Processing and machinery industries strongly attracts investments

In various sectors, the field that significantly contributes to the economic growth of the province must include the processing and manufacturing industry. This sector plays a key role in driving growth and is the leading sector attracting foreign direct investment (FDI) in recent years and the early months of 2024.

Despite being affected by certain difficulties and challenges, in 2023 and the early months of 2024, Binh Duong continues to attract projects that align with the industrial development orientation set forth in the local planning, fostering the growth of key economic sectors in the province.

Production activities at East West Industries Vietnam Company in Thu Dau Mot city

The Department of Planning and Investment stated that in the investment sector, foreign investors continue to focus on the manufacturing and processing industry. From January 1 to February 29, 2024, out of 23 new projects, 14 projects belong to the manufacturing and processing industry with a total capital of nearly USD 110 million, accounting for over 93% of the total foreign investment capital registered in the province.

In the province, there have been several large projects in the fields of processing industry, manufacturing with new investment registration and capital adjustment, such as: The project of processing, processing into food and milk from beans and seeds of various types of Dan On Food Joint Stock Company (Canada) with an investment capital of nearly 40 million US dollars, at My Phuoc III Industrial Park, the project of manufacturing and processing steel wires, copper-plated steel wires used as steel cord for car tires, galvanized wires, and non-galvanized wires used in the production of automobiles and related industries of Kiswire Vietnam Co., Ltd with an investment capital of nearly 30 million USD at VSIP III Industrial Park.

According to the Provincial Industrial Parks Management Board, from the beginning of the year until now, industrial parks have attracted over 165 million USD. Among them, 12 new projects were granted with a total registered investment capital of nearly 93 million USD; adjusting the increased investment capital for 14 projects with a total registered investment capital increased by an additional 72.6 million USD (higher than the same period in 2023).

A representative of the provincial Industrial Parks Management Board stated that the industrial parks managed by Becamex IDC as infrastructure investors are currently working with approximately 6 foreign investors and 2 domestic investors to lease land. Specifically, VSIP 3 Industrial Park has about 12 investors from countries such as Singapore, South Korea, Taiwan, and China working with the industrial park infrastructure investor to lease land for investment projects.

Mr. Trinh Hoang Tuan Anh, Deputy Director of the Department of Planning and Investment, stated that cumulatively, the industrial processing and manufacturing sector accounts for about 74% of the total FDI capital invested in the province, including some projects over 1 billion USD. Recently, the addition of several large-scale projects, applying high technology in important sectors such as energy, processing industry, and manufacturing, continues to demonstrate the stability and credibility of Binh Duong in attracting FDI investment. Once these projects are operational, they will create a ripple effect, attracting more investors to invest in the province.

The Department of Industry and Trade will focus on developing processing and manufacturing industries, supporting industries, prioritizing high-tech industries, information technology, electronics industry, clean energy, renewable energy, smart energy. The formation of a clean industry chain, technology goes hand in hand with environmental protection. At the same time, the province encourages businesses in the province to focus on high value-added stages associated with intelligent production processes, automation.

During 2021-2025, Binh Duong has set goals in attracting FDI to maintain its existing advantages. The province aims to attract FDI capital registered in 2021-2025 to exceed 9 billion USD. In attracting FDI, the province will select high-tech projects that require minimal labor and generate high added value. The province still identifies industry as the leading sector in the province's economic development in the coming years.

To continue to maintain industrial production growth, promote processing and manufacturing, Binh Duong focuses on building, perfecting institutions, improving the investment and business environment, and stimulating resources to serve the development of industrial sectors to promote rapid and sustainable economic growth.

Reported by Ngoc Thanh – Translated by Vi Bao