Binh Duong stays strong in investment attraction

Saturday, 2019-08-17 21:48:24
 Font Size:     |        Print
 

Binh Duong attracted over US$1.1 billion of FDI in the first seven months of 2019.
 Font Size:     |  

NDO/VNA - The southern industrial hub of Binh Duong has not only been among leading localities in foreign direct investment (FDI) attraction but also an attractive destination for domestic investors.

According to the provincial People’s Committee, so far, Binh Duong has lured more than 3,600 FDI projects worth nearly US$34 billion, ranking third among localities nationwide in the field after Hanoi and Ho Chi Minh City.

In the first seven months of this year, the province attracted over US$1.1 billion of FDI, up 46 percent year on year.

Meanwhile, in July this year, the province saw the establishment of 304 new firms with combined capital of VND1.3 trillion (US$55.9 million). In the month, 31 operating companies poured additional VND623 billion (US$27.2 million) into their business.

In the first seven months of 2019, VND21.6 trillion (US$928.8 million) was invested in 3,476 new enterprises, up 14.3 percent and 16.5 percent respectively.

So far, Vinh Duong has hosted more than 39,800 domestically-funded projects worth nearly VND334 trillion (US$14.36 billion).

Mai Hung Dung, Vice Chairman of the Binh Duong People’s Committee, the growth speed of domestic firms in the province was at a high 18.7 percent in 2018.

Each year, the province sees the formation of about 6,000 new companies, he noted, adding that in late 2020, the province expects to host 50,000 domestic businesses.

Meanwhile, Pham Van Xo, President of the Binh Duong Import-Export Association, said that the province has shown strong performance in supporting businesses. So far, policies of the province have become more open and smooth, ensuring favourable conditions for local firms to enhance their competitiveness, he said.