Southern Vietnam industrial hub Binh Duong lures $1.2 bln FDI in Jan-Sept 2024

Binh Duong province, a major industrial hub in southern Vietnam, has attracted $1.2 billion in foreign direct investment (FDI) so far this year.

The province has also lured VND56,616 billion ($2.25 billion) in Jan-Sept domestic investments, according to a report tabled at regular government meeting Wednesday.

Per provincial data, up to 90.45% of registered FDI in Jan-Aug flowed into manufacturing and processing.

The Ministry of Planning and Investment had reported earlier this month that the province ranked seventh nationwide in terms of Jan-Aug FDI inflow. A report for January-September is due in two weeks.

Cumulatively, the province had attracted $41.83 billion in FDI as of end-August, ranking third in the country behind Ho Chi Minh City and Hanoi, the ministry report said.

Among the notable investments in the province this year came from Denmark-headquartered Pandora, which broke ground in May on a $150 million crafting facility, its fourth factory in the world, at the Vietnam-Singapore Industrial Park 3 (VSIP 3).

The province is also home to Danish toymaker Lego’s $1-billion carbon-neutral plant, which is set to be inaugurated in April next year.

The province’s report estimated that its industrial production index has increased 6.31% year-on-year in the nine-month period; and exports have risen 13.7% to $18.2 billion.

Binh Duong currently has 28 operational industrial parks with a combined area of 7,000 hectares and an occupancy rate of 93%, besides 10 industrial clusters. Factories in these facilities employ over 1.2 million people.