the investment is from the US, Japan, Singapore, Taiwan, and South Korea.

The province regularly holds meetings with business groups, enterprises and investors to resolve their problems. It has also made efforts to simplify administrative procedures, inspection procedures and unnecessary regulations and reduced or abolished certain fees.

State-owned enterprises have been ordered to speed up their equitisation and divestment. Around 35,600 enterprises have been established in the province with a total register capital of more than VND286 trillion ($12.3 billion).

In the first ten months of this year, more than VND49 trillion ($2.1 billion) was invested, a year-on-year increase of 19.7 per cent. — VNS