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Leaders in attracting FDI
Attracting foreign direct investment is a major Party and State policy that contributes to the achievement of socioeconomic development goals. With the existing advantages and appropriate investment attraction plan, provinces in the southeast are leading the country in terms of FDI attraction in the country.
After more than 30 years of attracting FDI, Ho Chi Minh City has become the economic, financial, commercial, science-technology and innovation hub of the area and the country. The city has attracted US$55.8 billion in FDI, accounting for 12.7 percent of the country's total. It has efficiently utilized 18 export processing zones, industrial parks, and high-tech zones, contributing to economic growth, exports, state budget revenue, and country-wide employment.
Binh Duong Province has made significant strides in attracting FDI by concentrating on solutions to improve the investment climate and consistently enhancing competitiveness. As a result, Binh Duong attracted US$3.1 billion in 2022, nearly double its goal. Binh Duong has so far attracted 4,082 FDI projects worth a total of US$39.7 billion from 65 countries and territories, with a rapid investment growth in high technology, environmentally friendly, less labor intensive and high added value sectors.
Dong Nai Province has attracted 1,551 investment projects worth almost US$33 billion from 43 nations and territories. The Republic of Korea, Chinese Taipei and Japan have become the biggest foreign investors in Dong Nai. According to Nguyen Thi Hoang, Vice Chair of the Dong Nai Province People's Committee, FDI inflows are crucial to the province's socioeconomic growth and contribute to the economic restructuring of the industrial sector.
Ba Ria-Vung Tau Province drew more than US$1.3 billion in FDI in 2022, bringing the total to over US$30 billion in 446 FDI projects, placing it fourth in the country in FDI attraction.
Green capital attraction
Many communities in the southeast are keen to attract green-oriented foreign direct investment in order to meet the demands of sustainable development. Ho Chi Minh City People's Committee Chair, Phan Van Mai, has stated that the city will prioritize industrial development based on high technology and a digital economy, with an emphasis on developing industries that have a high science and technology content. The city's export processing zones and industrial parks are undergoing a gradual transition toward high-tech industrial parks.
Notably, in March 2022, Binh Duong Province began development of the Vietnam- Singapore Industrial Park III (VSIP III) on an area of 1,000 hectares, with total capital of more than VND6.4 trillion to attract green FDI. Following the global trend, this industrial park was developed and funded with a focus on sustainability.
The trend of sustainable development, or green industry, is becoming clearer than ever in Vietnam. Vo Van Minh, Chair of the Binh Duong Province People's Committee, affirmed that the province is focusing on developing green industry and industry with high added value. Similarly, in order to be ready to welcome hoped-for green FDI investment, Dong Nai and Ba Ria-Vung Tau provinces are also changing policies to prioritize high-tech and sustainable projects.
| High-quality foreign investment capital to green Vietnam’s economy is crucial given the growing interest of developed nation consumers not only in product design and quality, but also in eco-friendly goods. Therefore, the growth of green industries becomes an essential aspect in Vietnam's investment competition. |
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