Dong Nai province, a manufacturing hub in southern Vietnam, granted investment certificates Thursday to three foreign direct investment projects with a total registered capital of $210 million.
China-invested Kingfa Science & Technology (Vietnam) Co., Ltd., a plastic pellets and commodity resins maker, will invest $80 million. The two other investors are Japan-backed Wave Crest Vietnam Co., Ltd. and SMC Manufacturing (Vietnam) Co., Ltd.
The former, an electronics company, will invest $10 million and the latter, a pneumatic instrument producer, will raise its investment in the province by $120 million.
The projects will be located at the Long Thanh High-Tech Industrial Park and Long Duc Industrial Park, provincial officials said, without providing further details.
At the certificate granting ceremony, Dong Nai Vice Chairwoman Nguyen Thi Hoang lauded the three investors for deploying modern technologies in line with the province’s priorities.
Dong Nai, home to 33 industrial parks, attracted over 120 FDI projects with the total registered capital of $940 million in the first nine months of the year, exceeding the annual target by 34%, according to the Dong Nai Industrial Zones Authority (DIZA).
Given the trend of firms relocating from China to Vietnam, Chinese investments have been a highlight in the period with 17 new projects worth $150 million, DIZA said.
It also said that Dong Nai's industrial land availability was limited now and called on the central government to approve new industrial park projects in the province.