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Japan leads foreign investment in Binh Duong
The southern province of Binh Duong has bucked the economic downturn as well as shrinking foreign direct investment (FDI) inflows into the country by already reaching its annual FDI target for 2012.
In only the first four months of the year, the province surpassed its target of US$1 billion, attracting FDI projects worth US$1.462 billion, mainly from Japanese investors.
The province's achievement compares to the total of $4.267 billion that the country as a whole has attracted in the first four months.
Binh Duong is followed by HCM City and Hai Phong as leading FDI achievers in the country so far this year.
The property sector has attracted most of the FDI inflow into the province. Early this year, among the largest Japanese-invested projects registered in the province were the Tokyu Binh Duong Urban Area Project worth $1.2 billion, a tyre manufacturing plant worth $575 million, a $300 million yarn production plant and a $180 million shipbuilding factory financed by Oshima Shipbuilding Viet Nam.
The province's leaders yesterday granted an investment licence to another Japanese investor, Dai Nippon Printing, which will develop a $35-million factory producing laminate film and printing and packaging materials on a 3ha plot in My Phuoc 3 Industrial Park.
The factory is scheduled to begin operations by April 2013, providing packaging materials for domestic use and export to Asian and African countries. The factory plans to get an annual turnover of 5 billion Yen ($62.6 million) five years after inauguration.
Futoshi Hario, general manager of Dai Nippon Printing Company, said the company had decided to build its second overseas factory in Viet Nam because of increasing demand for the products in the country.
Recently, they have been importing their products to Viet Nam from their factory in Jakarta, Indonesia. The company chose My Phuoc 3 Industrial Park to invest in because it had well-developed infrastructure, Futoshi said.
According to the Ministry of Planning and Investment, Japan has emerged as the largest FDI provider for Viet Nam this year, with investments of $2.36 billion in the first four months, accounting for 70 per cent of the total FDI inflow.
Le Thanh Cung, chairman of the Binh Duong People's Committee, said that the province had received 167 projects from Japanese investors with the total investment capital of $3.114 billion. The number of Japanese investors was the biggest compared with other countries and territories in the province.
"I believe that there will be more and more Japanese investors choosing to operate their business here. The province promises to continue investing in developing infrastructure to create the most favourable conditions for foreign investors," Cung said.
He said Binh Duong remained the leader in attracting FDI because it had been effective in carrying out administrative reforms, improving quality of human resources and developing its infrastructure.
vietnamnews
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