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INVESTMENT

Dong Nai’s FDI attraction surpasses US$1 billion annual target

Updated at Wednesday, 08 Nov 2017, 22:24
The Hanoitimes - The attraction of foreign direct investment (FDI) in the southern province of Dong Nai has so far this year surpassed the US$1 billion target set for the entire 2017.
According to the provincial Department of Planning and Investment, the province attracted US$1.02 billion in FDI in the first 10 months of 2017, 2 percent higher than the yearly target.
In the period, 58 newly-registered projects totaling $350 million were licensed, while $670 million was added to 90 existing projects.
The Republic of Korea, Taiwan and Japan remained biggest investors in the province.
Some typical projects in the first ten months included the 60 million Powerknit Vietnam Co., Ltd  project of British Virgin Islands, the 55 million Pou Phong Vietnam Co., Ltd project of British Virgin Islands, the $24 million Phu Lam Plastic Industry Joint Stock Company project of Taiwan.
An Phuoc is one of the province’s industrial zones that attracted many FDI projects.
An Phuoc is one of the province’s industrial zones that attracted many FDI projects.
The provincial Department of Planning and Investment estimated that Dong Nai would attract $1.5 billion of FDI in 2017.
The province is now home to more than 1,720 valid FDI projects worth more than $31.1 billion by investors from 41 countries and territories.
The Dong Nai province People’s Committee, in conjunction with the Vietnamese Embassy in Japan, has recently also organized a conference in Tokyo to give a chance for the province’s businesses to meet and seek co-operation opportunities with their Japanese counterparts.
Speaking before representatives from 20 Vietnamese firms and over 50 Japanese enterprises, Vice Chairman of the provincial People’s Committee Tran Van Vinh highlighted the province’s advantages in terms of natural, economic and social conditions.
He stressed that Dong Nai, with stable and high economic growth at an average 13 per cent per year, is one of the leading industrial localities in Viet Nam.
According to Vinh, the province accounted for 9-10 per cent of the nation’s export revenues with key staples like garments, footwear, coffee, rubber, cashew and pepper.
Japan is the second largest trade partner of Dong Nai, importing US$1.58 billion worth of products from the province in 2016 while the province splashed out $1.3 billion buying Japanese goods the same year.
The official stressed that there is large room for Dong Nai to enhance trade relations with Japanese businesses, and the province commits to creating favorable conditions for enterprises for mutual benefits.
Minister Counselor of the Vietnamese Embassy in Japan Nguyen Truong Son said that Dong Nai is in the development triangle of HCM City-Binh Duong-Dong Nai, which is Vietnam’s most dynamic economic region.
Thanks to efforts to renovate administrative procedures and good business climate, Dong Nai has been a bright spot in foreign investment attraction. Many Japanese enterprises have made success doing business in Dong Nai, he added.
Anh Hong
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