Auxiliary industries absorb more FDI capital

Update: 06-12-2017 | 11:36:07

Thanks to having well-built infrastructure plus investment climate improved constantly, Binh Duong has absorbed more FDI capital in auxiliary industries in recent years.

FDI capital on sharp increase

According to a report by provincial People’s Committee, in 2017, the province absorbed more than US$2.51billion, surpassing over 80% of the year’s plan. Noticeably, there were many large-scale projects licensed or increasing capital in the fields encouraged for investment, especially auxiliary industry. For example, the Singaporean-invested Tetra Pak Binh Duong Joint Stock Co. put its factory producing packages from paper, plastic and aluminum foil for liquid foods into operation in VSIP II-A with registered capital of US$124 million. Or, the Korean-invested Sewoon Medical Vina Co.Ltd. in VSIP II-A increased its capital by US$33.9million.

At the ceremony signing a MoU between provincial leaders and Kolon Industries to build a factory manufacturing airbags and industrial fabric for automobile tires in the Bau Bang Industrial Park

The ground-breaking ceremony for a 19-million-USD production area funded by investors from Taiwan (China) has also just taken place in the Bau Bang Industrial Park. It is invested by four Taiwanese firms, namely DDK Vietnam, Yi Xing, T-Star and Every Young, which are specialized in real estate, factory leasing, industrial infrastructure investment consultation, environmental protection equipment, electricity and aluminum product production… The event is seen as the start for forming up a concentrated production complex of province-based Taiwanese firms with total investment capital of US$200million on a total area of 80 hectares.

The province has to date formed up industries producing materials for garment-textile, footwear, electronics-electricity industries; developed a 300-hectare industrial park on auxiliary industries in Bau Bang, aiming to boost more FDI capital…

Among the newly-granted FDI projects in the province, the KVT-1 tire fiber factory project of the South Korean-invested Kolon Industries Co.Ltd. is the most noticeably with registered capital of US$220million. The factory is specialized in manufacturing KVT-1 industrial fabric for automobile tires. In late 2016, the company also signed a memorandum of understanding (MOU) with the province to develop a US$1billion factory manufacturing airbags and industrial fabric for automobile tires on a total area of 42 hectares in the Bau Bang Industrial Park.

Facilitating auxiliary industries’ development

The majority of newly-licensed projects with large scale in Binh Duong focus on hi-tech and auxiliary industries. This is a good sign for industrial manufacture of the province and the whole country. In recent years, auxiliary industries have loomed large across the province, contributing to the local socio-economic development.

Thanks to being proactive to develop auxiliary industries, Binh Duong is seen as one of the country’s attractive localities for investors. With 28 industrial parks together with hundreds of large-scale goods producing firms, Binh Duong has become one of the country’s biggest centers attracting FDI capital in auxiliary industries.

Leow Siu Liu, the US Consulate General in HCM city said that Binh Duong has a good investment climate with well-built infrastructure plus the attention of the local leaders. In addition, the province has attached special importance to fostering auxiliary industries in recent years, so it is sure that more businesses will make investment herein in the coming time.

At a recent meeting with FDI businesses, Tran Thanh Liem, Vice-Secretary of provincial Party Committee, Chairman of provincial People’s Committee said that the province will further improve the local investment climate, improve competitiveness and boost support for businesses. Accordingly, the province will bend on mobilizing all resources to perfect socio-economic infrastructure; realize planning of expanding industrial parks, creating “clean” fund for investment attraction, especially in important industries like auxiliary ones.

Also according to Mr.Liem, the province will further strengthen administrative reform; promote hi-quality services at needs of businesses and urban-industrial development…Provincial leaders will also boost a task of instructing sectors and authorities at all levels to ensure political security, social order and safety, facilitating investors’ development.

Reported by Khanh Vinh-Translated by K.T

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Auxiliary industries absorb more FDI capital

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