Binh Duong is likely to attract 2.8 billion USD of foreign direct investment this year

The southern industrial hub of Binh Duong is likely to attract 2.8 billion USD of foreign direct investment (FDI) this year, exceeding the target by 1.6 times, according to the Chairman of the provincial People’s Committee Vo Van Minh.

Source: Vietnambusinessinsider

Minh said that the amount will be poured into 60 new and 20 existing projects.

Total domestically-invested capital in the province this year is estimated at 84.81 trillion VND (3.42 billion USD), up 17.1% year-on-year.

This year, Binh Duong has estimated its gross regional domestic product (GRDP) growth at 8.29%, a rise of 2.79% year-on-year, with the majority coming from the industrial sector.

The locality's index of industrial production is expected to grow 8.9%, higher than the 4.5% recorded last year.

Minh said that the province has seen strong post-pandemic recovery with high growth in FDI attraction. Notably, Danish toy maker Lego Group has invested in a 1.3 billion USD factory in the province.

The provincial leader said that Binh Duong will focus on enhancing the quality of investment projects with priority given to those that use high technology, generate high value, and are environmentally friendly.

Currently, Binh Duong is home to 28 industrial parks with more than 4,000 projects worth 40 billion USD.

In 2023, Binh Duong aims to lure at least 1.8 billion USD of FDI.

Source: VNA