Binh Duong licenses five foreign-invested projects of $1 billion

Binh Duong People's Committee today awarded investment certificates for five foreign-invested projects with the total capital of nearly $1 billion.

Binh Duong organised the investment certificate granting ceremony for the foreign-invested enterprises
Foreign-invested

Polytex Far Eastern (Vietnam) Co., Ltd., a member of Far Eastern Group, has been greenlit to pour an additional $610 million into its project at Bau Bang Industrial Zone (IZ) to expand its production of polyester synthetic fibres and spinning products. Polytex Far Eastern was licensed in Vietnam in 2015 with a registered capital of $274 million. After two times of capital adjustments, Far Eastern Group has raised the total investment capital for the Binh Duong project to $1.37 billion, making it one of the largest foreign investors in the locality.

Cheng Loong Binh Duong Paper Co., Ltd. also received an investment certificate to add $100 million to its paper factory at Protrade International Tech Park, bringing the total investment to $1.1 billion.

Meanwhile, Procter & Gamble Indochina Ltd. will inject $44.8 million into its razor plant in Dong An IZ. After the adjustment, the total investment capital of the project reaches $247.8 million.

With only these three projects making capital adjustments, Binh Duong has attracted nearly $755 million. The rest are two newly-registered projects with a total investment capital of more than $219 million. Specifically, New MOTION Industry Co., Ltd. from Singapore will invest $185 million to build a manufacturing factory for radio screen and display products in Phu Tan IZ.

Another Singaporean investor Emergent Vn Logistics Development Pte., Ltd. will inject $34.4 million to develop the Logistics ECPVN Binh Duong 2 centre offering logistics, warehousing, and factory leasing services at Tan Dong Hiep B IZ.

Binh Duong ranks third in FDI attraction in Vietnam

Over the past few years, Binh Duong remains a magnet to foreign investors thanks to its efforts to pursue administrative reforms to create a favourable investment climate. As of May 2021, the province has lured in $1.25 billion in foreign investment capital, up 59 per cent on-year. Industrial zones in the province have attracted $1.63 billion in foreign capital, more than twice as much as in the corresponding period last year.

Accumulated up to now, Binh Duong ranks third in FDI attraction in Vietnam, trailing behind Ho Chi Minh City and Hanoi with the total registered investment capital of $36.5 billion across 3,974 projects, accounting for about 9 per cent of Vietnam’s total investment capital.