Dong Nai shoots FDI to the moon

Japan-based Fujitsu Co produces computer accessories in the Bien Hoa 1 Industrial Zone in the southern province of Dong Nai. The province in the first 11 months of the year has attracted US$2.36 billion in foreign investment, double the year’s initial targets.

The southern province of Dong Nai has drawn over US$2.36 billion in foreign direct investment (FDI) in the first 11 months of the year, doubling the target set for the whole year, said the province’s Department of Planning and Investment.

Over $1.5 billion of the figure was raised by 118 newly-invested projects, the remainder coming from 110 extended projects, the department said.

"The strong increase in investment capital has resulted from provincial efforts to promote administrative reform and perfect its "one-door" policy which creates more favourable investment conditions," said Dong Nai’s Department of Planning and Investment director, Bo Ngoc Thu.

So far, new projects involving hi-tech industries and the service sector accounted for over 80 per cent of total investment capital, well-suited to the province’s position on attracting investment, she added.

By year-end, Dong Nai expects to absorb $2.45 billion in FDI.

Dong Nai is seeking investment in other areas, including mechanics, electronics, new materials, composites, agriculture machinery, engines, accessories and parts for vehicles, packaging, medicine and environmentally friendly projects.

It also welcomes investment in infrastructure, real-estate, textiles and apparel, as well as tourism.

In the meantime, Dong Nai Province pledged to shorten its licensing time for new projects, speed up land clearance and offer subsidies to promising projects to form an improved investment climate.

(Source: VNS)