FDI approvals in Binh Duong beat target

FDI approvals in Binh Duong beat targetHCMC – Fresh foreign direct investment approvals in Binh Duong Province have amounted to more than US$2.8 billion in the year to date, well above the full-year target of about US$1 billion.

The new FDI pledges include over US$2.06 billion in 188 fresh projects and more than US$765 million in 123 operational ventures. They have increased sharply in the final months thanks to some big-ticket projects being approved by the southern province.

Take as an example an industrial paper project of Taiwan’s Cheng Loong Corporation. According to the investment certificate, Cheng Loong Binh Duong Paper Co. Ltd. will invest around US$1 billion in a mill with an annual capacity of one million tons of industrial paper and 50,000 tons of household paper.

The project covering 75 hectares is scheduled to get off the ground at Ascendas-Protrade Industrial Park in Ben Cat District this month and come online in early 2018.

The paper plant is the biggest foreign-invested project approved in Binh Duong this year. It is Cheng Loong’s largest project abroad as well.

Cheng Loong has over 50 years of experience in the development of cutting paper and carton packaging. The group has 29 paper packaging plants worldwide and is a major supplier of multinationals including Apple and Nike.

According to the government of Binh Duong, this year the province has attracted more large FDI projects as a result of increased investment promotion and development of supporting industries. On the list is a US$274-million project of Far Eastern Polytex Vietnam Co. Ltd. at Bau Bang Industrial Park.

Leaders of Binh Duong said they would continue to streamline administrative procedures, improve the provincial competitiveness and focus on large corporations using high and supporting technologies.

Binh Duong now has nearly 2,570 valid FDI projects with total registered capital of over US$23 billion.