$1.7bn to be poured into infrastructure, property projects in Vietnam’s Binh Duong
$1.7bn to be poured into infrastructure, property projects in Vietnam’s Binh Duong
The People's Committee of Binh Duong Province, just outside Ho Chi Minh City, on Thursday held a ceremony to grant investment approvals and registration certificates for various projects, including significant real estate, industrial park, and power infrastructure developments, with a total investment of approximately US$1.7 billion.
Representatives of the Binh Duong Province Peoples’ Committee and the provincial Department of Planning and Investment grant investment approval decisions to some local investors, January 2, 2025. Photo: Ba Son / Tuoi Tre |
Among them, financed by domestic investment, were three grid infrastructure projects with a combined cost of some VND1.8 trillion ($70.6 million), including the Ben Cat 220kV transformer station and power transmission lines, the Binh My 220kV transformer station, and the Tan Dinh 2 220kV station project.
The expanded Rach Bap industrial park project, covering an area of 360 hectares and carrying a price tag of over VND1 trillion ($39 million), was also approved for investment.
The project will be implemented by a company under Vietnam Rubber Group JSC.
Despite several challenges facing the local real estate market, Binh Duong Province removed obstacles over procedures for a series of housing projects.
Accordingly, 16 commercial housing projects were granted investment approvals.
Vo Van Minh, chairman of the provincial administration, said that apart from attracting foreign investment, Binh Duong Province also attaches importance to the investment resources of domestic firms.
A total of 23 projects received investment approvals and registration certificates, with a view to unlocking the potential of local businesses and driving urban development, infrastructure growth, and commercial services in the province.
Binh Duong Province remains the second-largest recipient of foreign investment in Vietnam, hosting 4,400 projects with a total pledged capital of over $42 billion -- more than 8.5 percent of the country's total foreign investment.
Minh underscored that the province will continue to support investors.
Binh Duong will break ground on multiple key traffic projects to connect it with Ho Chi Minh City and the southern region in the near future.
After the 2025 Lunar New Year holiday, or Tet due late this month, the province will start work on the Ho Chi Minh City - Thu Dau Mot - Chon Thanh expressway project and a section of Ho Chi Minh City's Beltway No. 4, which runs through Binh Duong.
