Binh Duong lures big FDI projects in textile, infrastructure
Foreign investors have poured a large amount of investment into textile and infrastructure in the southern province of Binh Duong since the beginning of this year.
Hanoi (VNA) - Foreign investors have poured a large amount of investmentinto textile and infrastructure in the southern province of Binh Duong sincethe beginning of this year.
Polytex Far Eastern Co., Ltd fromTaiwan (China) added 485,8 million USD to its project in the Bau Bang Industrial Park (IP), lifting totalregistered capital of the project to 760 million USD.
Polytex Far Eastern began its operation in the Vietnam-Singapore Industrial ParkI (VSIP I) in the province since 2007. In its development strategy, Vietnam-basedcompany will be the third largest branch of the Chinese firm.
Meanwhile, the Vietnam-Singapore joint venture company invested 284.7 millionUSD in developing infrastructure of the VSIP III.
Anotherproject was invested by the Kolon Industries Co., Ltd of the Republic of Koreain the Bau Bang IP, with a total registered capital of 220 million USD. As partof the 1-billion-USD project signed between Kolon and the provincial authorities,the project specialises in manufacturing automobile tires cord and airbags.
As of March 15, Binh Duong granted investment licences to 43foreign direct investment (FDI) projects with a total registered capital of739.3 million USD, a year-on-year increase of 204 percent. Whilst, 18 existing projects registered to increase capital by 550 million USD,up 364 percent against the same period last year.
Accordingto the Foreign Investment Agency under the Ministry of Planning and Investment,Binh Duong ranked second in luring FDI in the first quarter of this year after thenorthern province of Bac Ninh.
It was home to three out of seven projects having total investment capital ofover 200 million USD in the country.
Binh Duong has set a target ofattracting at least 1.4 billion USD in FDI in 2017, prioritising projects withhigh technology and large-scale ones on urban and services development.
In 2016, Binh Duong saw over 2 billion USD beingpoured in 240 new projects and 123 existing ones, equivalent to 145 percent ofits target. Most new projects were in the fields of manufacturing andprocessing industries and services.-VNA
The southern province of Binh Duong wants to attract more foreign direct investment for tourism development, aiming to achieve an annual growth of 20 percent in the next four years.
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Illustrative image (Source: VNA) 
