SMALL BUT QUALITY FDI PROJECTS INVESTED IN SOUTHEASTERN LOCALITIES

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.

Source: VIR