An animal feed factory being built in Binh Phuoc Province, which is scheduled to be put into operation in April 2020. — Photo VNA

The southern province of Binh Phuoc has emerged as an attractive investment destination for foreign investors as it has so far this year lured 224 foreign-invested projects, with over US$2.2 billion of FDI disbursed.

Vo Dang Khoa, director of the provincial Centre for Trade and Investment Promotion told Vietnam News Agency on Friday that investors were focusing on many projects in processing, which is a good sign for locality’s investment attraction.

Among large-scale projects is an animal feed plant being developed by CPV FOOD Co in Becamex Binh Phuoc Industrial Park at a cost of US$157.6 million. The plant is slated for completion in April 2020.

Khoa said that the province had focused on attracting projects in the supporting industry and processing, especially cashew processing for export, as well as high-tech agriculture. The province was also seeking investment in trade, tourism and urban development, he said.

According to the official, the administrative reforms of the province have been accelerated, creating a smooth investment environment for businesses. He added that currently, the province could process and issue investment licences to businesses within just 24 hours.

According to local authorities, the province is awaiting a new investment inflow since it is currently home to 13 industrial parks covering thousands of hectares of land that are ready to serve investors.

In the first nine months of 2019, Binh Phuoc saw the establishment of 829 new firms with a combined registered capital of nearly VND9 trillion ($387 million). — VNS