FDI capital flows into Binh Duong up nearly 50%

VGP - The southern province of Binh Duong attracted over US$3 billion in foreign direct investment (FDI) in the first 11 months of the year, a year-on-year increase of 49%, according to the provincial People’s Committee.

December 18, 2019 4:29 PM GMT+7

Binh Duong ranks second nationwide in terms of FDI attraction, after the southern economic hub of Ho Chi Minh City.

Notably, more large-scale businesses have invested in technology and real estate in 2019.

Binh Duong is carrying out a revamped program for FDI attraction between 2016 and 2020, putting more efforts into luring investment from potential partners and global companies.

The province is drawing FDI projects that use advanced and environmentally-friendly technologies that are less labor intensive with higher added value.

Binh Duong Province attracted US$9.9 billion in FDI from 2016 to October 2019, exceeding the locality’s set plan for attracting FDI in the 2016-2020 phase.

According to the recent report of the province’s Department of Planning and Investment, since early 2019 to October 31, more than US$2.77 billion in FDI were licensed to invest in the province, a year-on-year increase of 69% and exceeding the plan set for the whole year (US$1.5 billion), making the province rank third in attracting FDI nationwide.

Binh Duong Province has attracted nearly US$34 billion in 3,700 FDI projects from 64 nations and territories, mainly concentrating on industrial production, trade and service.

By Hoang Ha