Foreign investors continue pouring capital into Binh Duong

In the first half of 2024, Binh Duong attracted over US$ 824.6 million in foreign direct investment (FDI). This result highlights Binh Duong's competitive advantages in attracting FDI, including good infrastructure, a stable workforce, efforts to reform administrative procedures and dynamic investment promotion activities.

In order to attract high-quality FDI capital, Binh Duong continues organizing numerous trade promotion events, creating opportunities for businesses to cooperate and develop. In picture: FDI enterprises introduce modern technology at the VIMF 2024 recently held in Binh Duong

Investors’ confidence

According to provincial Department of Planning and Investment, in the first six months of 2024, Binh Duong attracted over US$ 824.6 million in FDI from 96 new projects with total investment of over US$ 464.6 million, 66 projects adjusting capital with US$264.8 million and 62 projects registering capital contribution and share purchase totaling US$ 95.1 million.

Province-based industrial parks (IPs) attracted 74 new investment projects, 46 capital adjustment projects and 33 capital contribution and share purchase projects with total registered capital of US$684.6 million, accounting for 93% of the total FDI in the province. There were also 22 new investment projects, 16 capital adjustment projects, 29 capital contribution and share purchase projects outside IPs, with total investment of US$ 61.2 million, accounting for 17% of the total FDI in the province. The processing and manufacturing industry continued attracting significant foreign investment with 71 new projects, 54 capital adjustment projects, 41 capital contribution and share purchase projects, with total investment of US$ 779.5 million, accounting for 94.54% of the total registered investment.

With its advantageous location, ample land and favorable policies, Binh Duong has continued attracting investment strongly. In addition to new projects, many investors have continued investing in new, modern machinery and expanding production facilities in the first half of 2024 to increase productivity. Recently, the world's largest jewelry brand, Pandora (Denmark), broke ground on Pandora Production Vietnam factory in VSIP 3. This is Pandora's third manufacturing facility and its first outside of Thailand, with total investment of over US$150 million (approximately VND 3.8 trillion).

Michael Zinck Jensen, Project Manager of Pandora Production Holding in Binh Duong stated that the project is progressing under the plan. On behalf of Pandora Group, he thanked Binh Duong’s authorities for facilitating the project's implementation. The group commits to completing the factory on schedule to create jobs for thousands of workers in the province.

Enhancing new investment quality

Trinh Hoang Tuan Anh, Deputy Director of provincial Department of Planning and Investment said that along with modernizing management and creating favorable conditions for both domestic and foreign businesses, the local departments and authorities have promptly addressed issues to create a transparent and open environment, attracting interest from potential investors.

Production and business activities at Bonfiglioli Co., Ltd. in My Phuoc 1 Industrial Park

In the first half of 2024, investors from over 20 countries and territories invested in Binh Duong. Singapore led with nearly US$ 309 million, accounting for 37.5% of the total registered capital, followed by Samoa with US$ 162.4 million (19.7%) and China with US$ 99.6 million (12.1%). Other notable investors included Hong Kong (China), Canada and South Korea.

Provincial Department of Planning and Investment noted that FDI has continued making significant contributions to the province's economic development. Although newly registered capital in the first half of 2024 was slow, additional investment and capital contributions by foreign investors in Binh Duong continued increasing steadily, particularly with several large-scale projects aligning with the province's investment attraction strategy. Over the past time, Binh Duong not only prepared its infrastructure well, but also actively improved its business investment environment and promoted its image to international partners and investors.

To remain an attractive destination for foreign investors, Binh Duong is striving to implement regional traffic infrastructure projects, plan industrial parks and compounds, redesign development spaces, attract high-quality FDI, promote digital transformation, green economy and circular economy to meet the local sustainable development goals. Mai Hung Dung, Member of provincial Party Standing Committee and Permanent Vice Chairman of provincial People's Committee emphasized that during Binh Duong's economic development process, FDI enterprises always play a crucial role. Therefore, Binh Duong always provides the best conditions for FDI enterprises to operate effectively.

To create more significant changes in the business environment, enhance competitiveness and contribute to successfully implementing  economic and social development plans for 2024, Binh Duong will continue taking various measures to attract high-quality FDI in the near future. These measures include administrative reform, infrastructure development, high-quality human resource training…

Reported by Ngoc Thanh-Translated by Kim Tin