Small but quality FDI projects invested in southeastern localities

A workshop of a FDI company in Giang Dien industrial park in Dong Nai province. (Photo: VNA)

Hanoi – New foreign direct investment (FDI) projects in southeastern localities in the first five months of 2024 are not large but friendly to the environment and apply high technologies.

Specifically, new projects in Ba Ria-Vung Tau province operate in the sectors of biology, electronics and high technology. Meanwhile, projects in Ho Chi Minh City and the nearby provinces of Binh Duong and Dong Nai, despite of their small or medium sizes, use advanced and environmentally friendly technologies while being less labour intensive and having high productivity.

Nguyen Tri Phuong, Head of the Dong Nai Industrial Zones Authority, said that the newly-licensed projects in his province are mainly in the semiconductor, electrical component, electronics, and mechanical engineering industries. There are no polluting or labour intensive projects, he noted.

Outstanding examples include the Silicon Carbide Vietnam Co. Ltd. and the Advanced Optics projects of the US-based Coherent Group with a total investment of 83 million USD.

In the first five months of this year, Ba Ria-Vung Tau lead the country in FDI attraction with over 1.5 billion USD, exceeding the number of the whole 2023 – 1.4 billion USD, according to the provincial Department of Planning and Investment.

Another bright spot is Dong Nai, which attracted 834 million USD to local industrial parks during the period, 19% higher than this year's target, Phuong said.

FDI projects are poured into Dong Nai and Ba Ria-Vung Tau thanks to their great infrastructure advantages. Dong Nai is home to Long Thanh International Airport, which is expected to become operational in 2026. Meanwhile, Ba Ria-Vung Tau boasts a deep-water port system that can handle big cargo vessels destined for around the world.

Enticing FDI legal framework for dual transformation Vietnam is preparing for future foreign direct investment (FDI) shifts to ensure funding reaches the right areas and embraces green and digital goals.

FDI attraction in five months tops 11 billion USD More than 11.07 billion USD in foreign direct investment (FDI) was funneled into Vietnam during January-May, up 2 per cent against the same time last year, according to the Ministry of Industry and Trade (MoIT)’s Foreign Investment Agency.

FDI to be expanded with green focus Vietnam is projected to improve its trade and investment flows as global demands increase, with a green trend on the rise in supply chains.