Key southern economic region a magnet for FDI

Workers at Uchyama Việt Nam Co in the southern province of Bình Dương. — VNA/VNS Photo Chí Tưởng

With its advantages and thorough preparation in terms of infrastructure, transport and human resources, after the COVID-19 pandemic is put under control, the key southern economic region remains the leading destination for foreign direct investment (FDI) flows.

Localities in the region have also organised investment promotion workshops to promote Việt Nam’s investment environment and its advantages and potential.

In mid-May, Pandora, a Danish jewelry manufacturer, announced that it will invest US$100 million to build a new facility in the Việt Nam Singapore Industrial Park (VSIP) in the southern province of Bình Dương under a memorandum of understanding signed between two sides.

Jeerasage Puranasamriddhi, chief supply officer of Pandora group, said they have chosen Bình Dương Province for the availability of skilled workforce, its infrastructure and proximity to international airports, adding that the enthusiasm, support and strong commitment the group receives from the local administration was also a reason.

According to the provincial People’s Committee, in the first four months of this year, Bình Duong attracted a total of $2.35 billion in 16 new projects, nine existing ones, and from the contribution of capital of 53 businesses.

Meanwhile, since the beginning of this year to April 20, $1.28 billion had been poured into HCM City, up 12.2 per cent year-on-year.

Long An and Đồng Nai also attracted $341 million and $210 million in foreign investment, respectively, during January-April.

Notably, Coca Cola’s over $136 million project – the largest FDI one in Long An in Q1 – received the investment licence just a day after its dossier was submitted.

Nguyễn Văn Danh, deputy chairman of the People’s Committee of Bình Dương which attracted the largest amount of FDI in the first four months, said that in the future, the locality will continue holding online investment promotion conferences with other countries, actively expanding international cooperation, and establishing bilateral cooperation with provinces and cities of other countries.

It will focus resources on completing transport infrastructure and that of industrial zones, training human resources, and stepping up administrative reform.

Meanwhile, Chairman of the People’s Committee of HCM City Phan Văn Mãi and Chairman of the People’s Committee of Bình Phước Province stated that the localities will maintain the organisation of regular meetings with foreign investors to better meet their aspirations and help them deal with difficulties.

The key southern economic region comprises of HCM City, Bình Phước, Tây Ninh, Bình Dương, Đồng Nai, Bà Rịa-Vũng Tàu, Long An and Tiền Giang provinces. — VNS