FDI grows in Binh Duong's support industries
FDI grows in Binh Duong's support industries
Foreign direct investments (FDI) in support industries of the southern province of Binh Duong showed a significant increase this year, according to the local People's Committee chairman, Le Thanh Cung.
During the first half of the year, Japan's Tanaka Ai Viet Nam Co Ltd invested US$20 million in cosmetic production, and Taiwan's Lausdeo Viet Nam Co Ltd spent $18 million on battery component manufacturing.
Another Japanese firm, Wonderful Saigon Electrics Co Ltd, also supplemented $210 million to enhance its productivity in making cameras for mobile phones and circuits for electronic devices.
The increasing investments in support areas have had a positive impact on the development of major export industries in Binh Duong, said Cung. Domestic enterprises are now capable enough of supplying materials for sectors such as footwear, garment and textile, timber, paint and screws.
These have helped increase the value of goods and improve competitiveness of enterprises, he added, noting that the province attained a trade surplus of nearly $1.3 billion in the first six months.
Cung said the province will have a master plan for production material in connection with the development of support industries, in preparation for the Trans-Pacific Partnership free trade agreement, in the near future.
This will create favourable conditions for the province while calling for investments, as well as ensuring sustained growth of industrial sectors.
Binh Duong attracted $1.014 billion in FDI during the first half of 2014, exceeding its annual target of $1 billion.
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