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Binh Duong doubles yearly FDI target
Despite difficulties resulting from global economic downturn, the southern province of Binh Duong absorbed more than 2 billion USD in foreign direct investment (FDI) this year, doubling its yearly target, local officials said.
The figure helped bring the total amount of FDI pumped into Binh Duong to 11 billion USD.
Binh Duong is placed second on this year’s Provincial Competitiveness Index in terms of business climate.
2008 also saw the province’s performance regarding the disbursement of FDI capital which reached 64 percent – one of the country’s highest levels.
In addition to traditional investors, including Taiwan , the Republic of Korea and Japan , the province has seen a host of newcomers, such as the Netherlands , Finland , Denmark , the US and the UK , with increasing number of projects.
Provincial authorities said most of the newly registered FDI capital is poured into manufacturing hi-tech products and services. This is in line with the province’s sustainable industrial development plan.
The achievements in FDI attraction are attributed to Binh Duong’s efforts to promote foreign investment. A series of business delegations have been sent to Japan , the US and European countries to seek investors.
Jae Huyn Huyn, President of the Republic of Korea ’s Tong Yang Group which specialises in cement and steel production, finance and banking, said that RoK entrepreneurs appreciate Binh Duong’s investment environment and that his business wants to further invest in services in the province.
Chong Lit Cheong, Chief Executive Officer of International Enterprise Singapore , also spoke highly of the investment environment of Binh Duong, where more than 100 Singaporean-invested projects are operating.
He said more Singaporean firms will come to the province in the near future. One firm has plans to build an industrial zone for food processing of international standards in the locality.
Impressed by its business climate and modern infrastructure at its industrial zones, a growing number of Malaysian investors have flocked to explore investment opportunities in Binh Duong.
vna
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