The southern province of Dong Nai granted investment expansion certificates to five foreign-invested projects with additional capital of $370 million on Friday.
The largest of those is being implemented by Hyosung Dong Nai Co. Ltd. with additional capital of $182.3 million, raising the total to $925 million.
The South Korea-invested firm entered Dong Nai in 2007 and produces fiber for spandex, nylon, polyester and other materials.
Hyosung has already invested over $3.5 billion in Vietnam, said chairman Cho Hyun-joon at a meeting with then Vietnamese President Nguyen Xuan Phuc last December.
Japan-invested SMC Manufacturing (Vietnam) Co., Ltd. was okayed to raise its investment by $100 million to $549.4 million. The firm manufactures automated control devices, such as valves and cylinders.
South Korea-backed AK Vina Co., Ltd., a manufacturer of chemicals and paints on metal and plastic materials, received approval to expand its investment from $35 million to $72.82 million.
Suheung Vietnam Co., Ltd., another South Korea-invested firm, a producer of capsules for medicine and food supplements, obtained a certificate to raise its investment by $25 million to $105 million.
Singapore-invested KCC (Vietnam) Co. Ltd. was green-lighted to upscale its investment by $25 million to $137.5 million. The firm entered Dong Nai province in 2018, producing capacitors’ ceramic covers and ceramic electronic circuit boards.
In the year to March 20, Dong Nai, an industrial hub in southern Vietnam, attracted 18 FDI projects with registered capital of $607 million, the second-highest figure in Vietnam, only after the northern province of Bac Giang with $1.1 billion.
In the first quarter of this year, Dong Nai’s gross regional domestic product (GRDP) grew 3.25% year-on-year, driven by 3.84% growth in agriculture-forestry-fisheries, 1.4% in industry-construction, and 7.8% in services, according to the provincial statistics office. The office attributed the low growth to the underperformance of the industry-construction sector, which accounted for 60% of Dong Nai’s GRDP.