HCMC – The southern province of Binh Duong has emerged as the second most preferred destination for foreign direct investment (FDI) in Vietnam, attracting US$2.7 billion in new FDI pledges in January-October, the provincial government reported.

The figure shot up 57% over the same period last year, with Danish toy producer LEGO contributing a large part. The toy giant began work on a factory worth US$1.3 billion at the Vietnam-Singapore Industrial Park III in Binh Duong on November 3.

The manufacturing and processing industries remained the most attractive to foreign investors, luring US$1.66 billion in FDI, accounting for 63.5% of the total registered capital. 

The real estate sector came second in foreign capital attraction, making up nearly 36% of the registered capital, at US$939 million. 

Denmark took the lead in pumping money into the province, accounting for over half of the projects with US$1.32 billion, followed by the Netherlands and China with US$609 million and US$258 million, respectively.

Binh Duong had secured second place in FDI attraction by the end of October, after HCMC, with over 4,000 projects invested by 65 countries and territories at US$39.6 billion, accounting for 9.3% of the total foreign capital channeled into the country. 

Some US32.5 billion, equivalent to 82% of the total investment, came from Japan, Taiwan, Singapore, Samoa, South Korea, Hong Kong, the Cayman Islands, China and Denmark.

Taiwan has been the biggest investor in the province over the years, with 859 projects valued at US$6.27 billion, accounting for 26% of the number of registered projects and 19% of total capital contribution, followed by Japan and Singapore.