Vietnam southern industrial hub lures $834 mln in FDI Jan-May, beating full-year goal

Dong Nai province, one of Vietnam’s major southern industrial hubs, attracted a total of $834 million in foreign direct investment in the first five months of this year, 19% above its whole-year target.

That performance put Dong Nai among the top five FDI recipients in the five-month period, besides Ba Ria-Vung Tau, Hanoi, Bac Ninh, and Ho Chi Minh City.

Among the economies investing in the province between January and May, Singapore took the top spot with nine projects worth $231 million.

According to the Foreign Investment Agency under the Ministry of Planning and Investment, Dong Nai attracted $788.61 million in FDI in the year to April 20, up 16.2% year-on-year.

Data from the Dong Nai Industrial Zones Authority shows that foreign-invested enterprises in the province spent $4.5 billion on business operations in the first five months of this year, up circa 10% year-on-year.

In May alone, they invested nearly $1.8 billion on manufacturing activities, up $200 million from April.

Some major companies reportedly say that domestic and overseas orders had prompted them to put more money into their operations, mostly for buying input materials and expanding production lines.

Dong Nai is home to large garment and footwear companies that are contract producers for international brands like Nike, Adidas, and Puma.