Dong Nai province draws 735 million USD in FDI
The southern province of Dong Nai attracted foreign direct investment worth 735 million USD in the first seven months of this year, a year-on-year increase of 73.7 percent.
The province approved 73 new investments in the period with a total capital of 423 million USD, and additional capital pumped into existing operations hit 313 million USD, according to Department of Planning and Investment statistics.
Dong Nai is currently home to 798 investment projects with combined registered capital of 9.7 billion USD.
“Administrative reforms have created favourable conditions in the province for foreign and local investors. Dong Nai has reduced import-export and investment licensing times to between three and five days, from the 15 days it took earlier,” said Planning and Investment Department’s director, Bo Ngoc Thu.
“The provincial People’s Committee has encouraged investment in the fields of high technology, infrastructure, culture, health and trading services,” he added.
It is expected that Dong Nai will have 32 industrial zones by 2010, with a total area of 11,800 ha.
Dong Nai’s export turnover reached 2.92 billion USD in the first seven months of this year, an increase of 30.2 percent over the same period last year, according to the provincial Department of Planning and Investment.
Local companies had a turnover of 204 million USD – an increase of 28 percent over the same period last year, while foreign-invested enterprises racked up a turnover of 2.7 billion USD – an increase of 30.3 percent.
The province is expected to see vigorous growth till the end of this year with annual export turnover forecast at more than 5 billion USD, or 10 percent of the national total.
The province’s fastest growing exports are in electronic components, foot-wear, garments, coffee and cashews.-(VNA)
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