Binh Duong Attracts Half a Billion USD in Investments
Binh Duong province in Vietnam has recently seen a surge in investment with over 4,092 projects approved, totaling a registered capital of more than $39.73 billion USD. This amount accounts for 9% of the country’s total foreign direct investment (FDI) capital.
Boosting Investments for Development
In a recent program called “Initiate – Connect – Develop,” the People’s Committee of Binh Duong province granted investment licenses to four new projects and increased the capital for two existing projects, amounting to over $500 million USD.
One of the notable projects is a joint venture between Becamex Corporation and Warburg Pincus Investment Fund from the United States. The joint venture received a capital increase of $300 million USD to carry out industrial real estate projects. Another project involves Licona Corporation, an investor in the production of spotlights, neon lights, and decorative lights, which received an investment of $58 million USD ($10 million USD as new capital).
In addition, there is a project by Pandora Group from Denmark, investing $163 million USD in a jewelry and accessories manufacturing plant that utilizes 100% renewable energy and is expected to create more than 6,000 jobs. Vision Mobility Limited, a company specializing in the production and processing of electric bicycles, will invest $6.6 million USD. And Chyfly Technology and Trade Co., Ltd., a plastic bead production company, will invest $6.5 million USD.
Furthermore, a domestic investor, Viet My Petroleum Equipment Joint Stock Company, plans to produce and process mechanical equipment for the oil and gas industry, with a capital of VND 120 billion.
Binh Duong’s Impressive Investment Performance
According to the Provincial Department of Planning and Investment, from the beginning of the year until March 15th, Binh Duong province attracted $437 million USD in FDI capital. As of now, it ranks second in the country (after Ho Chi Minh City) in terms of foreign investment attraction, with 4,092 valid projects and a registered capital of over $39.73 billion USD, accounting for 9% of the country’s total FDI capital.
Fostering Strategic Partnerships for Development
As part of the “Initiate – Connect – Develop” program, the People’s Committee of Binh Duong province has signed strategic cooperation agreements with FPT Corporation and Sun Group, focusing on digital transformation and the development of tourism and commercial services. Additionally, VSIP Group has signed a cooperation memorandum with nine provinces, including Binh Phuoc, Tay Ninh, Binh Thuan, Khanh Hoa, Thua Thien Hue, Ha Tinh, Thanh Hoa, Thai Binh, and Nam Dinh, to develop industrial parks, urban centers, and services.
Currently, Binh Duong province has 29 concentrated industrial parks with a total area of nearly 13,000 hectares. The average occupancy rate exceeds 90%. Together with Ho Chi Minh City, Dong Nai, and Ba Ria – Vung Tau, Binh Duong forms the Southern Quadrangle, contributing more than 91.7% of the total budget revenue of the region and 37% of the country’s total budget revenue.
Binh Duong province continues to attract significant investments, positioning itself as a thriving hub for economic growth and development.
Phuoc Tuan
