The southern province of Binh Duong has, to date, attracted approximately US$22 billion in foreign direct investment (FDI) with 2,511 valid projects, revealed the provincial Department of Planning and Investment.
Of the figure, over US$1.4 billion has been poured into the locality this year so far, focusing on industrial production, the support industry, retail and real estate.
Within the first eight months of the year, 124 projects received investment licences with a total registered capital of US$788 million and 85 others increased their capital by more than US$647 million combined.
Tran Van Nam, Chairman of the provincial People’s Committee, attributed the synchronous investment infrastructure and the good infrastructure development of 28 centralised industrial parks in Binh Duong to the strong FDI influx.
Apart from FDI enterprises, domestic firms have also seen robust development, Nam said, noting that the locality is now home to more than 19,500 domestically-invested businesses valued at VND144 trillion (US$6.3 billion).
By the end of this year, the industrial sector is expected to constitute 60% of the province’s economic structure, helping to raise its average GDP per capita to VND95.6 million (US$4,206).
The official said with its huge potential along with improved competitiveness and brand names, Binh Duong has been one of the leading localities in the country’s reform process.