Dong Nai lures $700m in FDI

Dong Nai lures $700m in FDI

The southern province of Dong Nai attracted more than US$700 million in foreign direct investment (FDI) during the first seven months of the year, according to the provincial Department of Planning and Investment.

The department reported that local authorities licensed 42 new projects worth $339 million and approved an additional capital worth $369.5 million for 39 operational projects.

Meanwhile, it withdrew investment licenses granted to four projects worth $7.72 million. More than 1,030 FDI projects have been operating effectively with a total investment of $19.17 billion in the province.

FDI disbursement during the first half of the year reached $500 million, accounting for 55.3 per cent of the whole year's target.

Dong Nai Industrial Zones Authorities (DIZA) said 39 countries and territories have invested in the province. Over 70 FDI projects with estimated capital totalling over $250 million have stopped operations, accounting for nearly 7 per cent of all registered projects.

The provincial People's Committee has called for investment in five major projects including the Dong Nai bio-technological application centre in Cam My District, the DOFICO industrial-agricultural complex in Xuan Loc District, the support industry subdivision in Trang Bom District's Giang Dien IZ, the support industry subdivision in Nhon Trach 6 IZ, and the support industry subdivision in An Phuoc IZ.

Ho Ngoc Thu, director of the Department of Planning and Investment, said the province targeted to attracted $200 million during the second half of the year, bringing total FDI investment this year to $1 billion.

Thu said the province has effectively implemented investment promotion activities, especially the investment promotion conference in Japan.

She added that several Japanese enterprises came to the province to explore investment opportunities.

The province granted 20 investment licences to Japanese investors during the first six months of the year worth $183.5 million, accounting for 54 per cent of total investment attracted during the period.

It said several big companies in the province have planned to build or expand their production, which would require imports of machinery.

In addition, the garment and textiles, shoes and wood furniture sectors would also import materials for the peak production period at the end of the year.

DIZA also forecast that it would meet the export turnover target of VND7.6 trillion ($362 million) this year thanks to increasing exports from the above mentioned industries.

Revenue this year therefore would increase as 95 per cent of products made at the IZs would be exported. 

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