Huge FDI capital poured into COVID-19 hotspot of Binh Duong

While foreign direct investment (FDI) in some neighbouring localities plunged due to the impact of the COVID-19 pandemic, major FDI continued to pour into the southern province of Binh Duong, one of the localities hardest hit by the COVID-19 pandemic.

Workers at an FDI firm in Binh Duong province (Photo:tienphong.vn)

During the opening eight months of the year, Binh Duong attracted more than US$1.493 billion in FDI capital.

In terms of the figure, newly-registered capital reached US$476.6 million with 42 projects, while adjusted capital increased by US$792.9 million with 21 projects.

Furthermore, capital contributions and share purchases made by foreign investors stood at roughly US$ 223.9 million with 78 projects.

Despite the damaging impact caused by the pandemic, August alone saw the locality attract  approximately US$34 million in FDI.

Majima Toshihiro, general director of Takako Vietnam Company, revealed that the factory's capacity has been operating at between 70% and 80% compared to normal, adding that Binh Duong remains a good place in which to invest in.

Kim Won-sik, chairman of the Korea Business Association in Binh Duong, said the locality has bright prospects ahead for development due to large economic factors such as its complete infrastructure system, incentive investment policies, and ever-improving business climate.

Pham Thanh Dung, director of the Center for Investment, Trade Promotion and Industrial Development, said the industry and trade sector has recently deployed a range of policies aimed at supporting firms in order to improve product and brand value.

Numerous programmes have therefore been launched in an effort to assist enterprises in applying science and technology, along with putting their products for sale on e-commerce platforms.

The export value throughout the eight-month period was estimated at US$23 billion, representing an annual rise of 37.3%, with some of the province’s key export products witnessing a sharp increase such as wood, up 44.2%, machinery and equipment, up 54.3%, textiles, up 22.1%, and footwear, up 22.3%.

Nguyen Thanh Toan, director of Binh Duong Department of Industry and Trade, said the Department is now seeking new outlets for their products, while simultaneously devising a plan to organise a trade promotion programme after the pandemic is fully brought under control.

So far, a total of 18 countries and territories worldwide have injected money into Binh Duong, which is home to 29 industrial parks with 18,000 enterprises, including nearly 4,000 FDI businesses.

VOV