The southern province of Binh Duong remains a prime destination for new foreign investors, attributed to its efforts in enhancing industrial park infrastructure, improving transportation links, and attracting skilled labor for production. According to recent data from the Foreign Investment Agency (Ministry of Planning and Investment), in the first seven months of 2024, the total registered foreign direct investment (FDI) in Vietnam reached over USD 18 billion, an increase of 10.9% compared to the same period in 2023. Eight localities, including Binh Duong, attracted over USD 1 billion in FDI.

Manufacturing Sector Drives FDI Growth

In the first seven months of 2024, foreign investors invested in 48 provinces and cities across Vietnam, with FDI largely flowing into regions with robust infrastructure, a stable workforce, and proactive investment promotion activities. Leading localities include Bac Ninh, Quang Ninh, Ho Chi Minh City, Ba Ria – Vung Tau, Hanoi, Hai Phong, Binh Duong, Dong Nai, Bac Giang, and Thai Nguyen, which together accounted for 79.5% of new projects and 78.6% of the country’s total FDI. Specifically, Binh Duong attracted USD 1.07 billion in FDI in the first seven months of 2024, reaching USD 1.097 billion by August 15, 2024.

The manufacturing and processing industries drew significant interest from foreign investors, with 82 new investment projects, 61 capital adjustment projects, and 47 capital contribution and share purchase transactions, totaling over USD 809 million. The real estate sector ranked second with registered investments exceeding USD 48 million.

Over the first eight months of 2024, more than 20 countries and territories invested in Binh Duong, with Singapore leading at nearly USD 318 million, accounting for 35.5% of total registered capital, followed by Samoa with over USD 175 million (19.6%) and China with over USD 107 million (12%).

Leveraging Opportunities

In early August 2024, a delegation from Binh Duong, led by Vo Van Minh, Deputy Secretary of the Provincial Party Committee and Chairman of the Provincial People’s Committee, visited Germany and Denmark to strengthen cooperation with existing investors in the province, explore infrastructure and technology, and promote trade and investment with local partners. These investment promotion activities continue to attract quality FDI projects to Binh Duong. Despite ongoing challenges from both domestic and international fronts, Binh Duong has achieved impressive results in FDI attraction. To date, Binh Duong has attracted 4,354 FDI projects with a total capital of over USD 40.9 billion, ranking third in the country after Ho Chi Minh City and Hanoi.

Mr. Vo Van Minh emphasized the critical importance of attracting investment for local socio-economic development, noting that Binh Duong is ramping up efforts to attract high-quality FDI. To capitalize on FDI opportunities, Binh Duong is focusing not only on geographical advantages and infrastructure but also on enhancing competitive advantages and improving the investment and business environment. Additionally, the province is streamlining investment procedures, offering support packages for skilled workforce training, and resolving obstacles to facilitate investors. Binh Duong is also investing in infrastructure development, actively improving the business climate, and promoting its image internationally.