Vietnam’s southern key economic zone has managed to attract FDI beyond expectation

Ho Chi Minh City, provinces of Binh Duong and Dong Nai in the Southern Key Economic Zone of Vietnam managed to attract Foreign Direct investment beyond expectations, fulfilling and exceeding its 2014 plans.

In Ho Chi Minh City, FDI capital hit US$1.45 billion in the first nine months, up 6.9 percent over the same period last year.

HCMC People’s Committee said that the city will continue improving investment environment and prepare land fund for foreign enterprises to invest in the support industry.

The City Export Processing and Industrial Zone Authority (HEPZA) reported that FDI attraction has exceeded its yearly plan since August. HEPZA will focus on attracting small and medium enterprises from the support industry to invest in the Vietnam-Japan Techno Park.

The province of Binh Duong has attracted US$1.4 billion by mid September, accounting for 140 percent of its plan in 2014 and up 26 percent over the same period last year, according to Binh Duong People’s Committee.

Specifically, 113 new projects were licensed and 99 projects were adjusted investment capital. Among the new ones are a US$38 million project by Uchiyama Company and a US$120 million project by Nam Phuong Textile Company.

Those damaged in anti-China protests in May have also broadened production such as Esquel Garment Manufacturing that registered an additional capital of US$35 million.

Binh Duong has not only improved traffic, electricity and water infrastructures but also created clearer investment environment by administrative reform. Besides, businesses have been helped solve difficulties especially the protest damaged enterprises.

While, Dong Nai, FDI capital approximated US$923 million by the end of August, a 17.4 percent increase year on year.