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Processing and manufacturing industries strongly absorb investment capital

Update: 23-10-2020 | 15:39:18

While the Covid-19 badly affected the socio-economic situation, the economy of Binh Duong during the first nine months of 2020 maintained growth rate of 6.74% over the same period. This is a fairly high growth rate compared to other provinces in the region and the whole country. This also proves the correctness in orientation and administration of epidemic prevention and control, economic recovery, and the determination, consensus of the whole society.

Production activities at NTI Vina Company, VSIP 2.

 Among the industries and sectors that have the main contribution to economic growth, processing and manufacturing industry is noteworthy with 6.79% over the same period. This is the industry that plays a key role, stimulates growth, and is the leading sector in attracting foreign investment capital in the past years and 9 months of 2020.

According to provincial Department of Planning and Investment, as of the end of Sep 2020, total registered FDI capital reached $1,237 million, equaling 48% over the same period in 2019, reaching 68% of the 2020 target. Namely, 103 projects received newly granted investment registration certificates with a total registered capital of $483.8 million, equaling to 60% of project number and 40% of the capital compared to the same period; 76 projects adjusted investment capital with total additional registered capital of $274 million, equaling to 62% of project number and 35% of the capital compared with the same period; 359 times of projects registered to pool capital, buy shares with a total value of capital contribution of $478 million, equaling to 95% of project number and 86% of the capital compared with the same period.

According to Department of Planning and Investment, foreign investors invested in processing and manufacturing industry, and reached $895.2 million, accounting for 72.3 % of total foreign investment capital registered in the whole province, including 76 new investment projects, 67 capital adjustment projects, 259 projects registered to contribute capital, purchase shares. Investment in real estate business reached $216.6 million, accounting for 17.5% of total investment capital; wholesale and retail sector reached $78 million, accounting for 6.34% of the total investment capital.

In terms of investment partners, there were 34 countries and territories registered for investment in Binh Duong. In which, Hong Kong (China) was ranked first with a total registered capital of $212 million, accounting for 17.2% of total registered capital. Taiwan (China) was ranked second with a total registered capital of $205 million, accounting for 16.6% of total registered capital. Singapore took the third position with a total registered capital of $198 million, accounting for 16% of total investment capital.

Some major projects were granted new investment registration certificates and adjusted from beginning of the year: Supporting service project for real estate business of H9BC Investment Company, registered capital of $78 million in Hoa Phu ward, Thu Dau Mot City; project of Sung Shin Tech Limited (Singapore) with registered capital of $30 million in Tan Dong Hiep B Industrial Park; project of manufacturing aluminum alloy products of Ever Giant International Private Limited (Singapore) with registered capital of $20 million in Bau Bang Industrial Park.

In the coming period, the province sets targets of FDI attraction in order to maintain its existing advantages. Accordingly, the province strives to attract registered FDI capital in 2021-2025 period to reach over $9 billion. The province will choose high-tech projects, which use less labor and bring high added value; industrial production will be still the main industry in provincial economic development in following years.

Mai Ba Truoc, Director of Department of Planning and Investment, said that the FDI sector has made a great contribution to budget revenue and actively contributed to technology transfer, job creation as well as skill training for workers in the province. Of which, 86% of FDI capital invested in processing and manufacturing industry, with dozens of projects ranging in size from $250 - 760 million, which shows that Binh Duong has been really a good selection of investors.

“In 2020-2025 period, Binh Duong will continue to restructure the economy to focus on the industrial restructuring based on investment attraction and innovation; constantly improve the investment environment, improve competitiveness of the province, create new dynamics, contribute to improving the efficiency and quality of investment attraction to stimulate socio-economic development. To accomplish this goal, the province perseveres in attracting foreign investment with rational selection, turning towards high quality and efficiency. In particular, focusing on partners with high potential such as Japan, Korea, America, Europo etc. for cooperation, receiving and transferring advanced technologies, taking advantage of this ability to spread to domestic industries", said Mr. Mai.

Reported by Ngoc Thanh - Translated by Ngoc Huynh

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