Binh Duong second in FDI attraction at $2.7 bln
Binh Duong attracted $2.7 billion of registered foreign direct investment in the year to September 20, up 58% year-on-year, ranking second in Vietnam after Ho Chi Minh City.
The province, an industrial hub in southern Vietnam, registered 54 new FDI projects and 14 FDI projects with additional capital. Major projects are a $1.3 billion factory by Danish toymaker Lego and $100 million facility by jewelry maker Pandora.
HCMC led the pack with $2.96 billion, up 26.2% year-on-year, accounting for 15.8% of the country's total registered FDI. Binh Duong made up 14.4%, followed by the northern province of Bac Ninh with 9.5% at $1.78 billion.
Toymaker Lego and builder Coteccons signed an agreement on building a Lego factory in Binh Duong province, southern Vietnam, August 23, 2022. Photo courtesy of Coteccons.
Binh Duong recorded a gross regional domestic product (GRDP) growth of 7.91% in the first nine months of the year, versus 1.48% in the same period last year, according to the provincial People’s Committee. The figure is estimated at 8-8.3% for whole year.
The province’s index of industrial production (IIP) increased 8.7% in January-September, versus 2.9% in the same period last year as it staged a remarkable post-pandemic recovery. Industrial parks in the province lured $1.83 billion of FDI in the period, 71% of the province’s total.
Total registered FDI capital in Vietnam, which includes newly registered capital, additional capital of operational projects, and capital contributions for stake acquisitions, reached $18.7 billion in the first nine months, down 15.3% year-on-year.
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