Binh Duong draws strong domestic investment inflows
The southern province of Binh Duong, known as an attractive destination for foreign direct investment (FDI), has witnessed a surge in domestic investment inflows recently.
Inside the Nutifood Binh Duong plant at the province's My Phuoc I industrial park. (Photo: VNA)
Binh Duong (VNA) – The southern province of Binh Duong, known as an attractive destination for foreign direct investment (FDI), has witnessed a surge in domestic investment inflows recently.
Chairman of the provincial People's Committee Vo Van Minh said domestic investment surpassed FDI in 2022 and the first seven months of 2022. It forms an important economic component contributing to the province's sustainable development, he noted.
Between January and July this year, Binh Duong attracted 52.47 trillion VND (2.21 billion USD) worth of domestic investment, representing an annual increase of 16.5%.
So far, the province has recorded a total of 62,848 domestic enterprises with combined registered capital of 683 trillion VND (28.78 billion USD).
Also in the first seven months, the province's value of industrial production regained momentum, increasing by 3% from the same period last year.
Total retail sales of goods and services, meanwhile, reached 174.82 trillion VND, up 12.4% year-on-year. Notably, Binh Duong’s export turnover rebounded in July with a rise of 17.6% compared to the previous month, raising the province's export earnings in the first seven months to 17.8 billion USD./.
Polytex Far Eastern (Vietnam) Co. Ltd, a Taiwan-invested company in the southern province of Binh Duong, will increase its investment by 250 million USD in the third quarter of this year to expand its production line of super-strong fiber products used to make seat belts, airbags, and tire inner liners.
US firm CT Strategies is considering the possibility of developing a free trade zone in the southern province of Binh Duong, Andrew Farrelly, the firm’s CEO, said at a working session with the provincial administration on July 3.
A refrigerated container train was inaugurated at Song Than station in Binh Duong on July 14, in a bid to transport fresh fruits and vegetables from the southern province to Dong Dang station in the northern border province of Lang Son for transshipment to China.
The Hanoi Railway Transport JSC on July 16 announced that it is transporting the first containers of farm produce from Song Than station in the southern province of Binh Duong to Dong Dang station in the northern border province of Lang Son for transshipment to China.
The southern province of Binh Duong maintained a trade surplus in the first seven months of this year, surpassing 5 billion USD, according to the municipal People’s Committee.
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Inside the Nutifood Binh Duong plant at the province's My Phuoc I industrial park. (Photo: VNA) 
