A view of Song Cong Industrial Zone in northern Thai Nguyen Province. The province targets US$5 billion in foreign direct investment this year. — VNA/VNS Photo Hong Ky

THAI NGUYEN (Biz Hub)— The northern province of Thai Nguyen has set a target of attracting up to US$5 billion in foreign direct investment (FDI) this year.

The announcement was made by provincial People's Committee chairman Duong Ngoc Long.

This amount of FDI would help the province better ensure its socio-economic development growth against a backdrop of decreasing capital from domestic investors, Long said.

In order to achieve the ambitious goal, provincial authorities will focus on speeding up administrative reform, perfecting infrastructure and developing industrial zones to provide foreign investors with adequate "fresh land" as well as improving quality of human resources, Long declared.

Statistics from the provincial Department of Planning and Investment showed that more than 100 organisations and businesses have come to survey the investment and business environment here.

About 10 domestic and foreign businesses and organisations visited the province in the first quarter of this year.

Earlier in March, the South Korean Samsung Group began the construction of a $3.2 billion high-tech complex in the province.

When completed, the area will house Samsung's largest mobile phone factory, which is expected to provide jobs for thousands of local people.

It will also contribute tens of billions of dollars to the country's annual export turnover, while boosting the development of the electronics support industry in the northern region of Viet Nam.

Recently, six projects providing components for the complex have been licensed with capital totalling $100 million. — VNS