Binh Duong’s five month FDI is 6.5 per cent higher than the yearly target. – VNA Photo Hai Au

The southern Binh Duong Province has attracted around US$1.5 billion in foreign direct investment (FDI) in the first five months of this year, exceeding its 2017 target of $1.4 billion.

Going by the latest report from its provincial People’s Committee, Binh Duong ranks second in the country in terms of FDI attraction, behind HCM City.

The province is home to 2,890 foreign-invested firms with a total registered investment capital of $27.1 billion.

From 2017 to 2020, Binh Duong will focus on attracting FDI in areas of high-quality services and industries that offer high added value and use eco-friendly technologies, said committee chairman Tran Thanh Liem. The region’s goal is to achieve around $7 billion in FDI and $4.85 billion (VND110 trillion) in domestic investment during this period, he added.

The province is focused on revising policies to attract more investments, solving investor difficulties promptly, speeding up administrative reforms, and improving the quality of personnel resource, Liem said.

Besides significant FDI growth, Binh Duong's industrial production has also recorded a positive growth of 8.21 per cent in the five-month period, with the processing and manufacturing sector surging by 8.18 per cent and the electricity distribution sector rising 13.48 per cent.

From January to May, the southern province’s consumer price index also increased by 3.62 per cent year on year, as per the report. – VNS