Expanding cooperation, absorbing high-quality investment

Statistics released by the Foreign Investment Agency under the Ministry of Planning and Investment showed that in the first 7 months of 2024, the total registered foreign direct investment (FDI) into Vietnam reached over US$18 billion, up 10.9% compared to the same period in 2023. There were 8 localities attracting over US$1 billion in FDI, including Binh Duong.

Manufacturing, processing industry attracts investment strongly

In the first 7 months of 2024, foreign investors poured capital into 48 provinces and cities nationwide. FDI was concentrated in provinces and cities with good infrastructure, stable and dynamic human resources in investment promotion, namely Bac Ninh, Quang Ninh, Ho Chi Minh city, Ba Ria - Vung Tau, Hanoi, Hai Phong, Binh Duong, Dong Nai, Bac Giang and Thai Nguyen. These 10 localities attracted 79.5% of new projects and 78.6% of the total FDI capital of the country.

Binh Duong is actively promoting investment, attracting high-quality FDI projects. In picture: Production activities at Foster Electronics Co., Ltd. in Vietnam-Singapore Industrial Park II

In the first 7 months of 2024, Binh Duong lured US$1.07 billion in FDI and as of August 15, 2024, the figure amounted to US$1.097 billion. The manufacturing and processing sector was of particular interest to foreign investors, with 82 new investment projects, 61 projects adjusting capital, and 47 projects registering to contribute capital and buy shares, totaling more than US$809 million. The real estate sector was in second place with total registered capital of over US$48 million.

In the first 8 months of 2024, over 20 countries and territories have invested in Binh Duong, with Singapore leading with nearly US$318 million, accounting for 35.5% of the total registered capital; Samoa ranking second with over $175 million, representing 19.6% of the total registered capital and China being third with over US$107 million, accounting 12% of the total registered capital.

Seizing opportunities

In early August 2024, a delegation from Binh Duong, led by Vo Van Minh, Deputy Secretary of provincial Party Committee and Chairman of provincial People's Committee, visited Germany and Denmark to strengthen cooperation with existing investors in the province while learning about infrastructure, technology and investment and trade promotion with these countries.

Production activities at Yazaki EDS Vietnam Co., Ltd. in Di An city

These investment promotion activities by provincial leaders have further contributed to attracting more high-quality FDI projects to Binh Duong. Despite numerous challenges at home and abroad, Binh Duong has achieved impressive results in FDI attraction. To date, Binh Duong has attracted 4,354 FDI projects with total capital of over $40.9 billion, ranking third in the country (after Ho Chi Minh City and Hanoi) in FDI attraction.

Vo Van Minh, Chairman of provincial People’s Committee stated that recognizing the crucial role of attracting investment for the local socio-economic development, Binh Duong has further implemented many measures to attract high-quality FDI. To take advantage of FDI opportunities, the province not only relies on geographical advantages and infrastructure, but also needs to enhance competitive advantages and improve the local investment climate. In addition, the province is streamlining investment processes and procedures; providing support and training for skilled laborers while addressing issues to facilitate investors ‘development. Binh Duong is also focusing on infrastructure investment, improving the local investment climate and promoting the image of Binh Duong internationally.

Reported by Ngoc Thanh-Translated by Kim Tin