Workers produce engines at a factory in the Dong Nai Industrial Zone. The southern province of Dong Nai has attracted about $1.2 billion in FDI this year. — Photo duongbo.vn

DONG NAI (Biz Hub) ─ This southern province attracted nearly US$1.2 billion in foreign direct investment (FDI) in the first nine months of 2014, local Department of Planning and Investment director Bo Ngoc Thu announced.

This value of capital represented a 30 per cent increase over the same period last year and was 49 per cent higher than the target the province had set for 2014. Of the amount, some $421 million is new funding for 59 projects and $770 million is supplemented capital for 58 projects.

Disbursed capital reached $875 million in nine months, up 23 per cent year-on-year and representing 87.5 per cent of the annual quota.

Thu said the results were attributable to provincial efforts to speed up administrative reforms, investment and trading promotion, and ineffective project elimination.

Dong Nai has revoked investment licences for 325 FDI projects that couldn't survive implementation obstacles, financial and market difficulties or unscheduled dissolutions. It has reclaimed the licences for eight projects this year alone.

Mai Van Nhon, the deputy director of the local industrial zones' management board, noted that the local industrial parks are expected to attract hundreds of millions of dollars more in investment capital between now and the end of the year.

He added that the province is accelerating investment attraction for support industries, and planning more support policies for this area has become a priority.

According to Thu, there are now 1,116 operating FDI projects with a total investment capital of some $21 billion in Dong Nai. More investors from Japan, South Korea and Taiwan are studying the investment environment here. ─ VNS