VSIP I in Binh Duong. Photo: knl.vn
Polytex Far Eastern Co., Ltd. from Taiwan (China) added USD 485,8 million to its project in the Bau Bang Industrial Park (IP), lifting total registered capital of the project to USD 760 million.
Polytex Far Eastern began its operation in the Vietnam-Singapore Industrial Park I (VSIP I) in the province in 2007. In its development strategy, the Vietnam-based company will be the third largest branch of the Chinese firm.
Meanwhile, the Vietnam-Singapore joint venture company invested USD 284.7 million in developing infrastructure of the VSIP III.
Another project was invested by the Kolon Industries Co., Ltd. of the Republic of Korea in the Bau Bang IP, with a total registered capital of USD 220 million. As part of the USD-1-billion project signed between Kolon and the provincial authorities, the project specializes in manufacturing automobile tires cord and airbags.
As of March 15, Binh Duong granted investment licenses to 43 foreign direct investment (FDI) projects with a total registered capital of USD 739.3 million, a year-on-year increase of 204 percent. Whilst 18 existing projects registered to increase capital by USD 550 million, up 364 percent against the same period last year.
According to the Foreign Investment Agency under the Ministry of Planning and Investment, Binh Duong ranked second in luring FDI in the first quarter of this year after the northern province of Bac Ninh.
It was home to three out of seven projects having total investment capital of over USD 200 million in the country.
Binh Duong has set a target of attracting at least USD 1.4 billion in FDI in 2017, prioritizing projects with high technology and large-scale ones on urban and services development.
In 2016, Binh Duong saw over USD 2 billion being poured in 240 new projects and 123 existing ones, equivalent to 145 percent of its target. Most new projects were in the fields of manufacturing and processing industries and services.
Source: VNA