Binh Dinh province fulfills only quarter of investment project target

Binh Dinh province in south-central Vietnam licensed only 24 investment projects in the first five months of the year, reaching just one fourth of its target.

The total registered capital of the projects, which are all domestic investments, was nearly VND3,000 billion ($118 million). The target for this year is 100 projects, according to the provincial’s investment promotion center.

Of the 24 projects, 17 are in the industrial production sector, two in agriculture, two in port services and logistics, two in construction and infrastructure, and one in trade, services and tourism.

No foreign direct investment (FDI) project was licensed in the five-month period.

To date, Binh Dinh has licensed 89 FDI projects worth over $1.18 billion from 21 countries and territories, according to its planning and investment department.

The U.S, Singapore, and China, including Hong Kong and Taiwan, have the biggest registered capital, reaching $288.93 million, $163.21 million, and $190.31 million, respectively.

Le Hoang Nghi, director of the planning and investment department, said investment in the first months of 2024 had shown a trend of declines year-on-year, especially FDI.

This was due to global economic woes, the devaluation of the Vietnamese dong, and geo-political uncertainties, he added.

Small licensed projects have been deployed well, while larger ones in provincial economic zones and industrial parks are moving slowly.

Little improvement has been seen in FDI disbursement due to the global economy.

“Binh Dinh is pushing the progress of these projects and will scrap those that are not implemented within the timeline specified by the law,” Nghi noted.

Binh Dinh has received a surging number of delegations looking for business opportunities. The Nhon Hoi Economic Zone, Becamex VSIP Industrial Park, and other industrial parks are becoming increasingly well-known among foreign investors.

“Binh Dinh is ready to accommodate investment projects, with a focus on economic efficiency and sustainability, especially those in the areas of the green economy, circular economy, and digital transformation, and those using high technologies that are environmentally friendly,” he added.