Northern region of province strongly absorbs FDI capital

Update: 18-04-2018 | 11:24:20

Following the success of industrial parks (Ips) and industrial compounds (Ics) in the southern region, Binh Duong province has promoted industrial development in the northern region. In a short time only, Ips and Ics in the northern region of the province have absorbed many foreign investors.

Absorbing huge investors

My Phuoc Ips 1, 2, 3 and 4 in Ben Cat town have so far lured nearly 500 FDI projects capitalized at more than US$3.5billion. Noticeably, they are now home to many FDI projects with great capital, namely Kumho Asiana Group, Muruzen Foods Corporation, Graft Vina Company…

Production of Kumho Vietnam Company at Ben Cat town-based My Phuoc IP

Also in the northern town, Bau Bang IP has attracted 616 projects, including 519 domestic investment projects with more than VND25trillion and 97 FDI ones totaling nearly US$2.4billion. In Q1, 2018, the town absorbed 15 newly-registered projects with total investment capital of US$88.1million and VND40.3billion, 7 extra-ones with US$15million and VND31.1billion. Among these projects, there were many with high technologies, namely Polytex Far Eastern Vietnam Co.Ltd., Yatch Vietnam Technology Co.Ltd...

Whilst, Tan Binh IP in North Tan Uyen district is also formed up under the province’s policy on industrial development in the northern region. The IP has to date drawn 52 projects with total investment capital amounting to VND770billion and around US$42.64million. Most of them mainly focus on industries of woodwork, footwear, packaging…, contributing to generating jobs for laborers and promoting the local industrial development and services.

In addition, the birth of many other Ips and Ics like Ascendas Protrade, Viet Huong 2, Tan My, Tam Lap, Thanh Tuyen…in the northern region of the province has created huge “clean land” fund with a synchronous infrastructure system, absorbing more investors.

Another opportunity for acceleration

Possibly speaking, the development of the above Ips and Ics has created a hit for localities in the northern region of the province to continue changing strongly.

In 2017, Ben Cat town reached a 24% economic growth compared to the same period of 2016. Industrial production accounted for 81% of the town’s economic structure. Meanwhile, Bau Bang district’s industrial production value was estimated at VND11.42trillion, up nearly 18% against 2016...These results showed that the province’s strategy bringing Ips and Ics to the northern region is right and effective.

In recent years, the province has spent more than VND3trillion on building 3 main streets to develop industrial and urban areas, including those of
Tan Uyen-Phu Giao-Dong Phu, Phu Giao-DT750 and Bau Bang-Phu Giao. This has not only helped narrow the gap between urban and rural areas, but also been the premise for the northern region to absorb investment projects.

Implementing the Project on adjustment of Ips till 2020 approved by the Prime Minister, the province has paid more attention to expanding Ips and Ics in the northern region in order to welcome more investors. Accordingly, till 2020, the whole province will have 33 concentrated Ips with around 15,730 hectares at the local demand for development.

With considerable achievements in FDI attraction, it is believed that Binh Duong will become an industrial hub of the whole country by 2020 under the Government’s orientation by 2020.

Reported by M.Nguyen-Translated by K.T

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Northern region of province strongly absorbs FDI capital

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