Business

Dong Nai: 80 percent of new FDI projects in supporting industry

The supporting industry makes up approximately 80 percent of newly-licensed FDI projects in southern Dong Nai province, said the provincial Department of Planning and Investment.
Dong Nai: 80 percent of new FDI projects in supporting industry ảnh 1Illustrative photo. (Photo: VNA)

The supporting industry makes up approximately 80 percent of newly-licensed foreign direct investment (FDI) projects in southern Dong Nai province, mainly producing materials, components and machineries for garment-textile, footwear, electronics and automobile production.

According to the provincial Department of Planning and Investment, big projects are a 660-million-USD fibre project of Turkey’s Hyosung Istanbul Tekstil Ltd., a 160-million-USD tire factory of Taiwan-based Kenda Group and a 112-million-USD pneumatic control project of Japan-based SMC Manufacturing Vietnam Ltd.

Most of the supporting industry projects were completed in a rapid manner; several needed only 4-6 months of construction before becoming fully operational.

The expeditious growth was owed largely to recent free trade agreements which offer reduced tariff barriers.

The conclusion of the Trans-Pacific Partnership (TPP) deal is forecast to help Dong Nai lure more foreign investors.

Dozens of enterprises from Japan, Taiwan, the US, Singapore, Thailand and the UAE have visited the locality to learn about its investment policies since early this year.-VNA

VNA
#Dong Nai#supporting industry#FDI project#investment
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