The southern province of Dong Nai has drawn approximately US$1.6 billion in foreign direct investment (FDI) as of October 23, 60 per cent higher than the goal of $1 billion set for this year.

According to the provincial Department of Planning and Investment, the province has licensed 101 new FDI projects, worth a total of $804 million, since the beginning of 2018 while 87 others have received additional investment of $790 million.

Among the newly-licensed projects are a $60-million undertaking by Singapore-based KCC Vietnam Co Ltd and a $45-million project by Samyang Vietnam Co Ltd from the Republic of Korea (RoK) at Nhon Trach 6 Industrial Park, and a $40-million fabric manufacturing project by RoK’s Hi Knit Co Ltd from at Nhon Trach 6A Industrial Park.

Those with extra investment include the Bosch Gasoline Systems – HCP factory of the Netherlands at Long Thanh Industrial Park, the tire factory by Japan-based Kenda Rubber Industrial Co Ltd at Giang Dien Industrial Park and the pharmaceutical project by OPV Pharmaceutical JSC from Singapore at Bien Hoa II Industrial Park, which got an additional $71 million, $56 million and $47.7 million, respectively.

Most of the projects are in supporting industries that are environmentally friendly with high technology.

Dong Nai has so far licensed 1,853 FDI projects with total registered investment of $33.4 billion, of which 1,371 projects worth $28.3 billion are operational while the others had their licences withdrawn.

Topping the list of investors are those from the Republic of Korea, Taiwan (China) and Japan.

In 2017, the province attracted more than $1.3 billion in FDI, with the Republic of Korea the largest foreign investor. In recent years, it has prioritised environmentally friendly projects using high technology and skilled labourers. – VNS