FDI firms eye central Vietnam province for billion-dollar projects

By Nguyen Tri, Minh Hue
Mon, March 3, 2025 | 8:31 am GMT+7

The central Vietnam province of Binh Dinh is emerging as a key destination for foreign direct investment (FDI), with many companies exploring large-scale, high-tech projects that will drive sustainable economic growth in the locality.

A surge in investment interest

Binh Dinh, which aims to attract over 100 projects in 2025, has seen a surge in interest from global corporations across various sectors. One of the most significant proposals is a high-tech polyester fiber recycling plant, worth between $700 million and $1 billion, proposed by Swedish textile producer Syre.

At a meeting with the Ministry of Industry and Trade and the provincial People's Committee on February 19, Tim King, operations director at Syre, committed to applying modern technology to the polyester recycling project to meet world-leading environmental protection standards, while also adhering to Vietnam's environmental regulations.

The group has prepared financial plans for the project and hopes to receive support from Vietnamese authorities to finalize it, he added.

 A corner of Binh Dinh province. Photo by The Investor/Nguyen Tri.

A corner of Binh Dinh province. Photo by The Investor/Nguyen Tri.

Environmental Landscape Pte Ltd (EL) from Singapore has proposed five projects in Binh Dinh, involving land reclamation and fertilizer production, solar energy combined with shrimp farming and seafood processing, wood pellet and biochar production, development of multifunctional industrial clusters, and solar energy industrial zones (including a solar-water farm).

Nguyen Tuan Thanh, standing Vice Chairman of the provincial People's Committee, has assigned relevant departments to introduce local partners capable of producing organic fertilizers for cooperation with EL on the land reclamation and fertilizer project.

Other departments were tasked with introducing suitable industrial zones or clusters for the wood pellet and biochar project.

The departments will also assist EL in implementing the multifunctional industrial cluster project at the Cat Hanh Industrial Cluster in Cat Hanh commune, Phu Cat district, once the Saigon-Nhon Hoi Industrial Park’s infrastructure is completed.

For the solar energy-shrimp farming and seafood processing project and the solar energy industrial zone project, Thanh suggested the investor continue their surveys, prepare detailed plans, and propose suitable land areas based on current land resources of the province.

Samsung E&A Vietnam Co., Ltd. (SE&A) is seeking investment opportunities in Binh Dinh for clean water supply, wastewater treatment, and urban solid waste treatment (waste-to-energy) projects, acting as an investor and provider of technical solutions, EPC contractor, and project operator under the public-private partnership (PPP) model.

In response to SE&A’s proposal, Binh Dinh leaders introduced the Hoai Nhon Waste Incineration Plant project with a capacity of 250 tons per day, which can be raised to approximately 500 tons, for SE&A to consider investing in.

Binh Dinh has also proposed wastewater treatment projects in three localities with official development assistance (ODA) funding, including Hoai Nhon township with a capacity of 7,000 cubic meters per day, An Nhon township (10,000), and Tay Son district (5,000).

Currently, the districts and industrial zones (IZs) and industrial clusters (ICs) in Binh Dinh province need wastewater treatment infrastructure investments. If SE&A provides suitable technology and reasonable pricing, the province will allocate funds for cooperation with the company to implement these projects and introduce the company to infrastructure developers of IZ and IC projects.

Infrastructure development to support growth

At a meeting with investors from Ho Chi Minh City earlier this year, Binh Dinh Chairman Pham Anh Tuan introduced the province's infrastructure projects inviting investments.

These include a semiconductor AI high-tech park and a 700-hectare cultural industrial park. Investors have committed to developing several industrial clusters in the locality.

Tuan emphasized the importance of connecting industrial zones with urban areas to improve living conditions for workers. The Becamex VSIP Binh Dinh service-urban-industrial complex, covering 1,000 hectares, is one such example, with four accompanying urban areas planned for development.

He also noted that the Quy Nhon-Pleiku Expressway, slated for completion in 2027, will significantly improve connectivity, while the expansion of Phu Cat Airport, starting in August, is expected to increase accessibility to the province.

Binh Dinh is also set to develop a deep-water port in Phu My, expected to be operational by 2028, which will serve as a hub for industrial activities, while Quy Nhon Port will transition to serving tourism.

Despite the positive outlook, Tuan acknowledged several challenges, particularly in terms of human resources and the region's slower pace of attracting investment. However, he reassured potential investors that the provincial government is committed to completing critical infrastructure projects to create a conducive environment for business.

"We are committed to investing in infrastructure up to the boundary of the industrial zones. For instance, for Phu My Industrial Park, we are investing approximately VND2 trillion ($78.3 million) in connecting roads to the expressway. Once the industrial park’s infrastructure is completed, we will ensure the roads are fully integrated," he added.

Comments (0)
  • Read More
Central Vietnam province reviews investment proposal for thermal power project after Thai EGATi pullout

Central Vietnam province reviews investment proposal for thermal power project after Thai EGATi pullout

Authorities in the central province of Quang Tri are evaluating a proposal from Power Generation JSC 1 (EVNGENCO 1), a subsidiary of state utility Vietnam Electricity (EVN), to take over the Quang Tri thermal power plant project, following the withdrawal of Thai investor EGATi.

Energy - Tue, September 16, 2025 | 1:44 pm GMT+7

Amata to sell stakes worth $46 mln in Vietnam units to Novaland-tied buyers

Amata to sell stakes worth $46 mln in Vietnam units to Novaland-tied buyers

Amata VN, the Vietnam arm of Thailand’s leading industrial park developer Amata, has approved a plan for its subsidiary Amata City Long Thanh Urban JSC (ACLT) to sell its remaining 51% stakes in two entities to local developer Novaland-linked buyers.

Real Estate - Tue, September 16, 2025 | 12:19 pm GMT+7

Vietnam already meets FTSE's criteria for stock market status upgrade: Finance Minister

Vietnam already meets FTSE's criteria for stock market status upgrade: Finance Minister

Vietnam has fulfilled the criteria for a stock market status upgrade by FTSE Russell through reforms aimed at facilitating foreign investment inflows into its market, said Minister of Finance Nguyen Van Thang.

Economy - Tue, September 16, 2025 | 9:36 am GMT+7

Banks should be allowed to distribute, invest in mutual fund certificates: Vietnam's finance ministry

Banks should be allowed to distribute, invest in mutual fund certificates: Vietnam's finance ministry

The Ministry of Finance is proposing a key reform that would allow commercial banks to invest in and distribute mutual fund certificates, as part of a broader plan to restructure the investor base and foster the development of Vietnam’s fund management industry.

Finance - Tue, September 16, 2025 | 8:00 am GMT+7

E-commerce boom a major driver of Vietnam's packaging paper industry growth

E-commerce boom a major driver of Vietnam's packaging paper industry growth

Vietnam's paper packaging industry is entering a period of strong growth, with an average annual growth rate forecasted at 10% until 2030.

Companies - Mon, September 15, 2025 | 10:20 pm GMT+7

Vietnam needs support from UK in developing international financial center: Deputy PM

Vietnam needs support from UK in developing international financial center: Deputy PM

Permanent Deputy Prime Minister Nguyen Hoa Binh has called on the UK and the City of London to continue supporting and accompanying Vietnam in promoting and introducing its international financial center (IFC).

Finance - Mon, September 15, 2025 | 10:12 pm GMT+7

Vietnam enforces 8% capital adequacy ratio for banks from Sept 15

Vietnam enforces 8% capital adequacy ratio for banks from Sept 15

Commercial banks and foreign bank branches in Vietnam must maintain a minimum capital adequacy ratio (CAR) of 8%, including at least 4.5% in Tier 1 core capital and 6% in Tier 1 capital, starting from September 15.

Banking - Mon, September 15, 2025 | 10:04 pm GMT+7

Tool for wood traceability management debuts in Vietnam

Tool for wood traceability management debuts in Vietnam

The Vn-WoodID application has been officially launched in Vietnam, becoming a key tool contributing to wood traceability.

Companies - Mon, September 15, 2025 | 10:00 pm GMT+7

Sun Group, US Embassy foster aviation-hospitality cooperation

Sun Group, US Embassy foster aviation-hospitality cooperation

Sun Group, in collaboration with the US Embassy in Vietnam, hosted the US – Vietnam Aviation Partnership Roundtable on September 12, bringing together 15 leading American corporations in aviation, technology, and financial services, opening up opportunities to position Phu Quoc as a new aviation and tourism hub in the region.

Companies - Mon, September 15, 2025 | 9:54 pm GMT+7

Vietnam tops Thai giant SCG’s overseas markets with 9% revenue contribution in H1

Vietnam tops Thai giant SCG’s overseas markets with 9% revenue contribution in H1

Vietnam remained the largest overseas market for Thailand’s Siam Cement Group (SCG) in the first half of 2025, contributing 9% of consolidated sales.

Companies - Mon, September 15, 2025 | 8:10 pm GMT+7

Central Vietnam to have new airport Mang Den

Central Vietnam to have new airport Mang Den

Procedures to adjust Vietnam's airport system planning, including the addition of Mang Den Airport in central Vietnam, are being proceeded, according to the Ministry of Construction.

Infrastructure - Mon, September 15, 2025 | 5:16 pm GMT+7

Vietnam's government seeks to position country as 'regulated hub for digital assets in Asia': Dragon Capital

Vietnam's government seeks to position country as 'regulated hub for digital assets in Asia': Dragon Capital

The Vietnamese Government has advanced the regulation of digital assets, with a resolution launching a five-year pilot framework for issuance and trading. This framework signals the Government’s intent to position the country as a regulated hub for digital assets in Asia, which could attract new capital inflows, write Dragon Capital analysts.

Economy - Mon, September 15, 2025 | 2:20 pm GMT+7

Agribank introduces sizable $4.17 bln preferential credit package

Agribank introduces sizable $4.17 bln preferential credit package

Right from the beginning of 2025, Agribank launched a substantial preferential credit package worth VND110 trillion ($4.17 billion) to support individual customers.

Companies - Mon, September 15, 2025 | 1:32 pm GMT+7

'Precious space' in Vietnam's monetary policy

'Precious space' in Vietnam's monetary policy

The Federal Reserve's continued cuts in 2025, with the most recent in September, are considered a valuable policy "space" for the State Bank of Vietnam (SBV) to maintain low interest rates to support growth without having to worry too much about exchange rates.

Economy - Mon, September 15, 2025 | 10:15 am GMT+7

Vietnam’s central bank sells $1.5 bln to stabilize currency: broker MBS

Vietnam’s central bank sells $1.5 bln to stabilize currency: broker MBS

The State Bank of Vietnam (SBV) intervened in the foreign exchange market by selling approximately $1.5 billion via 180-day cancelable forward contracts from August 25-26, in an effort to ease pressure on the Vietnamese dong, according to a recent report by MB Securities (MBS).

Banking - Mon, September 15, 2025 | 8:04 am GMT+7

Hanoi aims to break ground on $11.4 bln Red River Boulevard & Landscape project by Jan 2026

Hanoi aims to break ground on $11.4 bln Red River Boulevard & Landscape project by Jan 2026

A consortium of “tunnel king” Deo Ca Group and real estate developer Van Phu Invest has been assigned by the Hanoi People’s Committe to prepare an investment proposal for the VND300 trillion ($11.37 billion) Red River Boulevard & Landscape project.

Real Estate - Mon, September 15, 2025 | 7:55 am GMT+7