Key southern economic region a magnet for FDI
With its advantages and thorough preparation in terms of infrastructure, transport and human resources, after the COVID-19 pandemic is put under control, the key southern economic region remains the leading destination for foreign direct investment (FDI) flows.
Localities in the region have also organised investment promotion workshops to promote Viet Nam’s investment environment and its advantages and potential.
In mid-May, Pandora, a Danish jewelry manufacturer, announced that it will invest US$100 million to build a new facility in the Viet Nam Singapore Industrial Park (VSIP) in the southern province of Binh Duong under a memorandum of understanding signed between two sides.
Jeerasage Puranasamriddhi, chief supply officer of Pandora group, said they have chosen Binh Duong Province for the availability of skilled workforce, its infrastructure and proximity to international airports, adding that the enthusiasm, support and strong commitment the group receives from the local administration was also a reason.
According to the provincial People’s Committee, in the first four months of this year, Binh Duong attracted a total of $2.35 billion in 16 new projects, nine existing ones, and from the contribution of capital of 53 businesses.
Meanwhile, since the beginning of this year to April 20, $1.28 billion had been poured into HCM City, up 12.2 per cent year-on-year.
Long An and Dong Nai also attracted $341 million and $210 million in foreign investment, respectively, during January-April.
Notably, Coca Cola’s over $136 million project – the largest FDI one in Long An in Q1 – received the investment licence just a day after its dossier was submitted.
Nguyen Van Danh, deputy chairman of the People’s Committee of Binh Duong which attracted the largest amount of FDI in the first four months, said that in the future, the locality will continue holding online investment promotion conferences with other countries, actively expanding international cooperation, and establishing bilateral cooperation with provinces and cities of other countries.
It will focus resources on completing transport infrastructure and that of industrial zones, training human resources, and stepping up administrative reform.
Meanwhile, Chairman of the People’s Committee of HCM City Phan Van Mai and Chairman of the People’s Committee of Binh Phuoc Province stated that the localities will maintain the organisation of regular meetings with foreign investors to better meet their aspirations and help them deal with difficulties.
The key southern economic region comprises of HCM City, Binh Phuoc, Tay Ninh, Binh Duong, Dong Nai, Ba Ria-Vung Tau, Long An and Tien Giang provinces.