The southern province of Binh Duong has attracted 9.9 billion in foreign direct investment (FDI) from 2016 to October 2019, exceeding the locality’s set plan for attracting FDI in the 2016-2020 phase, the Vietnam Government Portal (VGP) reported.

Inside an FDI factory in Binh Duong province
(Photo: baodautu.vn)

Since early 2019 to October 31, more than 2.77 billion USD in FDI were licensed to invest in the province, a year-on-year increase of 69 percent and exceeding the plan set for the whole year (1.5 billion USD), making the province rank third in attracting FDI nationwide, according to the recent report of the province’s Department of Planning and Investment. 

Binh Duong province has attracted nearly 34 billion USD in 3,700 FDI projects from 64 nations and territories, mainly concentrating on industrial production, trade and service. 

To lure FDI sustainably, the province has launched the investment attraction renovation program in the 2016-2020 period, with the aim of raising the FDI capital to 7 billion USD. 

In the 2011-2016 period, nearly 75 percent of FDI capital focuses on industrial production and FDI enterprises have contributed to more than 67 percent of the locality’s total industrial production value. 

In 2018 only, the FDI sector contributed more than 49.6 percent of the total social investment and accounted for around 20 percent of the province’s budget revenues.