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  Foreign Investment

Dong Nai province lures additional US $885 million investment

Southern Dong Nai province has so far this year attracted US $885 million in 195 new and operational Foreign Direct Investment (FDI) projects, up 44% from its target.

New investment licenses were granted to 100 FDI-funded projects with a combined registered capital of US $500 million.

In the meantime, foreign investors poured US $385 million into 95 existing projects that are currently operational in the province.

Investors from 31 countries and territories including Japan, Thailand, France, the Republic of Korea, Singapore, Malaysia, Taiwan and Hong Kong are operating 698 projects in the province, which is adjacent to Ho Chi Minh City, with a combined registered capital of US $8 billion. As many as 223,000 local workers have been employed to work for FDI projects.

The growth in FDI attraction is partly attributed to the local authorities' determination to carry out public administration reform by setting up a "one-stop" mechanism, which facilitates the licensing process for entrepreneurs. Enterprises can receive investment licenses within two or three days of filing an application.

The local authorities have continuously scaled up investment promotion activities, sending five business missions to Japan, Singapore, the United States, the Republic of Korea, and Taiwan.

These activities have greatly stimulated the province's cross-border trade. The management boards of Dong Nai's 17 industrial parks have so far this year granted 3,000 permits for enterprises to conduct export and import operations valued at more than US $3 billion. Almost 1,000 certificates of origin were granted to FDI-invested enterprises. As a result, the FDI sector earned 3.8-billion revenue and contributed over US $123 million to the State budget.

Experts said the 17 industrial parks of the province are on the right track with stable business performance.

Nhan Dan - (08/12/2005)

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