Binh Duong Province will start construction of two giant industrial zones of more than 1,000 hectares each this year with an eye on foreign investors.

Chairman of its People's Committee Vo Van Minh said construction of the Viet Nam – Singapore Industrial Park III (VSIP III) in Bac Tan Uyen District would begin this month.

When it opens, the province would prioritise high-tech tenants and labour-intensive industries such as apparel and footwear, he said.

In the second quarter, work would begin on the Cay Truong Industrial Park in Bau Bang District, he added.

Binh Duong also plans to expand the Nam Tan Uyen and Rach Bap industrial parks along with a number of others to meet the increasing demand from domestic and foreign investors.

Binh Duong is one of the fastest growing provinces in the key southern economic zone and among the hottest investment destinations in the country.

The southern key economic zone, the most vibrant business region in the country, is growing at a pace 50 per cent faster than the national average.

Just two decades ago, Binh Duong was an agricultural area with modest infrastructure, but is now the third largest FDI destination in the country behind only HCM City and Ha Noi.

It is home to more than 3,400 companies from 64 countries and territories and trades with 200 nations.

In the first two months of this year, the province's economy prospered, with the industrial index increasing by 6.1 per cent, exports increasing by 8.7 per cent with a trade surplus of US$2 billion and budget revenues reaching 20 per cent of the year’s target.

This year, Binh Duong expects economic growth of 8 – 8.3 per cent and industrial production to rise by 8.9 per cent. FDI flows are expected to exceed US$1.8 billion. — VNS