24.05.2021, 12:40

Vietnam grants investment certificates to US$1 billion FDI projects in a single day

Vietnam grants investment certificates to US$1 billion FDI projects in a single day
  • Five FDI projects worth nearly US$1 billion licensed in Binh Duong province.
  • Binh Duong has attracted 3,974 FDI projects with a total registered capital of US$36.5 billion from 65 countries and territories, accounting for 9% of the total national FDI attraction.
  • Visit Vietnam Insider’s homepage for more stories.

The People’s Committee of Binh Duong province on May 21 granted investment certificates to five foreign direct investment (FDI) projects with total capital of nearly US$1 billion.

The five projects include two newly registered projects and three projects increasing capital with total newly registered and supplemented capital of US$974 million, the People Newspaper (NDO) reported.

Polytex Far Eastern (Vietnam) Co., Ltd., a member of Far Eastern Group, has been licensed to invest an additional US$610 million into its project at the Bau Bang Industrial Zone to expand its production of polyester synthetic fibres and spinning products.

After two capital adjustments, the company raised the total investment needed for the Binh Duong project to US$1.37 billion, making it one of the largest foreign investors in Binh Duong.

“The outlook for foreign investment is beginning to look brighter after more than a year of severe shock from COVID-19. More and more foreign investors ask GBS to support their plan for future business expansion in Vietnam”, Sophie Dao, Partner of Global Business Services (GBS), an investment consulting firm told reporter.

Cheng Loong Binh Duong Paper Co., Ltd. has also been authorised to supplement US$100 million further investment into its paper factory at the Protrade International Tech Park, bringing its total investment to US$1.1 billion.

In addition, Procter & Gamble Indochina Ltd. will invest US$44.8 million into its razor plant in the Dong An Industrial Zone, raising the total investment capital of the project to US$247.8 million.

The others are two newly-registered projects with total investment capital of more than US$219 million. They are the New MOTION Industry Co., Ltd. from Singapore with an investment of US$185 million into a manufacturing factory for radio screen and display products in the Phu Tan Industrial Zone and Emergent Vn Logistics Development Pte., Ltd. with an investment of US$34.4 million into its Logistics ECPVN Binh Duong 2 centre at the Tan Dong Hiep B Industrial Zone.

Related: Why foreign investors maintained the trust in Vietnam?

Binh Duong has attracted 3,974 FDI projects with a total registered capital of US$36.5 billion from 65 countries and territories, accounting for 9% of the total national FDI attraction, third in the FDI attraction rankings after Ho Chi Minh City and Hanoi, according to NDO


Share this:

  • Facebook
  • LinkedIn
  • Reddit
  • Twitter
  • Email

Related