Canada invests in Binh Dinh factory
Canada invests in Binh Dinh factory
The planning and investment department of Binh Dinh Province has issued an investment certificate to Seldat Viet Nam Company Limited to build a garment factory in An Nhon town.
The US$1.2 million project will be funded by an investor from Canada. The factory, to be built in Nhon Khanh Commune’s An Hoa Hamlet, will have five garment lines and a design capacity of two million products a year, most of which will be exported to the US.
The plant will be constructed on a 2,440sq.m site and is expected to become operational in the second quarter of this year.
This is the first licence that has been given to a foreign direct investment (FDI) project in the central province this year. Currently, there are 69 FDI projects in Binh Dinh with a total registration capital of $783million. Investors are from countries such as the US, China, Japan, France, South Korea, Singapore, Malaysia and Thailand.
Last year, the province implemented reforms and simplified administrative procedures to create an attractive investment environment. Binh Dinh will continue its work on conducting dialogues with firms in the province to understand their problems and propose solutions so as to improve its business environment and boost its socio-economic development.
Dau tu (Vietnam Investment Review) quoted Nguyen Bay, director of the provincial investment promotion centre, as saying that the province’s goal is to continue building the Nhon Hoi Economic Zone as well as other industrial parks and become a hub for industry and tourism.
Trade surplus with Canada
Viet Nam enjoyed a trade surplus of around $3.089 billion with Canada at the end of November 2016, an increase of 24.6 per cent against the same period in 2015, according to Statistics Canada.
In that period, the two-way trade value touched $3.826 billion, a year-on-year increase of 10.6 per cent, which includes Viet Nam’s exports worth $3.457 billion, up 16.4 per cent, and an import value of $368 million, a drop of 25 per cent.
Hoang Anh Dung, Viet Nam’s commercial counsellor in Canada, said the country leads among ASEAN nations in terms of export value to Canada.
Viet Nam is followed by Thailand with $2.17 billion, a drop of 3.2 per cent; Malaysia with $1.789 billion, down 7 per cent; Indonesia with $1.134 billion, down 7.6 per cent; the Philippines with $934 million, down 9.8 per cent; and Singapore with $666 million, down 3.5 per cent.
Canada spent $1.174 billion on Viet Nam’s electronic products and accessories, up 56.5 per cent; $355 million on footwear, up 15.5 per cent; $108 million on sportswear, up 25 per cent; and $54 million on toys, up 24 per cent.
Among Viet Nam’s export goods, mobile phones recorded the highest jump of 67.9 per cent, touching $827 million.
