South Korean companies pour $3.2 billion into Binh Duong

Binh Duong held a dialogue with South Korean companies to tackle their challenges in a timely manner

According to Nguyen Thanh Truc, director of the provincial Department of Planning and Investment, Binh Duong has attracted nearly $1.45 billionin the first six months of 2019, up 70 per cent compared with the same period last year.

Binh Duong is one of Vietnam’s top three localities in terms of FDI attraction, trailing behind Ho Chi Minh City and Hanoi. The province is home to 3,650 projects from 64 countries and territories with the total registered capital of $33.93 billion. It is worth noting that South Korean companies have been ramping up investment in the locality, making a significant contribution to its socio-economic development. South Korean companies mainly operate in the fields of textile and garment, footwear, automotive auxiliary, healthcare, cosmetics, and food processing.

In 2019, South Korea’s KyungBang Vietnam Co., Ltd. has poured an additional $84 million into its project in Bau Bang Industrial Park, raising the total capital to $179.2 million.

Binh Duong has recently held a dialogue with South Korean investors to solve their problems and facilitate their investment in the locality. Tran Thanh Liem, Chairman of the provincial People’s Committee, stated that foreign companies, especially those from South Korea, have made active contributions to Binh Duong’s FDI performance.

At the dialogue, South Korean companies pointed out different issues related to the lack of skilled labour, conditions for mergers and acquisitions, power, infrastructure, and much more. As the province is now a magnet to foreign investors, South Korean firms suggest the province to develop new hospitals, apply medical insurance for foreigners, as well as open Korean language courses at local colleges and universities.

The leaders of the Binh Duong People’s Committee have provided answers to the investors and committed to tackling their problems in a timely manner. In particular, the departments and agencies will join forces to improve the collaboration between universities and businesses to train a skilled workforce that can satisfy the needs of South Korean investors.

The chairman further noted that the province will set up a hotline to learn of arising problems of foreign-invested companies in general and South Korean companies in specific. In addition, Binh Duong will focus resources on completing its socio-economic infrastructure like transport, water supply, power, and environment among others. The province is expanding its industrial parks and creating clean land funds to lure in more FDI projects.