Dong Nai province okays first FDI projects of 2024 worth $373 mln

Dong Nai province, an industrial hub in southern Vietnam, granted investment certificates to eight projects worth $373 million on Monday, the first wave of 2024.

SEA Logistic Partners (SLP), an industrial and logistics facility developer backed by Singapore-based warehouse giant GLP, received an investment certificate to invest $121 million. Its project, SLP Park Loc An Binh Son, will provide logistics service and warehouses for hire in Dong Nai's Loc An-Binh Son Industrial Park.

Nestlé Vietnam, under Swiss giant Nestlé, will invest an additional $100 million in its Tri An factory in Amata Industrial Park. Previously, Nestlé had invested $730 million in Vietnam, with the latest investment of $132 million conducted in October 2021. Nestlé now operates four factories and two distribution centers in Vietnam, including three plants in Dong Nai province.

Other major new projects are Hong Kong-invested Freudenberg & Vilene International Vietnam with $10 million in cotton production, South Korea-invested KCTC Vina with $10 million in storage, Hong Kong-invested Ryder Industries Vietnam with $15 million in electronics manufacturing.

Taiwan-invested rubber firm Kenda Vietnam has increased its investment by $80 million, South Korea-invested chemical company Hyosung Dong Nai by $19 million, and Taiwan-invested sports equipment firm Advanced Multitech with $18 million.

Dong Nai authorities also granted an investment certificate to domestic firm Ho Nai Industrial Park JSC for the real estate developer to raise its investment by VND871 billion ($35.8 million) to VND1,805 billion ($74.1 million).

So far, Dong Nai has attracted 1,593 FDI projects with total registered capital of $34 billion, according to official provincial data.

Dong Nai’s gross regional domestic product (GRDP) grew 5.3% year-on-year in 2023, below the target of 7.5-8.5%. The index of industrial production (IIP) increased 5.27% last year.