Foreign investment continues to flow into Binh Duong Province, Vietnam, with a focus on industrial zones.
According to the Binh Duong Provincial Planning and Investment Department, from the beginning of the year to May 15, 2024, foreign investment (FDI) registered and added to the province reached over $341 million. The majority of this FDI is directed towards industrial zones, totaling more than $290 million.
As of May 2024, Binh Duong has attracted nearly 4,300 FDI projects with a total investment of nearly $40.6 billion from 65 countries and territories. In the first four months of 2024, industrial zones in the province attracted over $389 million, a 40.88% increase compared to the same period in 2023, and achieved 32.44% of the 2024 plan.
Currently, there are 3,128 projects still valid in the industrial zones of Binh Duong, including 2,448 foreign-invested projects with a total registered capital of over $29.6 billion and 680 domestic projects with a total registered capital of VND 93,847 billion.
The industrial zones have leased over 285,700 square meters of industrial land and more than 64,200 square meters of workshops in the first few months of this year. To date, the industrial zones have leased 7,067.49 hectares of land, achieving a 93.67% occupancy rate.
Binh Duong’s investment attraction is becoming more selective, focusing on projects with advanced technology and production techniques, especially large-scale projects that contribute to the development of high-quality urban and service areas.
One of the most prominent new-generation industrial zones is the Vietnam-Singapore Industrial Park (VSIP 3), which has attracted many international investors, particularly in the high-tech sector. Currently, more than 30 international companies are interested in this industrial park, with a total expected investment of up to $1.8 billion.
As of May 2024, Binh Duong has attracted nearly 4,300 FDI projects.
A notable example is the Danish jewelry giant Pandora, which has invested $150 million in a high-end jewelry manufacturing facility in Binh Duong. Previously, the Lego Group also invested over $1.3 billion in VSIP 3 for children’s toy production.
In parallel with actively promoting foreign economic relations, Binh Duong Province has been expanding bilateral and multilateral cooperation with foreign localities and international organizations.
Mr. Pham Trong Nhan, Director of the Binh Duong Provincial Planning and Investment Department, stated that the largest investors in Binh Duong include Japan, Singapore, South Korea, China, Denmark, and the United States. The main sectors attracting investment are processing and manufacturing, accounting for more than 95%, followed by real estate. The top investing countries are China and Singapore.
Looking ahead, Binh Duong envisions developing its core urban area based on science and technology, innovation, and the advancement of new-generation industrial-urban-service models.
Simultaneously, the province will gradually develop high-quality healthcare, cultural, educational, commercial, and service sectors. The core area will attract industries such as electricity, electronics, chips, and semiconductor technology.
By 2030, Binh Duong aims to become a smart city and meet the criteria to become a first-tier city directly under the Central Government.
