Đồng Nai – a bright star attracting domestic and foreign investment

The Biên Hoà 1 Industrial Park in Đồng Nai Province, showcasing its appeal to both domestic and foreign investors. — VNA/VNS Photo

ĐỒNG NAI — The southern province of Đồng Nai is shining bright in terms of attracting domestic and foreign investment as numerous investors have chosen it as their first stop to explore investment opportunities in the southern region.

With its success in drawing in domestic and foreign investments, Đồng Nai Province in the southern region of Việt Nam is standing out thanks to its favourable geographical location, continuous administrative reforms and infrastructure upgrades, experts said.

A number of major corporations from the US and Japan, and domestic companies, have been drawn to the province in search of investment opportunities in high-tech manufacturing and smart urban development.

The province’s leaders have met with several large corporations, including American investors, to propose various investment projects. 

Nguyễn Hồng Lĩnh, secretary of the provincial Party Committee, recently spoke with a delegation from Maryland at the Vietnam-US Business Council about potential investment opportunities in the province. 

American businesses have shown a keen interest in investing in high technology, biotechnology, and information technology.

In addition, Japanese companies have also been investing in production, trade, and services in Đồng Nai. 

Aeon Mall (Japan) and SMC Corporation (Japan) have met with provincial leaders to discuss investments in commercial centres and production expansion projects.

Alongside foreign investors, numerous large domestic corporations have actively engaged with Đồng Nai’s leaders to propose investment projects, focusing on areas such as eco-urban development and high-tech agricultural production.

Despite a downward trend in FDI over the past two years, Đồng Nai has seen a resurgence in attracting FDI in 2023. 

Eclat Vietnam Garment and Textile Co. Ltd.’s efficient production line at Nhơn Trạch 2 Industrial Park in Đồng Nai Province. — VNA/VNS Photo

An investment promotion conference was organised last month, bringing together foreign business associations and leaders of large corporations in trade and services. 

According to Lĩnh, secretary of the provincial Party Committee, FDI projects have contributed greatly to local socio-economic development.

“Đồng Nai views foreign investment as a main development resource,” he said.

“The province will provide the best possible conditions to investors, prioritising large-scale projects using advanced technology and skilled workers in supporting industries,” he added.

Đồng Nai also plans to build modern residential areas, and invest strongly in education and healthcare, as investors come to the province not only to seek profit but also to enjoy a good life, according to Lĩnh.

According to the latest reports from the province, Đồng Nai attracted nearly US$1.1 billion in FDI in 2023, with 65 newly registered projects and 85 projects with additional capital. 

Đồng Nai attracted $1.06 billion in FDI in the first 11 months, or 97 per cent of the figure for the same period last year (which was $1.08 billion) and 96 per cent of the yearly plan of $1.1 billion.      

Of this investment, there were 65 newly registered projects with a total registered capital of $317.8 million, equivalent to 71 per cent of newly registered capital compared to the same period in 2022, and 85 projects with additional capital of $741.67 million, a 1.6-fold increase in supplemented capital.

The new FDI projects had an average investment of $6 million per hectare and an average of 111 workers per hectare. 

None of the projects belongs to the list of industries with environmental pollution, and there was no labour abuse.

The province aims to limit projects that use a large number of unskilled labour, outdated technology, and have a negative impact on the environment, which is in line with the province’s investment attraction orientation. 

Đồng Nai is now home to 1,593 valid FDI projects from more than 40 countries and territories, with total investment capital of over $34 billion. — VNS