FDI capital strongly flows into industrial manufacture

In recent years, the world’s huge investors have bravely poured investment capital into industrial manufacture in Binh Duong province. This is seen as the good result of the province as well as industrial manufacture of the whole country.

Plants put into operation

As of late 2018, Cargill Corporation of the U.S officially inaugurated its animal feed processing plant with total investment capital of US$28million in Binh Duong province. Covering 48,000 square meters, the plant has the annual capacity of 240,000 various product of animal feed. This is the 12^th plant of the corporation in Vietnam with the most modern production technology and the largest scale.

Stainless steel forks, knives for export being manufactured at Sung Hwang Vina Company in Tan Uyen town

Chinli Vietnam Company has also just put its factory making shoe soles into operation in Ben Cat town. The factory is built on an area of 5 hectares. Currently, the company partially meets the demand for shoe sole products of the shoe-leather sector in the country and region. Its partners are Asics, Mizuno, Adidas, Skechers, Nike…

Tran Thanh Liem, Vice-Secretary of provincial Party Committee, Chairman of provincial People’s Committee said that provincial leaders have always spoken highly of the investment project of Chinli Vietnam Company. He also believed that with its constant efforts and experience, the company will soon put its factory into effective operation, pay more attention to protecting the environment in the process of production while taking good care of laborers’ lives.

Thanks to bravely improving development models, Binh Duong has created a breakthrough in investment attraction and has been among the country’s top 3 localities in FDI attraction with more than 3,500 projects and total registered capital of more than US$32.5billion. Over the past time, FDI capital strongly flowed into industrial manufacture of the province, especially auxiliary industry with a series of large-scale hi-tech projects that are less labor-incentive.

Noticeably, 75% of province-based FDI projects focus on industrial manufacture. The FDI sector has accounted for 67% of the province’s total industrial manufacture value, contributing to shifting the local economic structure in the right direction with focus on industrial manufacture & services and promoting the local industrialization, modernization process via sci-tech transfer and technological innovation. The above-mentioned result has also created the premise for Binh Duong to reach modern and civilized development, which will be the foundation for the realization of concrete solutions on industrial development in association with smart city building.

Good preparation to absorb big investors

Nguyen Thanh Truc, Director of provincial Department of Planning and Investment said that over the past year, Binh Duong was ranked fourth nationwide in FDI attraction with total investment capital of more than US$2.2billion, surpassing 57% compared to the set plan.

Also according to him, foreign investors are interested in the province’s priority fields like processing, manufacturing, trade-service, hi-tech industry…and so far, there have been such investment projects licensed by the province. Noticeably, among them, there are 2 logistics and industrial real estate trading projects invested by Warburg Pincus Financial Corporation of the US and Becamex IDC in the Bau Bang Industrial Park and My Phuoc 3 Industrial Park with total registered capital of US$135.2million, together with the plastic film-making project of Gunze Plastics & Engineering Vietnam in the VSIP IIA with total registered capital of US$40million.

The packaging making factory of Cheng Loong Binh Duong Paper Co.Ltd. was completed for the phase 1 and put into operation in early 2019. The project was licensed by the end of 2015 with total registered capital of US$1billion. Over the past time, the investor of the project also met functional agencies many times to prepare for procedures to raise investment capital by around US$700million.

In 2019, Binh Duong will further improve FDI attraction. Accordingly, the province will continue intensifying investment attraction in hi-quality services, support services for industrial development, industries that generate products with great value and are environmentally friendly while gradually decreasing projects that are labor-incentive.

Mr.Truc added that provincial Department of Planning and Investment will team up with provincial Industrial Parks Management Board and companies in the field of developing infrastructure facilities of industrial parks to boost marketing to lure more new projects. The department will also continue rechecking and grasping the capital increasing demand of projects being implemented in order to create favorable conditions for their production expansion.

Reported by Khanh Vinh-Translated by K.T